DApp Review - Nitrogen Lending Network (Peer-to-Peer Crypto Lending Platform)

smithmadu (54)in #dappreview • 6 years ago (edited)

Today, there are exchanges for crypto enthusiasts to buy and sell cryptocurrecies for different purposes. Some buy cryptos to trade on exchanges, invest in ICOs or hodl for the sole purpose of selling when price appreciates to some certain levels. Irrespective of your motive for buying cryptos, there comes a time when you wont want to risk your crypto holdings or will need more cryptocurrencies. Your option is to sort for where or who can lend or borrow you crypto assets. This is where Nitrogen Lending Network comes on board.

What is Nitrogen Lending Network ?

Nitrogen Lending Network, a Finance Dapp, is a fully automated decentralized peer-to-peer lending network based on Ethereum blockchain which enables experience crypto holders lend and borrow crypto assets and earn passive income.

On the platform, crypto holders can “rent” their crypto assets at their own terms and borrowers get liquid assets they need for trading without selling long-term holdings which will be staked as collateral.

Nitrogen’s missions is to stimulate interest in cryptocurrencies by increasing their availability.

Currently, Nitrogen Network only supports Ether and other ERC-20 standard tokens.

How Does Nitrogen Lending Network works?

To get started on Nitrogen LendingNetwork, you have to Sign-up
You can either signup with your Facebook account or Gmail. As shown below, I registered with gmail and a personalized password.

A confirmation mail will be sent to you for confirmation and subsequently sign into your account.

Accessing Nitrogen platform with mobile phone will limit one to overview features only, thus you are advised to use Desktop in other to have full access to the platform and also transact.

Next step is to connect your Metamask account which can be done easily when accessing the platform using a desktop.

When you are done, you will see the Funding Book page which shows information needed in regards to borrowing and lending and also list of existing orders to Borrow or Lend to. There are two options for a user when you want to lend or borrow. You either fill up one of the market ORDERS already created by other users or you can create your own order as shown below.

If you intend to Borrow from Market Order after considering all the parameters needed for a particular order such as the Loan Assets, Amount available, the Collateral Assets needed, the interest rate and the duration, click on the Borrow icon of that order as shown below;

The page below will appear where you will fill your own information in regards to how much you want and also selecting the collateral you have and you submit at the end. Thats all, your loan will be automatically processed and sent to you while your collateral will be locked up till you pay back the loan.

What is good about Nitrogen Network?

Users define deal terms and conditions such as interest rate, the assets needed as collateral and duration unlike other lending platforms thereby giving a completely decentralized, P2P experience for users.
The platform allows wide range of cryptocurrencies to be used either as a lending instrument or collateral.

What can be improved?

The platform is complicated as there is no simplified and quick way of accessing loans or borrowing compared to other competitors around. Also not being able to fully access the platform via my mobile phone created a bad experience and could delay and discourage many users from it.

Conclusion

As cryptocurrencies is evolving and awareness growing, the popularity and prospects of lending networks like Nitrogen will only increase so long as the keep improving adding assets from other blockchains not just limited to ERC-20 tokens.

3 star rating from 5 is what I can give them if not for their complex and difficult interface.