WO2021145572A1 - Système informatique permettant un investissement par dépôt bidirectionnel de nantissement et procédé de commande associé - Google Patents

Système informatique permettant un investissement par dépôt bidirectionnel de nantissement et procédé de commande associé Download PDF

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WO2021145572A1
WO2021145572A1 PCT/KR2020/018321 KR2020018321W WO2021145572A1 WO 2021145572 A1 WO2021145572 A1 WO 2021145572A1 KR 2020018321 W KR2020018321 W KR 2020018321W WO 2021145572 A1 WO2021145572 A1 WO 2021145572A1
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collateral
loan
deposit
value
computing system
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Korean (ko)
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김성일
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김성일
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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/03—Credit; Loans; Processing thereof
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits
    • G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits
    • G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
    • G06Q20/065—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis

Definitions

  • the present invention relates to a system for making a loan using collateral as collateral, and more particularly, depositing collateral in an investment form that generates a profit when the value of collateral increases and/or decreases, and a loan corresponding to the deposited collateral It relates to a system that implements and a method for controlling the same.
  • the existing secured loan is a method in which the borrower deposits collateral (or underlying assets) whose price fluctuates with respect to the loan amount to the collateral loan operator, bundles them, and pays the loan amount. Therefore, the basic principle of this is to freeze the collateral as a kind of security deposit and return it to the borrower after the contract is terminated. Therefore, typical existing collateral is characterized by being limited to assets traded in the spot market, such as stocks and real estate.
  • Existing cryptocurrency collateral loans have the same principle as existing general collateral loans, but only use cryptocurrency as collateral. It can be classified into two types. The first is to pay the loan in another cryptocurrency that already exists, such as compound (https://compound.finance), which is the same loan method as the existing secured loan. For example, this is a method in which the borrower deposits Bitcoin as collateral and pays the loan in Tether, which is already in circulation.
  • the second like MakerDao (https://makerdao.com), is a method of issuing and paying a new stablecoin, DAI, as a loan. It is a new loan method completely different from the existing secured loan, which MakerDao provided for the first time. This method has the advantage of being able to obtain various new business opportunities using the stablecoin, since the operator uses the stablecoin issued by the operator as a loan.
  • DAI is an existing cryptocurrency secured loan. It consists of a borrower who provides Ethereum (ETH) as collateral, and a Collateralized Debt Position (CDP), an operating program that receives collateral and pays the borrower DAI, a stablecoin, as the loan amount.
  • ETH Ethereum
  • CDP Collateralized Debt Position
  • This is a method in which the borrower provides Ethereum (ETH) as collateral to the CDP, the CDP binds it to the network, and the corresponding loan is issued by a new stablecoin, DAI, and paid. Therefore, DAI classifies it as a crypto-collateralized stablecoin.
  • CDP is a smart contract of Ethereum, an automation program that operates on a cryptocurrency network.
  • these crypto-secured loans provide DAI as a loan through a deposit (or lock-up) function that binds collateral to the CDP.
  • This deposit function is essential because it is the last means for the operator to collect the loan by forcibly disposing of the collateral. For this reason, all secured loans must include automatic liquidation to forcibly collect the loan if the value of the collateral decreases.
  • the liquidation money recovered from forced liquidation is deposited in the network and continues to be used as collateral for the corresponding DAI.
  • the forcibly liquidated DAI is not incinerated and continues to circulate in the market. Besides this, there is a normal 'liquidation' by the borrower. This is how the borrower returns all of the loan and ends the loan gracefully.
  • all DAI returned in this way is incinerated. Because of this, all other DAI in circulation is always held in value by over-collateralized collateral.
  • the average loan-to-value ratio (LTV) of existing cryptocurrency-backed loans is about 30%, which is very low compared to existing collateral.
  • 1 is an example of paying DAI of $30 as a loan when a borrower provides $100 of Ethereum as collateral. So its LTV is 30%.
  • the loan amount in a secured loan is calculated by multiplying the value of the collateral at the time of the loan by the LTV.
