The Bonum whitepaper describes a proposed platform through which users will be able to secure loans in the form of fiat currencies, cryptocurrencies or tokens so long as digital assets are deposited on the platform as collateral. The platform will thus be geared towards offering financial services that are currently not available in the cryptocurrency market. The services for example loans are already available in the fiat economy. Bonum Chain Limited which is the company developing the Bonum platform is trying to introduce some of those services into the crypto market which is still relatively young and has a lot to be exploited.
Bonum Chain Limited is taking into account that cryptocurrency has been booming and it is now becoming mainstream. The company wants to take advantage of the growing demand by focusing on some of the areas where it foresees demand especially now that most financial services are adopting blockchain technology. Just like in the fiat currency market, the firm expects deposits and loans in the cryptocurrency market to grow especially as the volume of financial transactions increases.
One of the core ideas that highlight the core vision of Bonum Chain Limited is the creation of liquidity or monetary income within the cryptocurrency market without selling the assets available. Loans are the major product that Bonum will focus on. It aims to provide a solution where a user can still secure money from their cryptocurrency assets without having to spend or sell those assets. For example, a Bitcoin owner with an urgent need of some cash may use the cryptocurrency to secure a loan, allowing him/her to access funds while still securing growth from the asset. The cryptocurrency asset will thus be used as collateral for the loan awarded to the user.
The Bonum platform will also allow users to carry out deposits using cryptos and thus allowing them to raise capital. Such users can then receive interest at the end of the deposit period. Users or investors on the platform can tailor their deposit to match their preference.
Bonum Chain Limited plans to launch the platform and a digital token through an Initial Coin Offering (ICO). The developers believe that an ICO is the best way to go about it especially because it will facilitate rapid deployment of the project and it is also the ideal way of reaching more people. The ICO process will involve the sale of tokens called BFT which will be operated on the new platform.
The main stage of the ICO is scheduled to take place in the second quarter of 2018 after a pre-sale which was scheduled for the first quarter of 2018. Each BFT token will be sold for $1 and buyers will be allowed to purchase a minimum of $100. The company also plans to provide a loyalty program through which investors will be awarded bonuses for the tokens they will purchase based on the time at which they made the purchase as well as the amount purchased. The total hard cap ICO for both the pre-sale and the main stage has been set at $30 million.