When you first hear the words “Peer to Peer” or see the term P2P you might immediately think this is a scam, or this is not a reliable thing. Indeed, if you rely on someone else to repay money you loaned in the past then without a collateral you are putting yourself in a bad place.
However, if there is a collateral in place, a proper one, then there is nothing to worry about, literally nothing.
What is MyConstant?
MyConstant defines them as a completely secure Peer-to-Peer Lending platform that allows a direct connection between lenders (Investors) and borrowers (Borrowers).
P2P Lending will eliminate the intermediaries so that the participants (Peers) can freely offer and accept the terms they want.
MyConstant Was Launched In January 2019 By An International Group Of Developers With The Goal Of Building A Stablecoin. The Token (Designated CONST) Was Originally Designed To Be Pegged To The US Dollar And Allow For Near Free, International Transfers.
P2P Lending will eliminate the intermediaries so that the participants (Peers) can freely offer and accept the terms they want.
accept the terms they want.
Specifically:
- Lenders (Investors) are free to set the desired terms and interest rates.
- Borrowers are free to choose Investors to provide loans in accordance with their needs.
- Constant acts as the connecting platform between the above Investors and Borrowers.
What are the advantages of MyConstant’s loan?
Fully Secured, Fully Backed – These are the 2 characteristics of MyConstant that they emphasized from the beginning.
Accordingly, the loans and investments will be insured by the US company FDIC Insurance.
The assets are all collateralized by Crypto and Blockchain technology is applied using Specifically:
- Lenders (Investors) are free to set the desired terms and interest rates.
- Borrowers are free to choose Investors to provide loans in accordance with their needs.
- MyConstant acts as the connecting platform between the above Investors and Borrowers.
What are the advantages of MyConstant’s mortgage loan?
Fully Secured, Fully Backed – These are the 2 characteristics of Constant that they emphasized from the beginning.
Accordingly, the loans and investments will be insured by the US company FDIC Insurance.
The assets are all collateralized by Crypto and Blockchain technology is applied using Eth smart contracts .
With the above approach, MyConstant brings absolute safety to the participants. In there:
Guaranteed profit for investors (Investors)
Specifically here, by using Smart Contract, the collateral of the borrower (Borrowers) will be locked.
If the value of the collateral falls, it will be automatically sold partially to correct the value threshold. This helps investors (Investors) always receive principal and profits.
Secure collateral for borrowers (Borrowers)
As mentioned above, the Ethereum smart contract automatically locks the collateral. As long as Borrowers pay the loan, they will receive their Collateral.
How does MyConstant’s mechanism work?
smart contracts .
With the above approach, MyConstant brings absolute safety to the participants. In there:
Guaranteed profit for investors (Investors)
Specifically here, by using Smart Contract, the collateral of the borrower (Borrowers) will be locked.
If the value of the collateral falls, it will be automatically sold partially to correct the value threshold. This helps investors (Investors) always receive principal and profits.
Secure collateral for borrowers (Borrowers)
As mentioned above, the Ethereum smart contract automatically locks the collateral. As long as Borrowers pay the loan, they will receive their Collateral.
How does My Constant’s mechanism work?
Step 1: Investors deposit their investment in MyConstant and set the desired interest rate.
Step 2: Borrowers installs his loan and collateral. Then transfer the collateral (value equal to 150% of the loan) into Constant.
Step 3: MyConstant will connect Investors and Borrowers that match the parameters they have set. At the same time, the smart contract will also be executed.
Step 4: Borrowers pay the correct loan plus interest, Smart Contract will return the collateral to them. At the same time Investors also get their investment and profits back.
Attention:
In the event that the value of the collateral falls low and hits the value of 110% of principal plus interest, MyConstant will automatically sell it to return it to Investors. Also refund the difference to investors.
In case Borrowers wants to repay the loan earlier than agreed:
- 75% earlier repayment period: Interest is charged in full for the loan period plus 50% for the earlier repayment period.
