FAQ

What is the Depository Network?
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Depository Network is a safe, decentralized depository service for banks and other money-lending institutions, allowing them to accept digital assets as loan collateral. This service enables digital asset holders to enable the value of their assets by allowing them to unlock their financial value.

Why don’t banks make such platform by themselves?
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It is expensive, inefficient, and out-of-scope for banks to create own platforms instead of using a ready-made platform. Banks do not have the right to receive ownership of the collateral, it should be owned by the borrower. The Depository Network platform allows loan borrowers to keep ownership of their digital assets during the entire loan period if all conditions of the loan are fulfilled on their behalf.

Why would a bank use Depository Network?
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Banks lose market by ignoring the fact that the cryptocurrency market alone is worth billions of USD. In order to be relevant, banks need to adapt to the new financial situation and start accepting their customers’ crypto currency just as they accept other forms of financial wealth.

Why would people use Depository Network?
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Depository Network is a B2B model, therefore we do not market our platform to individuals. Once a customer has been approved to receive a loan by depositing their digital assets as collateral, the bank or the lending institution will use Depository Network to store these digital assets. This deposit will be held by a “multisig” (multi-signature) wallet, where the lender, the borrower, and the depository service each hold ⅓ of the key.

One platform seems like it is trying to centralize a decentralized system.
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At the moment, all collateral registers are centralized and owned by the government. We are building a state-of-the-art platform where each lender has its own collateral register, decentralizing an otherwise centralized registry.

Where is the value added for using blockchain?
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The blockchain technology allows decentralization of all activities on the platform. It also allows the usage of self-executing smart contracts, ensuring that the rights of all involved parties are kept.

Who will use Depository Network?
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The target users are more than 17,500 banks all over the world and over 30,000 non-bank lenders and Peer-to-Peer lending platforms.

When will the Depository Network Platform be ready?
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We have a roadmap explaining the stages of our development. At the moment, we are in preparations for collecting funds for our project and issuing the DEPO token. In order to help us, you can join our ICO by applying here.

Who works on this project?
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We have a team of extremely experienced professionals – a combination of serial entrepreneurs, start-up investors, bankers, private enforcement agents, lawyers, blockchain experts, and IT wonderkids from Europe.

Where is the main office (headquarter) situated?
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Tallin, Estonia

What is the price of 1 token?
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The price of 1 DEPO token throughout the token sale will be as follows:

Presale 0,005 USD

ICO first stage – 0.01 USD

ICO second stage – 0.015 USD

ICO third stage – 0.02 USD

When does the token sale end?
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Token sale ends on 15.12.2018

When can we exchange DEPO?
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The DEPO token will be listed on multiple exchanges after the token sale.

What is the contract address of the token?
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Contract address: 0x89cbeAC5E8A13F0Ebb4C74fAdFC69bE81A501106

Name: Depository Network Token

Symbols: DEPO

Decimals: 18

What is the maximum token supply?
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Maximum token supply is 3 billion tokens.

How many tokens will there be offered for sale during the token sale ?
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50% of the tokens (1.5 billion tokens).

Is the airdrop still ongoing?
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First airdrop has already ended. Next one begins on 16 July.

When will I receive my airdrop tokens?
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Airdrop tokens can be claimed after 18.10.2018

Do you have a bounty running?
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Where can I put my ethereum address for receiving the airdrop tokens?
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There will be instructions published for claiming airdrop tokens.

Is there going to be a second airdrop and when? Can everybody participate in it?
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Yes, next airdrop begins on 16 July and everybody is eligible to join.

Is there a referral bonuses for the airdrop?
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No, referral bonuses are offered only for token sale.

Is KYC required?
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KYC is required only for token sale. It is not required for claiming airdrop tokens.

It says 0 claimed tokens in my token balance on my dashboard. Why?
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It is because the tokens are in your account, but you still have not claimed them.

Do I need to do all the tasks to get tokens?
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You can do whichever tasks you like. The more tasks you do, the more DEPO tokens you are going to earn.

How much are 2500 DEPO tokens worth?
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2500 DEPO tokens are worth 50 USD.

It shows 2500 claimed tokens but I have not received anything in my wallet.
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You have probably made an order without actually claiming the tokens. Go to “Buy tokens and there should be a button “Claim my tokens”.

It’s been more than 24 hours since I have claimed my tokens. I have still not received them in my wallet.
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The ethereum network is running pretty slowly as there are many transactions on queue. You might need to wait for some time for the tokens to arrive in your wallet.

How can I learn more about the project?
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If you like to stay tuned, you can join our telegram channel where we discuss the latest news regarding the project.

What is Depository Network for the lenders?
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  1. Ready-made platform for accepting of collateral. It saves time and money for development and integration
  2. Possibility to choose own risk policies, aligned with the rules of each lender
  3. Risk scores developed for the lenders based on information from the platform
  4. The service is provided by a third independent party
  5. Custodial
  6. Liquidating of the collateral in case of the loan agreement is not respected
  7. Push notifications in case of value change of the collateral
  8. Ad hock arbitrage with professional international arbiters in case of disputes based on clear rules
What is Depository Network for the borrowers?
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  1. Easy access to lenders accepting crypto assets as collateral
  2. The service is provided by a third independent party
  3. Lenders’ rating based on the terms and conditions of their loans
What Depository Network does NOT do?
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  1. Guarantee the price of the deposited assets
  2. Provide loans
  3. Use the assets for issuing of financial instruments
How is Depository Network decentralized?
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At the moment, all collateral registers are centralized and owned by the government. We are building a state-of-the-art platform where each lender has its own collateral register, decentralizing an otherwise centralized registry.

Where is the value added for using blockchain?
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The blockchain technology allows decentralization of all activities on the platform. It also allows the usage of self-executing smart contracts, ensuring that the rights of all involved parties are kept.

Do you use my assets to lend to other users?
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No.

Who is responsible for selling the collateral in case of failure to pay on the borrower side?
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Depository Network is responsible.

How is the liquidation amount of the collateral distributed?
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The bank takes the amount necessary to cover the remaining payments of the loan + processing fees, the rest goes back to the borrower.

Who bears the risk of sharp drop in the collateral value?
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The lender does.

Who is responsible for settling disputes between the borrower and the lender?
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Depends on the individual arrangements, we could be assigned with this responsibility.

How do we decide to sell collateral and what is the process?
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The lender sends a notification, stating that the loan obligations are not respected. Depository Network sends a request to the borrower to submit additional collateral or repay part of the loan, otherwise the collateral will be liquidated.

How do we guarantee that the lender is telling the truth?
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The first step, before liquidating the collateral, is to always inform the borrower first. If he/she disagrees the case is further analyzed. In case the lender is found guilty, Depository Network will take all measures to exclude the lender from the platform.

How do you ensure the security of the platform?
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Each lender will build separate depository on the platform. Each depository will be a multi-signature wallet, additionally insured by professional insurance companies.

If half the loan is repaid, is it possible to get some of the assets back? (partial loan payment?)
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The platform will have this functionality.

If the price of the assets goes up, is it possible to withdraw some of it?
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The platform will have this functionality.

How is defined the value of the assets?
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Based on the average value of the top crypto exchanges.

Who can access the assets?
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Each collateral will be locked with three keys – one for the borrower, one for the lender and one for Depository Network.

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