This tutorial is specially for new users to easily get started with NEST DAPP.
The article shows the process of using NEST DAPP through detailed graphic descriptions, please read patiently.
There are 7 sections:
NEST DAPP Installation
NEST Wallet Creation or Import
Transfer of ETH and mortgage loan assets
Borrower to configure and publish mortgage loan contract
Lender to invest mortgage loan contract
Procedure of borrower who makes repayment on time
Procedure of lender who retrieves mortgage asset from overdue contract
1.NEST DAPP Installation
For iOS mobile user
iOS mobile user is required to “Trust” Enterprise Developer, as there will be a popup window shows “Untrusted Enterprise Developer” and the APP will not be able to launch after installation. The steps are as follows:
Go to Settings > General > Device Management > Choose the company name and tap on “Trust” will do.
For Android mobile user
Android version of NEST DAPP installation is very simple, download and install per as normal.
2.NEST Wallet Creation or Import
NEST DAPP supports Ethereum wallet creation and import functions.
This page will be showed when first time launch.
Process of creating wallet:
1）Set password: set 8~32 characters of new password
2）After wallet is created, it is required to backup mnemonic words: there are 12 words in total, copy on a paper in order and in sequence.
(recommended to keep several copies, once the mnemonic words lost, there is no way to recover the wallet assets)
3）Verify mnemonic words: tap to verify the mnemonic words just now in correct orders.
After verification is passed, wallet creation is considered done!
Process of wallet import:
NEST wallet is compatible with imToken, Huobi wallet and other Ethereum wallets,
which each other supports with import and export functions. There are 3 types of import method for NEST wallet: Private key import, Mnemonic words import and Keystore import.
Besides, NEST DAPP supports multiple wallets function. It is required to do a backup of Private key, Mnemonic words and Keystore after wallet is created or imported.
3.Transfer of ETH and mortgageable assets or lendable assets
Tap on the barcode mark on the right side of “ETH wallet”, enter into NEST wallet “Receipt QR code” page and deposit some digital assets for publish mortgage loan or invest contract preparation.
User needs to transfer in the following asset:
- ETH, to use for Gas fee payment.
- One type of mortgage loan asset (ETH, USDT, HT, TUSD, DAI, MKR, LOOM, BAT, BKBT, any one of it).
4.Borrower to configure and publish mortgage loan contract
1）Under [Contract] page, tap on the “+” sign at top right corner and choose mortgage lending
2）Choose asset type. (asset to be borrowed) & (asset to be mortgaged)
3）Let’s take mortgage USDT to borrow ETH as configuration example. Tap on [Configuration contract] and set contract details accordingly.
4）After confirmation, the contract details can be viewed as below. Make sure details are correct and tap on [Deploy contract] to proceed.
5）After this there will be a Gas fee popup window. The default Gas fee is higher thus user can set the preferred Gas fee by dragging left or right. Enter wallet password to make payment (pay by ETH).
6）After Gas fee paid, the deployed contract record will be showed under the [Message] page. (Note: Deploying contract requires higher Gas fee, as the Gas fee consumption is a bit higher than normal asset transfer, it depends on the Ethereum network congestion status.)
7）Once packaged, deploying contract is considered done. It will be showed under [Contract manage] page with status “Waiting to pay”.
8）Proceed to authorize and transfer mortgage asset: Select the contract to enter [Contract details] page, tap on the “Authorize = 授权 ” button at the bottom.
9）After authorization succeed, the next is to transfer mortgage asset.
10）After mortgage asset is transfered, the contract is ready to wait for investing. This can be seen on the [Contract manage] page with status “Waiting to invest”.
11）At this point of time as a Borrower, you may tap on the “airplane” mark at the top right of contract to choose “Publish” or “Share”. Publish is to publish the contract to the market where allows more investors to discover and invest; Share is to share the contract to specific individuals or social medias (WeChat, Telegram, Twitter, etc) to let specific groups of people to invest.
12）Before the contract being invested, borrower may cancel or terminate it. By selecting the contract and entering [Contract details] page, tap on [Retrieve mortgage asset] button at the bottom and will just need to pay a little amount of Gas fee. After retrieving mortgage asset transaction is succeed, the mortgage asset will be returned to the wallet, do check.
5.Lender to invest mortgage loan contract
1）Select a preferred contract from [Market] and enter into [Contract details] page.
2）Tap on [Invest] button at the bottom after confirmed and transfer ETH to invest.
Note: If the mortgage loan asset is ERC20 token, there will be Authorization steps for lender before investing can be proceeded.
3）Once the transfer is done, Lender is able to view it on the [Contract manage] page with status “Waiting pay back”. As a Lender, just need to wait until the loan cycle is ended will do. (Note: The Borrower may make repayment earlier, but the interest rate will still be calculated as full loan cycle.)
6.Procedure of borrower who makes repayment on time
1）Borrower needs to make repayment before the contract overdue: Under [Contract manage] page, find and select the contract with status “Waiting pay back” to enter [Contract details] page.
2）Tap on [Repay] button at the bottom to make repayment. Pay ETH as repayment and it has including of interest. Note: It is necessary to ensure wallet address of both parties are correct before proceed and ensure the Mortgagor’s address is your own wallet address.
Note: If the mortgage loan asset is ERC20 token, there will be Authorization steps for borrower before making repayment can be proceeded.
3）Once packaged, the repayment is considered successful. The contract status will be turned to “Already repaid”.
The Lender will receive the ETH repayment (including interest) in the wallet at the same time. To this, the said mortgage loan contract is considered ended.
7.Procedure of lender who retrieves mortgage asset from overdue contract
The contract status will be turned to “Overdue” if the Borrower could not make repayment on time. At this time, Borrower will lose the rights to make repayment. On the other hand, Lender will own the rights to retrieve the mortgage asset that locked in the contract from blockchain and to be possessed by Lender.
Lender will just need to pay a little amount of Gas fee to execute the contract for retrieving mortgage asset, and the mortgage asset will be automatically transferred into Lender’s wallet. Please do check for receipt. The said mortgage loan contract is hereto ended.
In fact, to a Borrower, whether repay on time or let it overdue, essentially is a kind of investment behaviour. Take the initiative to repay on time or let it overdue whichever its revenue is high. This reflects a kind of market investment behaviour, not a personal reputation matter of borrower. All users must understand this.
NEST community tips:
During the operation of digital assets, users may encounter some abnormal transaction responses due to the fluctuation of Ethereum network, but don't have to worry or panic, because every transaction is recorded in the Ethereum blockchain. Users may browse through the blockchain in any time to check for contract status or transaction details. User's digital assets will not be lost or lose for any reason, please rest assured to use!
NEST reduced the threshold for users to interact with the blockchain. In the process of using NEST DAPP for digital asset operations, users can feel the charm of decentralized finance in the most intuitive way!
You may ask: How NEST accomplishes decentralization?
NEST platform will not get limited by the influence of certain centralized organization. Each mortgage loan will generate a contract on the blockchain without the risk of centralized hosting, even the NEST development team will not be able to transfer or tamper with the user's mortgage assets.
You may also ask: What makes borrower not to default？
This is because the mortgage assets on the NEST platform are always over-collateralized. That is to say, there is an excess of loan assets (more than 2 times of mortgage assets) at the beginning of each loan contract. The over-collateralization mechanism reduces the default rate of borrower effectively. Unless the price of the mortgaged asset falls by more than 50%, otherwise the borrower will not default. (Note: Mortgage rate is 50% for ETH mortgage, 40% for other Tokens mortgage)