Hi @corporal_clegg Thank you for the kind words. Answering all your questions below:-
1 - Yes. there are a lot of tokens and I do agree with your point But we require RNZ (Sernez tokens) for providing incentives for the students. We are also laying the foundation for a global scholarship program, which will be operated jointly by a Sernez and the community all over the globe. The total supply will be limited to 4Billion RNZ tokens out of which 25 percent is allocated for the global scholarship fund. At first, we want to try our NEM based tokens before we start accepting BTC or any other form of funds via the platform.
2 - We are targeting postgraduate students. We have decided not to get into the undergraduate program due to the level of risk associated with repayment. Sernez will design a legal model to offer borderless loans in a competitive way. So far we have identified four different funding sources.
a. Alumni and University Funding - Alumni from top universities invest in specific bonds for their school or regions and receive a competitive return to support a pool of students. (The university that we are working, have their own scholarship funds which are distributed within the college.)
b. Retail investors - As of now, the Sernez platform is open only to accredited investors.
c. Family offices and impact investors - These investors typically invest a minimum of $1 million in several bonds supporting students. These investments have a social impact focus, and some investors have developed scholarship programmes using the return generated by their investments.
d. Private banking - Issuing “education bonds” with banks. These bonds were sold to High Net Worth Individuals by banks to grow our sources of funding for students further.
We are doing a PLUS loan model and traditional education loan model. In PLUS loans, you start the repayment from the next month you receive the loan whereas the other one you start the repayment six months after completing graduation. With 3-5 year loan terms, any measurement of returns during the first year is thus a bit subjective. Payments on the Notes depend entirely on payments Sernez receives on corresponding Borrower Loans. If a borrower fails to make any payments on the corresponding Borrower Loan related to a Note, payments on such Note will be correspondingly reduced.
3 - Handling payments itself is a huge a task for Sernez. Peer to Peer platform like SOFI handles more than $1B in transaction. Apart from transactions and notarization, Sernez is using blockchain technology to bring authenticity to the student profile. Platforms like LinkedIn has failed to prove the identity and authenticity of a profile. You can update your LinkedIn page overnight and there is no way that an employer can find out if the profile is real or not. We are focusing on these areas.
Perhaps you missed this “Identify and run a proof of concept of Sernez payment system at a university.” This is a part of the third milestone.
We are based in India where P2P lending is still not regulated. Hence we would like to stay away from the lending part in India. We are slowly building our base in the US and we will implement the lending module in one state for a couple of students in 2019. Our milestones will make an impact on 3500+ students in India. We are not claiming that after three milestones we will be ready to provide loans or compete with platform like Prosper or SOFI. We might have to raise a substantial amount of money from institutional investors to move forward which we believe that is only possible after we build a stable version of our platform.
Thank you for your questions again I hope I have answered all your questions.