The failure of the banking system in 2008 yielded the world’s first ever cryptocurrency and began the process of decentralizing the power held by financial conglomerates. Viva intends to finish the job – by leaving the inefficient, centuries-old financing system where it truly belongs: in the past.
Viva aims to revolutionize the antiquated mortgage lending industry by cutting out the middlemen and decentralizing the process, thereby applying a fundamentally more accessible and transparent approach to financing. We believe that Viva’s technology will increase the availability of credit for borrowers and for the first time allow non-institutional investors to participate in the consistent, asset-backed returns associated with mortgage investments, a product that has traditionally been reserved solely for large financial institutions.
Furthermore, by allowing the free market to dictate the risk and associated value of each mortgage – as opposed to a bank – we expect to see more fairly priced mortgages. The Viva platform will be leveraged by those in the developed and developing worlds alike, thereby enabling the world to take a large step toward geographical wealth equality – by breaking down the barriers and leaving both parties better off.
Viva’s mission is to disrupt the mortgage industry by allowing home buyers and sellers to set the terms themselves. Any individual, from any country in the world, will have access to credit financing for home loans via a decentralized, open market network on the Viva Platform.
Additionally, Viva’s function as an investment and savings platform accessible with just a mobile phone means all users of Viva will have access to credit financing, a savings and investment account, and standard blockchain-backed secure transaction services – regardless of what country they live in.
Viva Network features
Each private mortgage underwritten by The Viva Network will be divided into 100,000 individual Fractionalized Mortgage Shares (“FMS”). These FMS are then submitted to the Viva Network Platform for crowdfunding and, if successful, they’re subsequently listed as active FMS securities on the Viva Platform’s FMS Exchange application. This will provide qualified VIVA token holders with the utility of being able to act as a crowdlender and purchase Fractionalized Mortgage Shares with their VIVA tokens.
The ‘Real Value 2.0’ app (“RV2”) is a proprietary, decentralized home valuation application that will be located on the Viva Network Platform and available exclusively to holders of VIVA Tokens. RV2 will utilize an incentive system to build and maintain a crowdsourced database of data-driven, unbiased market values of residential properties. Potential homebuyers will be able to earn and spend VIVA to obtain an unbiased appraisal on a home and receive a trustworthy valuation of the property. This information will inform and assist with their decision-making as they search for the perfect home.
V-Score, Viva Network intends to create an accurate and trustworthy credit score for members who create a credit profile with the V-Score application. This will be one of the final steps in completely decentralizing the mortgage process.