NULS/Nerve Collaborates with Egoras to Offer Small Business Low-Interest Microcredit
NULS/Nerve is pleased to welcome Egoras to its network. NULS/Nerve and Egoras will work together using the NULS SCO program and smart contracts to develop uncollateralized micro-credit offerings to enterprises once struggling to access mainstream banks.
Egoras, a trademarked brand out of Nigeria, is developing its decentralized finance ecosystem for emerging markets using blockchain technology. The company aims to be the first decentralized microfinance protocol. EGR token holders will receive EGR voting rewards through inflationary monetary policy and ETH generated when small business borrowers pay back their loans.
The Egoras microfinance project and protocol aims to offer 1000 small businesses low-interest microcredit. Egoras will take advantage of NULS/Nerve SCO Platform and POCM (Credit Mining Proof) and its inherent scalability to help grow Egoras micro-lending to its goal of 100,000 businesses.
Egoras Lending Protocol
EGR token holders, the Egoras native token, will govern the Egoras Lending Protocol, which will include the approve/decline mechanism for small business micro-loans.
Egoras plans to use the NULS/Nerve enterprise-grade blockchain and instant chain-building to streamline its plans into a small business blockchain offering. Its open-source blockchain will take advantage of NULS SCO and smart contracts. Right now Egoras is held back by high Ethereum fees. They like NULS/Nerve for its high transaction speeds and scalability.
The end product will be an easy-to-use, secure, blockchain-based system for small businesses and entrepreneurs in emerging markets. Clients will have access to micro-finance, often for the first time. Participants and EGR token holders will earn rewards through the blockchain monetary policy and staking system and by lending to approved businesses.
NULS/Nerve developers will work with Egoras to develop Smart Contract integration. The Egoras project does not currently benefit from cross-chain features, but will have that advantage with NULS/Nerve. The end project will use Solidity and React JS programming languages.
When asked about this exciting NULS collaboration, CEO Harry Ugoji said: “The high fees on the Ethereum Network are limiting the adoption of the Egoras microfinance protocol, but with 1000 TPS 10 seconds for block creation on NULs blockchain, we can scale Egoras protocol to get over 100k users.”
Founder and CEO: Harry Ugoji, linkedin.com/in/harryugojiofficial/
Co-Founder and Legal: Izunna Isdore Ozuo, linkedin.com/in/izunna-isdore-ozuo-8ab21980/
Business Development: Jennifer Enyendu, linkedin.com/in/jennifer-enyendu-259b24201/
Medium channel: https://egoras.medium.com/
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