When you say "master-key", does that mean the borrower gives up his private steem key? or some OTHER masterkey system?
heh heh, on ignorant opinions.
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When you say "master-key", does that mean the borrower gives up his private steem key? or some OTHER masterkey system?
heh heh, on ignorant opinions.
Yes, for many loans I require the borrower give up the masterkey to an account with enough steem power to cover the loan. This acts as collateral for the loan.
Interesting, thank you. Seems weird to borrow money, if you already have the money in an account to cover the loan anyway. so how would we get the key back, or can you change private key any time you like? We never explored changing ours before, didn't know if that was possible.
Steem power is locked up and it takes 13 weeks to power it down. And people don't always want to power down, at least not fully.
I would give the owner key back when the loan get paid.