Amount lent (USD)
As Charles Hoskinson explains, we are living in a split system:
- The developed world system: With availability of banks, insurance, credit, identitity and online business. People born in developed countries if the work hard, have a good chance of grow, have savings, retire and have a good life with all the amenities of modern life.
- The developing world system: With no fault of their own, wealth creation is very difficult. Even when having some goods or savings, there is no way to insure it or hedge it.
Cardano hopes to unify both systems, giving the opportunity of all 7 billion people to live under a more fair financial operating system. People will be able to get a loan no matter who they are or where they live. The will be able to get insurance and make business with anyone in the world, frictionless, with independence and with no censorship or centralized control.
Getting to this ideal of the unified financial operating system may take time. In the meantime, giving people living in developing countries access to cheap credits is a great way to start. Microlending platforms such as Kiva.org, have profound impact in communities. They apply for low interest loans, no charity, that help them solve urgent problems or start a small business.
Every month we send all the staking rewards (operating fees + delegation rewards) of our LEND Pool to Kiva for lending to people in need, and keep that amount at least for 3 months.
You as a delegator get all 100% of your rewards just like in any other Cardano stake pool.