A decentralized peer-to-peer network aims to streamline the experience of cryptocurrency holders when borrowing and lending their assets – and gives them the ability to enter into loan deals on their own terms.
Nitrogen says its goal is to help crypto enthusiasts increase liquidity and hedge risk in a safe and easy way, allowing them to leverage assets to their advantage.
Alice Stork, the company representative, told Cointelegraph that “Nitrogen’s goals are to stimulate interest in cryptocurrencies and their markets. […] and to act in the general interest of the community of professional traders.
Through its network, users can lend their assets to others with the intention of earning interest, or borrow assets from their current portfolio.
Nitrogen hopes to increase market liquidity by unleashing the diversity of investments in various crypto assets.
Infidelity and security
Nitrogen is compatible with Chrome, Opera and Firefox, and uses the MetaMask plugin. The network says it is designed for lack of trust, which means it has no ability to access a user’s private keys under any circumstances. MetaMask stores these keys on behalf of the user and acts as a bridge to connect them to Nitrogen smart contracts. Nitrogen developers are also working on integrating other popular wallets, such as Ledger and Trezor.
According to Nitrogen’s website, the project’s blockchain is a stand-alone infrastructure. This means that users can interact with smart contracts on the network through any blockchain interface of their choice – Parity and MyEtherWallet, for example – even in the event of a system crash or hacking attack. Therefore, their ability to perform essential business functions, such as withdrawing assets or completing a transaction, would not be affected.
Loans made through the Nitrogen network are backed by a guarantee that a lender would receive if the borrower defaults or if a critical level of guarantee is reached. Meanwhile, borrowers benefit from an informative notification system that provides them with warnings through the platform and email when needed. This allows them to track the status of their request, as well as the due date of payments, even if they do not have access to their account. Customers also benefit from a dedicated support team on Telegram, who can help them with their questions and concerns.
“Relevant to all crypto users”
Nitrogen says its product is relevant to crypto users of all walks of life, whether they are casual users, investors, professional traders, businesses, or venture capitalists.
Currently, the network only uses Ethereum and ERC-20 tokens, but the team is developing a cross-chain solution based on atomic swaps so that users can choose assets from other blockchains, including Bitcoin and EOS.
Strengthened by the fact that its offering will attract a wide range of market players, with an infrastructure tailored to the needs of users from diverse backgrounds, the team added, “With the crypto market inevitably moving into a growth phase, the popularity and prospects of loan networks Nitrogen will only increase.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While our aim is to provide you with all the important information we may obtain, readers should do their own research before taking any business related action and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.