  • the operator operates with the concept of storing the collateral entrusted by the borrower.
  • the operator temporarily stores the collateral, which is the borrower's asset, while the position of the collateral entrusted by the borrower is maintained, and then returns it to the borrower when liquidated.
  • the concept of storage means that when the value of collateral falls, additional collateral is requested or the loan is recovered by forcibly liquidating it.
  • the present invention aims to solve the above and other problems. Another object is to provide a secured loan system that enables two-way deposit of collateral according to the borrower's choice.
  • An object of the present invention is to provide a secured loan system that pays the borrower the investment performance according to the two-way deposit ratio selected by the borrower upon liquidation.
  • An object of the present invention is to provide a secured loan including a two-way deposit method that can obtain a profit even when the price of the collateral falls.
  • An object of the present invention is to provide a secured loan system including a fixed value part of the loan amount.
  • An object of the present invention is to provide a secured loan system in which there is no compulsory liquidation for this part by determining the amount of the loan by applying the collateral recognition ratio of the fixed value part of the loan to 100% or less.
  • An object of the present invention is to provide a method by which the borrower can reduce the risk of forced liquidation by adjusting the ratio of the two-way deposit.
  • An object of the present invention is to provide a secured loan system including a value fixed portion capable of receiving a higher collateral recognition ratio among loans based on the same collateral.
  • a computing system that receives a collateral from a borrower terminal and processes a loan to the borrower terminal, it is connected to a network for transmitting and receiving data with the borrower terminal and the exchange communication unit for a storage unit for storing data related to the loan; and a processing unit for processing to pay a loan in response to a loan request received from the borrower terminal, wherein the processing unit processes to receive the collateral from the borrower terminal, and partially or all of the provided collateral as a lower deposit processing to invest, and processing the remainder of the collateral to invest as a rising deposit, wherein the falling deposit and the upward deposit are a kind of investment in which a profit is generated when the price of the collateral falls and rises, respectively, and the It provides a computing system capable of investment through the two-way deposit of collateral, characterized in that the two-way deposit ratio, which is the ratio of the falling deposit and the upward deposit, is set by the borrower terminal.
  • the processing unit receives a request for setting leverage from the borrower terminal,
  • the processing unit may process the loan to be paid in legal currency or cryptocurrency, and the cryptocurrency to be paid as the loan may be a newly issued stablecoin based on the collateral.
  • the investment as the upward deposit or the downward deposit may be an investment through margin trading, derivatives, funds, or securities performed on the exchange.
  • the loan may be made to include at least one of a value-variable part in which the value fluctuates with respect to a price change of the collateral and a fixed-value part in which the value does not change.
  • the processing unit sets the security recognition ratio (LTV) of the fixed value part to be higher than the security recognition ratio of the value change part, and sets the value change part and the security recognition ratio corresponding to the value fixed part separately It can be reflected to determine the amount of the loan.
  • LTV security recognition ratio
  • the processing unit includes
  • the amount of the loan may be determined by setting the security recognition ratio of the value fixed portion to 100% or less to prevent forced liquidation due to lack of collateral in the value fixed portion.
  • the processing unit processes the forced liquidation of the value variable part when the value of the variable value part of the loan is expected to be insufficient, and the value is fixed when the value fixed part exists even if the value change part is forced to liquidate Partial loans can be processed to be maintained.
  • the collateral recognition ratio of the value change portion may be determined based on a liquidation price at which forced liquidation occurs.
  • the processing unit checks whether all of the loan has been recovered, and when it is confirmed that the loan has been recovered, the processing unit recovers the collateral invested in the exchange, and collects the recovered collateral.
  • the liquidation may be completed by returning it to the borrower terminal.
  • a method for controlling a possible computing system is provided.
  • the present invention has the advantage of providing a secured loan including a two-way deposit method that can obtain a profit even when the price of the collateral falls.
  • the present invention has the advantage of paying the borrower the investment performance according to the bidirectional deposit ratio selected by the borrower at the time of liquidation.
