Nxt Forum

Nxt Discussion => Nxt Technical Discussion => Nxt Core Development => Nxt Improvement Proposals => Topic started by: NxtFreak on December 03, 2014, 10:05:07 pm

Title: Full Financial/Banking System
Post by: NxtFreak on December 03, 2014, 10:05:07 pm
I am expert on economics too, so i got this idea of integrating a full banking system into the NXT world.

This is how it would work:

Here is an illustration how it would look like:

(http://www.mediafire.com/convkey/66b5/a4qhy7jb5t4x6x1zg.jpg)

Any comments or observations are welcome, i would be happy if this great feature could be added!
Title: Re: Full Financial/Banking System
Post by: NxtFreak on December 06, 2014, 01:43:31 pm
bump!! c'mon nobody really into this? It would be the best system that any crypto currency would have seen !
Title: Re: Full Financial/Banking System
Post by: jl777 on December 06, 2014, 06:00:00 pm
bump!! c'mon nobody really into this? It would be the best system that any crypto currency would have seen !
Can you make it a bit more detailed?
Both the description and diagram arent quite enough for me to translate to code I can simulate in my head, so I cant evaluate it

James
Title: Re: Full Financial/Banking System
Post by: pt7 on December 06, 2014, 07:00:04 pm
bump!! c'mon nobody really into this? It would be the best system that any crypto currency would have seen !

How does the "Forced to Repay Debt" part work?  Is the diagram missing a "Leg Breaker" component? :-\
Title: Re: Full Financial/Banking System
Post by: 2Kool4Skewl on December 07, 2014, 07:08:06 am
Any comments or observations are welcome, i would be happy if this great feature could be added!

You could implement this right now.  Nothing needs to be added into the NXT core to allow you to do this.

How does the "Forced to Repay Debt" part work?  Is the diagram missing a "Leg Breaker" component? :-\

Lol... The bank would have to be very careful on to whom it extended credit.  This type of a system would work best if the loans were given out locally as opposed to internationally over the internet.  You could check credit and collect debts easier.
Title: Re: Full Financial/Banking System
Post by: NxtFreak on December 08, 2014, 07:21:49 pm
bump!! c'mon nobody really into this? It would be the best system that any crypto currency would have seen !
Can you make it a bit more detailed?
Both the description and diagram arent quite enough for me to translate to code I can simulate in my head, so I cant evaluate it
James
How does the "Forced to Repay Debt" part work?  Is the diagram missing a "Leg Breaker" component? :-\
Either the credited sum would be locked (nobody can touch that) in another account (or that account), and then returned to the loaner bank later.

The point is that to make sure that the creditor repays the sum 100%, while still remaining anonymous (no personal information logged, nor ID card or such), the protocol itself should substract the credit from his account.

So obviously the current protocol that could set up this system is the forging feature, so that is the 100% guaranteed payment.If the bank could give out the credit to X account, while the money would get locked (X account cant move or steal the money and run with it) but, the income he would generate would also get subtracted by the credit interest rate, and after the credit period is over, the money gets returned back to the bank.

Let me illustrate in an example:
A = Investor has 10 NXT
B= Bank has 10 NXT (from previous investments or just his own money)
C= Creditor needs 10 NXT


Now perhaps the 5% is too much, but the interest rates would be market determined (No Central Bank). It would be a true decentralized banking system.
Title: Re: Full Financial/Banking System
Post by: NxtFreak on December 08, 2014, 07:23:16 pm
Any comments or observations are welcome, i would be happy if this great feature could be added!

You could implement this right now.  Nothing needs to be added into the NXT core to allow you to do this.

How does the "Forced to Repay Debt" part work?  Is the diagram missing a "Leg Breaker" component? :-\

Lol... The bank would have to be very careful on to whom it extended credit.  This type of a system would work best if the loans were given out locally as opposed to internationally over the internet.  You could check credit and collect debts easier.

Well i can't program Java, and i have no idea how the crypto system works in terms of programming, i can only program offline stuff, network programming is not my forte.So somebody else has to do it.
Title: Re: Full Financial/Banking System
Post by: NxtFreak on December 08, 2014, 10:46:12 pm
Ok here is my revised idea, very detailed, and ready to be implemented! ( it took me 2 hours to draw the diagram :o)

Any questions/comments/suggestions/feedback are welcome!

(http://www.mediafire.com/convkey/9e80/32lal0qxzijfc43zg.jpg)
Title: Re: Full Financial/Banking System
Post by: NxtFreak on December 13, 2014, 10:24:02 pm
C'mon guys anyone please pick up my idea and program it.

It would be a great implementation and i guarantee that it would attract new members to the NXT community, especially since that ethereum is launching soon, it would be a big competitor so we need innovations like this to keep the NXT running.

It would also raise the demand ,thus the price of the NXT since now it is really getting lower and lower by each week, and i would not like to see the NXT fade away, as it is a really new and very inspirational and innovative crypto coin.

Please do it for the community :)
Title: Re: Full Financial/Banking System
Post by: Najska on January 07, 2015, 11:03:40 pm
We have already started working on this. Anyone can contact me for details, questions. We are also open for any kind of collaboration and cooperation.
Title: Re: Full Financial/Banking System
Post by: capodieci on January 21, 2015, 03:11:35 pm
I would do this only with smart contracts in place...
Title: Re: Full Financial/Banking System
Post by: Najska on January 21, 2015, 04:31:27 pm
Smart contracts cannot solve the liquidity problem. Black-Scholes model solves.
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