ELI5 me this
I was reading up on enjin and came across this phrase in a medium post.
Loans & Subscriptions Allows lending tokens to other players for a period of time. Recurring loans, transfers, and fees can also be created with this contract, allowing for true on-chain subscriptions.
Can anyone ELI5 me this because i'm not understanding... we will be able to loan our enjin? so we can get passive income from holding enjin through loaning? Maybe loaning to guild, etc... to sustain their wars and such? With the colateral of getting their "castle" if they don't pay x ea week plus x%interes?
Posted Jun 16, 2018, 10:59 PM UTC
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Theory on this: you wouldn't be loaning enjin, but rather the tokens minted off of it. Let's say I have some key that opens a house in an mmo (player housing). For whatever reason I'm going to be away from the game for a while, so I loan (programatically) my house key so that it is on the other users account for x period of time. After the time expires, it reverts to me. Obviously you can attach a value for the loan, and depending on how desirable the item is it would have varying demand. Make sense?
I'm also assuming the loans will have to be up front lump sums, because otherwise there's no guarantee that you'll be compensated. You could make something where if a payment isn't made at intermittent payment dates that it reverts, but this seems initially needlessly complicated.
That's really cool imagine dropping a really really rare item and loaning it for 2k $ ea month!!