  • the present invention has the advantage of providing a secured loan in which there is no compulsory liquidation for this part by determining the amount of the loan by applying the security recognition ratio of the fixed value part of the loan to 100% or less.
  • Figure 2 shows a block diagram of the computing system 12 capable of investing through the two-way deposit of collateral according to the present invention, a terminal connected to the computing system, and computing devices of the exchange.
  • 3 and 4 are diagrams illustrating an embodiment of a method for a cryptocurrency secured loan using a two-way deposit of collateral according to the present invention.
  • FIG. 2 shows a block diagram of a computing system 12 capable of investing through two-way deposit of collateral according to the present invention, a terminal connected to the computing system, and an exchange computing device.
  • the present invention may include a borrower terminal 11, an exchange computing device 15 (hereinafter referred to as an exchange) and a computing system 12, all of which are a cryptocurrency network 13 and/or a general network 13 ) to transmit and receive data.
  • an exchange an exchange computing device 15
  • a computing system 12 all of which are a cryptocurrency network 13 and/or a general network 13 ) to transmit and receive data.
  • the communication unit 12c for connecting to the network 13 for transmitting and receiving data with the borrower terminal 11 and the exchange 15, data related to the loan It may include a storage unit (12b) for storing, and a processing unit (12a) for processing a loan payment in response to a loan request received from the borrower terminal.
  • the processing unit 12a may control the overall operation of the computing system 12 .
  • the processing unit 12a processes to receive the collateral from the borrower terminal 11 .
  • the computing system 12 may directly receive the collateral, or a third party (or a computing system of an exchange operated by a third party) may receive the collateral. That is, some or all of the collateral can be stored by the processing unit 12a, and some or all of the collateral can be transferred to the exchange 15 and the condition set by the processing unit, that is, the borrower terminal 11 set You may be provided to directly invest in investment products under the condition of the two-way deposit ratio.
  • the computing system 12 may be configured with a blockchain technology that issues and operates cryptocurrency.
  • blockchain technology a large number of decentralized nodes add and store transaction data in the blockchain, which is the ledger.
  • a decentralized exchange operated in a block chain may be used, or a centralized exchange, that is, an exchange operated as a server may be used.
  • the computing system 12 and the exchange according to an embodiment of the present invention may be configured as a server.
  • the processing unit 12a may process some or all of the provided collateral to be invested as a down-deposit, and the remainder of the collateral may be processed to be invested as an up-dated deposit.
  • the investment as the downward deposit and the upward deposit means a type of investment in which a profit is generated when the price of the collateral falls and rises, respectively.
  • the bidirectional deposit ratio which is the ratio of the falling deposit and the rising deposit, is set by the borrower terminal.
  • the bidirectional depositing method of collateral proposes a collateral loan method in which an operator invests in an investment product in which the value of collateral increases when the price of collateral rises or falls according to a ratio selected by a borrower.
  • the loan system according to an embodiment of the present invention invests a corresponding collateral in a two-way investment product according to a ratio selected by a borrower, and is a new collateral management system in which an investment concept is newly added to the operation of collateral.
  • investing so that the value of the collateral increases when the price rises is called 'upward deposit', and on the contrary, investing so that the value increases when the price of the collateral falls is called 'downward deposit'.
  • the up-and-down deposit is a method of investing collateral in long and short positions, respectively.
  • Table 1 below is an example showing the change in the value of collateral when the price of Bitcoin (or the price of the underlying asset) changes by ⁇ 50% after the borrower deposits 1 BTC of Bitcoin as collateral in both directions.
  • the upward and downward deposits assume an ideal situation where you invest in products denominated in BTC and inverse BTC, respectively, and there are no transaction fees.
  • the price of the underlying asset and these two products at the time of loan is $10,000, and the price of the underlying asset rises ⁇ 50% after lending, so that the price of the underlying asset is $15,000 and $5,000, respectively, to liquidate the loan.
  • these two products accurately follow in both directions at a ratio of 1x the price of the underlying asset without leverage.
  • the two-way deposit ratio refers to the ratio of the rising deposit and the falling deposit selected by the borrower at the time of lending, and for example, the (two-way) deposit ratio of 90:10 in the table is 90% and 10% for the rising and falling deposits, respectively. means the case.
