About this explorer

The Rails PWN explorer shows every peer-to-peer loan funded through PWN's SimpleLoan contracts (the contracts that hold the loans) on Ethereum, whether still running or settled, and the full history of each one. It also gives the loan book, a page that lists the loans in escrow and shows how the settled loans ended.

How it works

• PWN is a protocol where one person lends to another directly. A loan starts when a lender funds a loan proposal. It is made of a lender, a borrower and the borrower's collateral, an asset locked as security. The collateral is held in escrow until the loan ends, and every term is agreed between the two at the start.
• The lender is protected by the collateral held in escrow. No price feed values the collateral, no score warns of risk, and no one sells the collateral early. A loan that is unpaid after its deadline is in default, which lets the lender claim the collateral.
• A deadline changes only through an extension. PWN has an older set of contracts, v1.1, and a newer set, v1.2 and v1.3, and each set has its own extension rule. The older contract fixes a repayment total, and the newer ones charge a yearly rate.

  Contract	Interest	Extension
  v1.1	A repayment total, fixed at the start.	The lender extends alone, up to 30 days each time, at no cost.
  v1.2 and v1.3	A yearly rate that builds up by the minute.	One party proposes 1 to 90 days, and the other party accepts.

Glossary

Collateral

: Collateral is the asset a borrower locks up to secure a loan. The lender can claim it if the loan is not repaid in time. Docs: PWN FAQ

Escrow

: The escrow is the contract that holds the borrower's collateral from the start of the loan until it is repaid or the lender claims it. Docs: PWN FAQ

Default

: A loan is in default when it is still unpaid after its deadline. The contract then refuses repayment, and the lender can claim the collateral. Until the lender claims, the two sides can still sign an extension that moves the deadline. Docs: Repaying loans, Claiming defaulted collateral

Extension

: An extension is a later deadline for a loan, agreed after the loan has started. Docs: Requesting a loan extension

Repayment total

: On the older contract, the repayment total is the single amount fixed at the start of the loan: the amount borrowed (the principal) plus the interest, paid in the credit token, which is the asset that was lent. Docs: Repaying loans

Yearly rate

: On the newer contracts, the yearly rate is the interest rate per year. Interest builds up by the minute, so repaying early costs less. Docs: Repaying loans

You can search by loan number, or by the account address of a lender or a borrower. The listing filters by Status, Credit (the asset lent), Collateral (the asset locked), Debt (credit asset) (a range for the amount owed) and Transactions (the number of transactions in the loan), and sorts by Created, Due, Settled or Events.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.