Trittium: Leading the Utility Charge

Trends tend to dominate industries regardless of what they are. Fashion, technology, sports; even cryptocurrency is known for having a strong trend game. While scams unfortunately continue to be a part of the landscape of digital currency, the ‘new thing on the block’ has always changed from year to year.

I’ll try not to dive too deep into crypto history, I know how painful it can be for some to reminisce. In 2017, the main trend was High Yield Interest Programs (HYIPs) led by the now infamous Bitconnect. 2018 has clearly been the year of Masternodes. Almost every new coin created this year has been a Proof-of-Stake/Masternode coin. Many of which have already perished due to hyperinflation issues, poor execution, and developer exit scams.

I’m letting you know now; 2019 will finally be the year that we, as an industry will focus primarily on real world, actionable utility. We have reached that precipice in cryptocurrency. The quintessential “sh%t or get off the pot” moment. It is time for the industry choose. Do we continue to play games with each other making half-baked currencies, pseudo-anonymous scams, and predatory hacks? Or do we finally start taking ourselves seriously and show the world what blockchain technology is truly capable of accomplishing?

Being the optimist that I am, I am hoping for the former. In order for cryptocurrency to have a future at all, that is the only thing I can do. Individuals across the industry must also share that belief. If enough people begin to believe and act accordingly, cryptocurrency as a whole will move in that direction.

Trittium

That is what the team at Trittium is currently doing. An international group of developers looking to bring cryptocurrency into direct competition with traditional lending companies. With a primary focus on collateralized loans, Trittium is aiming to revolutionize the lending industry by integrating cryptocurrency and blockchain technology into borrower opportunities.

Collateralized loans are one of the safest loan types from a business perspective. Traditionally, borrowers would put up an asset as collateral equal to or greater in value to the amount of cash they are looking to receive. This can be a house, car, boat, baseball card collection, or grandma’s antique clock.

Having a read through their current White Paper, Trittium makes a compelling case for why traditional collateralized loans are cumbersome and not advantageous for borrowers. The website and White Paper may look rough, but they are in the process of being updated and optimized to match the growth of the company and platform.

When it comes to collateralized loans, if a borrower pays half the loan and then defaults on the remaining amount, the lender will seize the underlying asset as well as the amount due. While still having paid half of the loan, they will still lose their house, or car, or sully their family heirlooms by losing grandma’s ‘priceless’ clock.

Trittium will offer cryptocurrency-backed collateralized loans. More importantly, they will offer loans that are flexible and fair to borrowers. By using crypto as the collateral for loans, borrowers are no longer at risk of losing all of their underlying assets if their miss a payment. Because digital currency is divisible, Trittium will be able to claim a proportionate piece of the collateral to cover a missed payment. This will give the borrower an opportunity to get back on track and honor the rest of their payments.

This is a new way of doing business, and it would not have been possible without cryptocurrency and blockchain technology. It is low risk for Trittium as they limit their loses through the liquidation of collateral on defaulted loans. And it is a major improvement for borrowers who no longer need to risk their homes or other assets and be in constant fear of one mistake leading to them losing it all.

But how practical is it?

I have been following this project closely for many weeks and have seen the team in action. Just this past week the team travelled and met in person to establish the company and set up the general parameters for which the organization will operate. Announced last week in their Discord community, once the final paperwork is signed and submitted to form the company, the team will begin the development and implementation of the core platform.

As I mentioned before, Trittium is only specializing in collateralized loans. From a business standpoint, this is the safest loan type. With no extension of credit putting the team in real debt, they can focus their energy on platform development instead of constantly worrying about debt collection. Because of this, Trittium’s utility will be actionable much sooner than if they were attempting to expand into secured or unsecured loans.

On their website, Trittium offers multiple loan types to catch a wide variety of borrowers. From small fish to crypto whales, everyone will have an opportunity to take out a loan if they find themselves in need. According to their announcements in their Discord community, the beta of the loan platform launches in August with official operation coming within the months that follow.

Crypto Lending

Trittium is not the first blockchain-based platform looking to invade the lending industry. According to Bitcoin Exchange Guide, there are at least 20 different platforms that are currently vying to claim a piece of the lending market. Each with their own angle and strategy for capturing cryptocurrency asset holders and offering them opportunities to borrow.

Some of the major exchanges also engage in lending Bitcoin to investors for a monthly interest fee. Bitfinex and Poloniex most notably do this. For an exchange that is earning hundreds of millions of dollars a year, the ability to expand into unsecured lending like this is a risky, but profitable business venture.

Exchanges are not the only ones joining in. American Banker covered a few of the new, major players in cryptocurrency lending. These include SALT, NEXO, and Unchained Capital. Each have claimed to have given out tens of millions of dollars in loans within the first few months after their launch, extending lines of credit to borrowers around the world. The early success of these platforms pave the way for investor confidence in Trittium’s new platform.

Specialization is Key

While the market for collateralized loans is smaller, having a platform like Trittium dedicated to offering the best opportunity for those who are seeking one is vital. While other platforms jockey for unsecured and secured loan supremacy, Trittium aims to carve out a large niche in which they are very few competitors. Having customizable loan options will continue to promote Trittium’s supremacy in this space.

Announced today, Trittium has been added to the very popular masternode hosting platform GIN. GINcoin has been one of the few bright spots in the sea of failed masternode projects this year. In addition, Trittium was also listed on CoinMarketCap two weeks ago. These are just a couple small milestones for the team at Trittium as they continue to develop their product.

As the trend of utility continues to build within the industry, Trittium aims to lead the way within the lending industry. By specializing in one loan type and offering the best options for borrowers, Trittium will do its part in introducing real utility for a cryptocurrency to the world. A welcomed moment for everyone who sees blockchain technology as the future.

Trittium Website: https://trittium.cc/
Discord Community: https://discord.gg/YAg2pFw
CoinMarketCap: https://coinmarketcap.com/currencies/trittium/