  • the underlying asset is the spot Bitcoin.
  • Table 1 shows the LTV and profit/loss ratio according to ⁇ 50% change in the price of the underlying asset at the ratio of various two-way deposits of collateral (collateral: 1 BTC, the underlying asset at the time of loan, BTC product price and inverse BTC product price: $10,000).
  • the (both directions) deposit ratios of '100:0' and '0:100' are cases in which the collateral is fully invested in the upward deposit and the downward deposit, respectively.
  • the deposit ratio of '70:30' is when the collateral is invested in the up and down deposits at 70% and 30%, respectively.
  • the underlying asset the Bitcoin spot
  • the borrower will receive 0.8 BTC back as shown in Table 1 and lose 0.2 BTC, but the return in dollars is 20%.
  • the LTV of the loan is 57%, it is higher than the LTV of 30% when all collateral is invested in a rising deposit.
  • this LTV (30%) is the average value of a cryptocurrency secured loan, and this is just one example.
  • the loan amount is calculated by multiplying the value of the collateral at the time of the loan by the LTV.
  • the LTV of the loan can be divided into two parts. In other words, there are parts that do not change the value of collateral and loans with time after the loan and parts that change.
  • the part whose value fluctuates according to the price change of the collateral after the loan is defined as the 'value change part', and the part where the value of the loan does not change even if the price of the collateral changes and the fixed part is the 'value 'fixed part'.
  • the loan money according to an embodiment of the present invention may be made to include at least one of a value-variable part whose value fluctuates with respect to a price change of the collateral and a value-fixed part whose value does not change. For reference, all existing secured loans are part of the change in value.
  • the security recognition ratio (LTV) of the fixed value portion may be set higher than the security recognition ratio of the value change portion.
  • the amount of the loan may be determined by individually reflecting the collateral recognition ratio of the value change part and the value fixed part.
  • the amount of the loan may be determined by setting the security recognition ratio of the value fixed portion to 100% or less so that forced liquidation does not occur due to lack of collateral for the value fixed portion.
  • the LTVs for the fixed value part and the variable value part of the loan were set at 95% and 30%, respectively.
  • the LTV becomes 95% and 30%, respectively.
  • the deposit ratio of '30:70' for collateral 30% of each of the up and down deposits, and therefore the total of 60%, are completely hedged in opposite directions, so the loan amount and The collateral maintains the same value as at the time of the loan regardless of changes in the price of the underlying asset after the loan.
  • the value of the loan and collateral of the remaining 40% of the change in value changes according to the change in the price of the underlying asset.
  • the variable value and the fixed value of the collateral during the loan are $4,000 and $6,000, respectively, as shown in the table. Table 1 shows the variable value and the fixed value of collateral and loans.
  • the reason for dividing the loan into two parts in the present invention is that the risk of loss of these two parts is completely different with respect to the price change of the underlying asset after the loan. For this reason, in the table, the collateral recognition ratio of the fixed value part of the loan was set at 95%, but the LTV of the value change part in the deposit ratios of both extremes (100:0, 0:100) was set at 30%. As such, there is a big difference in the LTV of these two parts of the loan. For this reason, in a 50:50 deposit ratio, since every part of the loan is the fixed value part ($10,000), the loan amount is calculated by multiplying this part by the LTV (95%) at the time of the loan. Therefore, the LTV becomes 95% as shown in the table.
  • the loan is a value change part ($10,000), so the loan is calculated by multiplying this part by the LTV (30%). So at a deposit ratio of 100:0, the LTV is 30%. In other cases, the loan in the table may contain only the fixed-value portion or both. For example, at a deposit ratio of 90:10, the loan includes both a variable-value portion ($1,333) and a fixed-value portion ($1,900). Here, the loan amount of the fixed value part is calculated by multiplying the fixed value part ($2,000) of the collateral by the LTV (95%). And as shown in Table 2 below, the loan amount of the variable value part ($1,333) is calculated based on the liquidation price.
