Role of the Borrower

Wallet Holder

  1. Borrower (Community Member) submits a proposal to the community for loan consideration.
  2. Borrower (Community Member) completes ID / credit verify & is scored for collateral.
  3. The Borrower locks collateral in smart contract while borrowing funds.
  4. The Foundation submits the loan proposal to the community through the Cobalt Dashboard for review by the community for 7 days (Community Votes: Fund or Deny) if approved: funds disbursed to borrower / if loan denied -collateral is unlocked.
  5. Borrower repays loan with interest, then unlocks collateral / Defaults on loan – forfeits collateral.
  6. Interest on loan goes to treasury / Ultimately redistributed into community (Dividends)
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