Reltime: a PoA blockchain for P2P lending


Norwegian DeFi company Reltime is working on a PoA blockchain for P2P lending.

PoA stands for Proof of Authority. Let’s look at what it means and how is improves blockchain infastructures.

What is Proof of Authority

PoA Proof is Authority is a consensus algorythm based on identity as a stake. Transactions and blocks are validated by approved accounts, called “validators”.

The process is automated, validators only need to keep the authority node, i.e. their computer, uncompromised. 

There is not right to become a validator, you must earn this status. This works as an incentive for the user, who wants to retain the position he has obtained. It is his reputation, his identity, that is “at stake”. 

What Reltime Defi Ecosystem is about

Reltime launched a DeFi infrastructure that allows users to send and receive money via peer-to-peer local and global remittance, backed by a crypto StableCoin. 

The platform also offers domestic and international P2P lending to individuals and small businesses. Reltime’s offer also includes a crypto and fiat synced card. 

That is where Reltime is developing a PoA based blockchain. The application will allow lenders to login to the platform with their wallets, list the Reltime token they own on the platform and receive interest from borrowers.

Lenders have access to a view of their asset and their data and can choose the support they want to lend on the platform and the interest rate. 

Users can also be borrowers after they deposit a specified quantity of guaranteed fee in Reltime tokens into an escrow account. 

The PoA mechanism relies on known and reputable validators to create blocks and provide computational power to the network. It improves transaction rates, offers tolerance to 51% attacks and is not hostile to the environment.