  • the LTV of the secured loan is 32.3%.
  • the loan includes only the fixed value portion, and this portion of the collateral ($6,000) is multiplied by the LTV (95%) to get $5,700.
  • the processing unit 12a of the computing system 12 when the value of the value change portion of the loan is expected to be insufficient due to the increase or decrease in the collateral value of the collateral, compulsory liquidation for this portion will be able to handle
  • the computing system 12 maintains a constant value of the fixed value portion of the loan when the price of the collateral changes so that forced liquidation does not occur in the fixed value portion due to the price change of the collateral. It may be set to automatically change the ratio of the up-deposit and the down-deposit corresponding to the value fixed portion so as to be maintained. That is, the ratio of collateral in the two deposits can be changed so that forced liquidation does not occur due to insufficient value of one of the rising and falling deposits among the fixed values.
  • including only the fixed value portion may determine the amount of the loan. That is, it can be set not to include the loan amount for the value change part in a specific two-way deposit ratio. According to this embodiment, there is an advantage that there is no forced liquidation due to lack of value of collateral.
  • Lenders can adjust the bidirectional deposit ratio to include a fixed portion of value not found in traditional mortgages. Since this portion of the loan does not fluctuate in value, it can provide a very high LTV.
  • the two-way deposit method may invest in any product such as margin trading or derivatives or cryptocurrency ETFs or securities or funds in an exchange in order to invest in collateral in both directions.
  • the exchange according to the present invention may be an exchange that trades cryptocurrencies or fiat-based assets.
  • the loan is cryptocurrency
  • the operator can use a centralized exchange at the beginning of the business, but if conditions are met, it will use a decentralized exchange (DEX). Therefore, as an embodiment of the present invention, an investment in an investment product for depositing the amount of collateral can be made using a decentralized exchange (DEX). In this case, anyone can transparently check the status of the collateral on the block chain.
  • the exchange may be a fiat currency-based centralized exchange that trades derivatives such as stocks or commodities, etc.
  • the borrower uses Samsung Electronics stocks in-kind as collateral.
  • the borrower deposits Korean won as collateral, and the borrower deposits Korean currency as collateral, and provides a secured loan by investing in the corresponding futures product according to the two-way deposit ratio selected by the borrower.
  • a secured loan can be configured to borrow dollars.
  • DEXs that support Ethereum derivatives include dxdy exchange (https://trade.dydx.exchange) and synthetix exchange (https://synthetix.exchange). And there are many more fiat-based assets or products or foreign exchange exchanges for applying the two-way deposit according to the present invention.
  • the loan may be forcibly terminated by forced liquidation to forcibly collect the loan amount.
  • the liquidation price is determined by the liquidation rate. For example, since the liquidation rate of DAI is 150%, forced liquidation occurs when the value of collateral arrives at 150% of the loan amount. In this case, if the LTV of the loan is 30%, a forced liquidation occurs when the value of the collateral falls to 45% compared to the time of the loan.
  • the loan amount of the fixed value portion may be determined so that forced liquidation does not occur.
  • the loan amount that is, the LTV
  • the loan amount is determined so that forced liquidation does not occur in the fixed value part.
  • the LTV of the fixed value part is 95%, even if the collateral price changes after the loan, insolvency (default) for this part does not occur at all.
  • the fixed value part of the loan is included, it is advantageous to implement a secured loan without forced liquidation. This is a very good advantage of the secured loan according to the present invention that the existing secured loan does not have.
  • the loan includes only the fixed value portion of the collateral ($6,000), multiplied by the corresponding LTV (95%), to be $5,700. Therefore, in this case, there is no forced liquidation in the secured loan according to the present invention, and the LTV is 57%, which is higher than the LTV (30%) of the existing cryptocurrency secured loan.
  • the loan includes both a variable value portion ($1,333) and a fixed value portion ($1,900). In this case, the variable value portion and the fixed value portion of the collateral were $8,000 and $2,000, respectively. Therefore, in this case, there may be a forced liquidation of the value change part.
