Note: Remember, airdrops are free crypto. Companies use airdrops to promote use and awareness of the coin. Investors hope the coins rise in value. There’s no risk in play here. But there are potential rewards to be gained.
Buying a house is a pain in the neck. From researching the market and selecting a real estate agent to visiting houses, selecting a house, performing due diligence, securing financing, closing the sale, and getting the deed, the entire process is time-intensive, labor-intensive and filled with stress.
But what if there were an easier way? That’s where MorLabs – and its mortgage token – comes in.
What Is MorLabs?
MorLabs is a company that wants to revolutionize the way we process mortgage loans and sales of homes. The MorLabs whitepaper is worth the read. But here’s the concept in a nutshell:
- On the consumer side, the process of applying for and getting a mortgage and making payments on that mortgage is terrible. It’s inefficient and manual.
- On the lender side, the process of securitizing the loans (essentially selling them) is extremely inefficient. And the process has seen very little innovation in decades.
- By migrating the entire system to the blockchain, MorLabs can reduce the underwriting process on loans from weeks to minutes and save consumers $1 billion a year in closing costs.
- Why blockchain? Because blockchain technology makes it easier to store and verify documentation. That, in turn, makes it easier to underwrite loans. Smart contracts can take care of the rest, from payment to the securitization of the mortgages.
What Is the Mortgage Token (MTG)?
The MTG is the currency used on the MorLabs network. It can be used to pay mortgages or access information about a mortgage. (And because the data and transactions are conducted using blockchain tech – or uploaded by trusted sources – the data should be rock-solid.)
Just How Big Is the Mortgage Business?
According to MorLabs, it’s a $100 trillion, global industry. Given that Statista estimates mortgage debt in the U.S. alone stood at $14.9 trillion at the end of 2017, the $100 trillion number doesn’t seem unreasonable.
OK. You’ve Convinced Me. How Do I Get One of the Tokens Airdropped to Me?
Just follow the directions on the MorLabs page at airdrops.io. The process is pretty straightforward. It requires joining MorLabs Telegram group, following MorLabs on Twitter, liking and following it on Facebook, and filling out a simple form. You’ll also need an ethereum wallet – like MyEtherWallet.
Once your information has been processed, you should receive two MTG tokens (each token is valued at around $2.50).
Never give anyone your password or private keys. NO legitimate airdrop will ask for that stuff.
Never reuse your email or exchange passwords.
Also, I recommend setting up a separate email account for airdrops. Write your passwords down somewhere very safe and keep multiple copies.
Senior Managing Editor, First Stage Investor