- Repayment after 75% of the loan term: Interest is charged in full.
- 75% earlier repayment period: Interest is charged in full for the loan period plus 50% for the earlier repayment period.
- Repayment after 75% of the loan term: Interest is charged in full.
Detailed instructions for registering an account MyConstant
What to prepare before signing up for a Constant account?
- Photo of Passport, ID card or Driver’s License.
- Photo of invoices, papers with address information.
Steps to register for a MyConstant . account
Step 1: Get Started
At the interface of the home page click on MyConstant brother Get Started to begin registration.
- Enter your registered email and password. Then click Create Account.
- Step 2: Access the registered email to confirm
- Find Constant’s confirmation email and Click on the “verify your email here” link .
- Step 3: KYC Account
- In this step, you choose the KYC INFORMATION button or go directly to the link https://www.myconstant.com/me/profile
Next, fill in the information to KYC the account.
To perform KYC information, you can use Passport, ID card, or Driver’s License.
Please make sure that these documents have a clear portrait of you so that Constant can authenticate in the following steps!
You scroll down and upload the corresponding Passport, ID, and Driver’s License documents that you chose above.
Next, you need to verify the address by filling in the information as shown below. At the same time, submit the invoice photo or authentication documents at the address you submitted earlier.
After you have filled it out, click the Submit button.
Step 4: Approve
MyConstant team will check these documents of you, this process will take from 24-48 hours.
If satisfied, you will be approved. You only need KYC when withdrawing fiat, if you only use Crypto and Stablecoin, there is no need to spend KYC time.
So you have successfully registered an account on MyConstant already!
Account verification on Constant is similar to when you sign up for some exchange . This helps MyConstant eliminate bad guys who can harm the system or other users.
Step 5: Enable 2FA 2 layer security
At this step, you can choose whether to do it or not. However, I still encourage you to use this feature to enhance the security of your account.
If you don’t know how to use 2FA with Google Authenticator or Authy, you can see the instructions in Coin98’s article!
Go back to MyConstant, go to the Account Details section and then scroll down to the Enable 2FA section.
Click the Enable button.
Here will appear QR Codes, you open the Authy or Google Authenticators application and scan to enable this feature.
When you make transfers or withdraw… on Constant, the system will ask you to enter this 6-digit code.
An Introduction to the Basic Interface of Constant
In this section, I will introduce the interface of the myconstant homepage .
I will have other detailed articles that introduce how to use the features, as well as share strategies to leverage MyConstant to invest safely in Crypto.
Invest
This area is for brothers who want to invest their idle assets for profit.
You will transfer these assets to MyConstant. It was then used to lend to other bBorrowers. And you get the interest you set at the beginning.
Some types of digital assets being supported on Constant’s Invest include:
- Fiat: USD (Dollar).
- Stablecoins: USD Coin (USDC), TrueUSD (TUSD), Paxo Standard (PAX), Gemini Dollar (GUSD), Stably (USDS) Tether .
Borrow
This area is for those who want to borrow Crypto mortgage
Here, you Deposit your Crypto assets and get the corresponding loan back.
Account
Here, you can perform the following operations:
- Make a deposit.
- Withdraw.
- Transfer.
Details see below:
Bank Information
Here, you can add the bank you use.
Make a deposit
In the Account/Deposit section, you deposit money into your account on Constant.
The purpose of this deposit is to pay a loan, use it to invest, or simply want to store it on MyConstant’s wallet.
Withdraw
This section includes Withdraw Fiat or Withdraw Crypto.
You can withdraw the amount you borrow, or the money available on transfer
In this section, you can transfer USD in your MyConstant account to other users., to your bank account or personal wallet address.
Summary
Hopefully the last article has helped you have an overview of MyConstant and how to register an account on Constant.
This is the first in a series of articles about MyConstant. After successfully registering an account and KYC, you can start using your Crypto to get a mortgage on MyConstant.
So what are the specific steps to use this feature? What should be paid attention to to optimize the loan?