  • Table 2 shows the liquidation price and forced liquidation of the value-changed portion of the loan at various two-way deposit ratios (collateral: 1 BTC, the underlying asset at the time of loan, the price of BTC products and inverse BTC products: $10,000, liquidation ratio: 120 %) However, Table 2 includes all assumptions in Table 1.
  • This liquidation price is specifically the price at which forced liquidation occurs at both extremes of the two-way deposit ratio (100:0, 0:100). This is calculated by multiplying the value of the collateral ($10,000) by the LTV (30%) and the liquidation rate (120%) at the deposit rates at both extremes of the loan.
  • the LTV (30%) in this case is just one example, the borrower may take on a higher risk of forced liquidation and get a higher loan than this.
  • the most important feature of the computing system according to the present invention is that, unlike the existing loan service, the borrower can select the bidirectional deposit ratio so that the fixed value part is included in the loan amount.
  • the loan amount can be determined in two ways.
  • the first is, if possible, a way to include a value change portion of the loan in the loan amount.
  • Tables 1 and 2 used this method.
  • forced liquidation will inevitably occur from the loan amount in the portion of the change in value.
  • the loan amount of the fixed value part is different.
  • the loan of the fixed value portion can continue to provide loan services regardless of forced liquidation. For example, if the price of the underlying asset falls from $10,000 to $3,600 at the deposit ratio of 90:10 in Table 2, forced liquidation occurs. In this case, as shown in Table 2, if the value of the value change portion during the loan decreases from $8,000 to $1,600, forced liquidation occurs.
  • the computing system can be configured so that the loan for the fixed value portion of the loan can be maintained.
  • the loan includes only one of these two parts.
  • the loan in the deposit ratios of both extremes, the loan may include only the value-variable portion, and the loan in other cases may include only the fixed-value portion.
  • the computing system can be configured such that the bidirectional deposit ratio selected by the borrower is also set only at an interval of 10%.
  • compulsory liquidation occurs only at the deposit ratios of both extremes, and there is an advantage that forced liquidation does not occur at all other two-way deposit ratios.
  • this example has a great advantage that existing secured loans do not have because permanent loans are possible in all cases except for the deposit ratios of both extremes.
  • this method has the disadvantage of reducing the loan amount compared to the first method.
  • the loan amount for the value change part in the 90:10 deposit ratio in Table 1 is $1,333.
  • the change-of-value portion of the loan occurs when the underlying asset reaches its liquidation price ($3,600) at $10,000 at the time of the loan.
  • compulsory liquidation occurs when the value of the variable value of collateral during a loan ($8,000) falls to $6,400, which is the same fluctuation range (64%) that compulsory liquidation occurs. Therefore, as shown in Table 2, when the value of the collateral is reduced to $1,600, a forced liquidation occurs, and the loan amount is calculated by dividing this by the liquidation ratio (120%). As such, the loan amount of the variable value part can be calculated only by first determining when the forced liquidation will occur.
  • the collateral recognition ratio of the value change portion in the system may be configured to be determined based on the liquidation price at which forced liquidation occurs.
  • ALFA like DAI, is a stablecoin that is provided with collateral from the borrower in the secured loan according to the present invention and is newly issued and paid as the loan.
  • 3 and 4 are diagrams illustrating an embodiment of a control method of a cryptocurrency secured loan using a two-way deposit of collateral according to the present invention.
  • the borrower terminal 11 that entrusts Bitcoin (BTC) as collateral and receives ALFA as a loan
  • the computing system 12 that pays the loan
  • the borrower's deposit of the Bitcoin bidirectionally It consists of an exchange 15 that can trade derivatives such as futures for investment. Accordingly, this is to add a two-way deposit function by newly including an exchange for two-way depositing of collateral in the structure of the existing general secured loan of FIG. 1 .
  • the borrower terminal 11 selects the ratio of the rising deposit and the falling deposit (70:30 in the illustrated example) and applies for a loan by transferring Bitcoin (S301) ) to start That is, the borrower selects to invest $7,000 and $3,000 in the rising and falling deposits, respectively, and transmits them to the operator (the computing system 12). That is, the bidirectional deposit ratio, which is the ratio of the falling deposit and the rising deposit, is set by the borrower terminal.
  • the operator (computing system 12) stores $7,000 of Bitcoin as an upward deposit (S302, upward deposit) at the exchange, and the remaining $3,000 Bitcoin moves to the exchange for a downward deposit (S303).
  • Invest in relevant derivatives in the case of FIG. 3, it is shown that after all collateral ($10,000) is provided to the operator 12, they are transmitted to the exchange. However, it is self-evident that the collateral may move directly from the borrower 11 to the exchange 15 otherwise.
  • the rising deposit ($7,000) may be deposited in the operator 12 instead of the exchange if there is no leverage unlike the illustrated example.
  • the operator newly issues 5,700 ALFAs corresponding to $5,700 as a loan (S304) and pays the borrower (S305), and the issuance process ends. Therefore, in the drawing shown, the LTV in the loan is 57%. And ALFA is a stablecoin whose value is fixed at one dollar. 3 and 4 correspond to the example of 70:30 in Table 1.
  • the processing unit 12a may process the loan to be paid in fiat currency or cryptocurrency.
  • paid in cryptocurrency it may be a stablecoin newly issued based on the collateral.
  • the cryptocurrency may be a cryptocurrency such as Tether already issued by a third party.
  • the corresponding bitcoin may be simply deposited on the exchange, but if leverage exists, it is possible to deposit upward through margin trading, derivatives, funds, or securities. it will be self-evident Of course, the down deposit is invested in the corresponding derivatives of the exchange.
  • leverage can be used by repurchasing Ethereum with the loan paid by the borrower and receiving a loan repeatedly.
  • the control method of the secured loan according to an embodiment of the present invention can provide the borrower with a leverage function to the borrower terminal more easily by investing the collateral in an investment product having leverage on the exchange.
  • the computing system 12 may further receive a leverage setting request from the borrower terminal 11 .
  • the leverage setting request means a request for setting a leverage ratio for the up-deposit in step S302 or the down-deposit in step S303.
  • the computing system may receive the leverage in step S301.
  • the computing system 12 applies twice the requested leverage ratio even at the time of the rising deposit (S302), and similarly, the lowering deposit (S303) This means that twice the requested leverage ratio is applied.
  • the leverage of the rising deposit and the falling deposit may be configured to be set differently.
  • the leverage is applied only to the two-way deposit ratios (100:0, 0:100) of both ends, and the loan may not be paid. Because leverage is for speculative purposes, borrowers can use leverage for speculation without taking out a loan.
  • the borrower terminal 11 returns all 5,700 ALFA, which is the loan, to the operator and requests liquidation (S401).
  • the computing system 12 receiving the liquidation request checks whether all of the loan amount (ALFA) has been recovered, and if confirmed, incinerates all the ALFAs returned from the borrower terminal 11 ( S402 ). Then, the computing system 12 recovers all of the collateral invested in both directions from the exchange (S403), returns it to the borrower as a recovery money (S404), and ends the liquidation process. In the case of the drawing, the recovery amount is BTC. Then, all of the issued ALFA is incinerated, and the processes of FIGS. 3 and 4 do not affect the total issuance of ALFA at all.
  • bitcoin which has the smallest price volatility among cryptocurrencies
  • the advantage of Bitcoin is that it has the lowest price volatility among cryptocurrencies as well as the most developed cryptocurrency trading market such as derivatives for two-way depositing of collateral. This is because it is possible to reduce excess collateral by selecting collateral with low price volatility in collateralized loans.
  • the present invention is not limited thereto, and other cryptocurrencies such as Ethereum may be used as collateral in the future.
  • the collateral according to the present invention may be any asset or product capable of bi-directional deposit based on fiat currency.
  • a stablecoin is proposed as a cryptocurrency for the loan.
  • the characteristics of stablecoins will be described in more detail.
  • Stablecoins can be fixed in price by an exchange method.
  • the exchange exchanges the stablecoin at a fixed price.
  • ALFA can be exchanged for Tether at a fixed 1:1 ratio.
  • the price fixing of ALFA will depend on the arbitrage of users. Reliance on arbitrage means that the price can be fixed through the process of users buying ALFA at a lower price on this exchange and other exchanges and selling it at a higher price to make a profit.
  • the computing system 12 may be configured as a smart contract or DApp executed in a block chain to transparently disclose the state of collateral to the block chain. .
  • This can be implemented so that the transfer details of Bitcoin as collateral and the amount of issuance of ALFA can be checked directly on the corresponding blockchain network.
  • 3 and 4 are only one example of a cryptocurrency secured loan.
  • the present invention can also be applied to secured loans based on legal currency such as stocks.
  • the borrower deposits Samsung Electronics stocks, receives the loan in fiat currency, and invests in the product according to the two-way deposit ratio in an exchange that trades Samsung Electronics' derivatives at the two-way deposit ratio specified by the borrower. can do.
  • the operator when the borrower provides the operator with the asset traded in the fiat currency-based spot market and the two-way deposit ratio, the operator can operate the asset in a way that invests the asset in the corresponding derivative according to the two-way deposit ratio.
  • the present invention is not limited to the case where the collateral is cryptocurrency, but can be applied to any asset, currency, or product that can be deposited in both directions. That is, if there is an exchange that is a commodity such as crude oil or a foreign exchange transaction (FX) and can deposit in both directions, the collateral loan system and control method according to the present invention may be applied. Therefore, according to the present invention, the collateral and the loan can be deposited in both directions, regardless of the type or form, and can include everything that is transacted.
  • FX foreign exchange transaction
  • the present invention provides the borrower with a new two-way deposit function that allows the borrower to select the direction of rising and falling prices of collateral to obtain profits. Accordingly, the present invention provides a computing system and a control method in which a borrower can select a two-way deposit ratio of collateral according to their investment propensity and obtain investment results therefor.
  • the present invention can provide borrowers with a new type of secured loan in which forced liquidation does not exist. This is because the present invention can provide this in such a way that the loan includes only the new fixed value part that is not in the existing secured loan.
  • the present invention provides borrowers with a new means to reduce the risk of forced liquidation by adjusting the ratio of two-way deposits. Since the volatility of the value of collateral decreases as the ratio of upward and downward deposits becomes similar, this method provides borrowers with a means to reduce the high price volatility of cryptocurrencies.

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Abstract

La présente invention concerne un système de prêt basé sur un nantissement. En particulier, la présente invention concerne un système informatique permettant un investissement par un dépôt bidirectionnel de nantissement, le système informatique traitant un prêt pour un terminal d'emprunteur par la réception du nantissement en provenance du terminal d'emprunteur et comprenant : une unité de communication destinée à se connecter à un réseau pour transmettre/recevoir des données vers/depuis le terminal d'emprunteur et à des fins d'échange ; une unité de stockage servant à stocker des données associées au prêt ; et une unité de traitement permettant de traiter un montant de prêt à fournir en réponse à une demande de prêt reçue en provenance du terminal d'emprunteur, l'unité de traitement traitant le nantissement à recevoir en provenance du terminal d'emprunteur, traitant tout ou partie du nantissement reçu à investir en tant que dépôt en baisse, et traitant le reste du nantissement à investir en tant que dépôt en hausse, des investissements tels que le dépôt en baisse et le dépôt en hausse étant les types d'investissements pour lesquels il y a un profit lorsque le prix du nantissement diminue et augmente respectivement, et un rapport de dépôt bidirectionnel, qui est un rapport du dépôt en baisse au dépôt en hausse, est défini par le terminal d'emprunteur.
PCT/KR2020/018321 2020-01-14 2020-12-15 Système informatique permettant un investissement par dépôt bidirectionnel de nantissement et procédé de commande associé WO2021145572A1 (fr)

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KR20170099043A (ko) * 2016-02-23 2017-08-31 김해동 P2p 가상 화폐 담보 대출 금융 기술 서비스 방법 및 그 장치
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