Welcome to the book lend policy page. A detailed plan of the book lend process.
The objective of the book lending platform is to mirror closely the public library system and facilitate this with aid of monero. Payment structure is broken down below.
A lender is considered the individual that is lending the wanted book to a recipient
A loanee is considered the individual that is receiving a book from the lender on a temporary basis
The loan time is the specified time the loanee is given to hold onto the book
The extra loan time beyond the default loan time allowable to the loanee
The date by which the loanee is expected to give the loaned book to the lender
A general term that applies to either the lender or loanee
The score that is tied to a user's account that determines someone's reputation. Can be negative or positive.
Every user by default is considered the owner of their library tied to their account.
As defined in this service, the User is limited to a certain number of books to have taken out within a set Loan Time
1) Upon login, the user browses among user accounts libraries and builds a request list for books among user account libraries.
2) The respective loaner to their requested books to be loaned marks approval for the requested book loans
3) Loanee makes a deposit to the loaner, an exchange to cover the cost of shipping
4) The exchange is made in accordance to terms of the book loan
5) The return of the book is made by or on the date of due processing, should the return be made or not, the reputation system will be open for the lender.
6) Loaner returns the deposit to the loanee the loanee left with the lender at start of exchange.
Users by default have a reputation. Reputation for every user starts at 0 on account creation. Lender and loanee have the opportunity to add or subtract the opposite parties's reputation by 1 point per loan session.
There is a required purpose the user must provide in order to move another user's reputation
Lend periods are based on calculations automatically calculated from a formula outlined below
Lend Period and Cost Calculations are calculated based on factors you submit
| Read Speed | Page Book Length | Estimated Daily Page Read Count | Base Loan Time(days) | Full Base Loan Time(days) |
|---|---|---|---|---|
| Fast | 300 | 75 | 4 | 7 |
| Moderate | 300 | 50 | 6 | 9 |
| Slow | 300 | 25 | 12 | 15 |
| Lend Type | Lend Period | Cost To Loan | Classification |
|---|---|---|---|
| Lend to Lend | Dependent on speed | 50% of book value | Default |
| Lend to Lend | 5 days | 10% of book value | Extension |
| Lend to Sell | Dependent on speed | 50% of book value | Default |
| Lend to Sell | 5 days | 25% of book value | Extension |
Bob is a loaner of a book valued at 5 dollars that Susan wanted to borrow. Susan specified her reading speed from the list of options as moderate speed reader. Susan will pay a 50 percent holding fee, or 2.50 to Bob that will be refunded back to Susan. The full base period time of the book lend will be calculated from book page count, selected read speed. Assuming for this example the book has 300 pages, a moderate read speed is around 1/6 of total book page count. So their base lend period will be 6 days plus 3 days or 9 day full base period in total.
Should Susan want extended time with the book loan, susan can have an extended time of 5 days for the book. Susan will have to pay a simple 10 percent of book value per extension period. In this case it will be 50 cents.
Bob is a loaner of a book valued at 5 dollars that Susan wants to borrow and then buy. There is the 50 percent of book value upfront. Then there is a 25 percent per extension period for two extension periods to meet total book value.
There is an option where the loanee can spend the other 50 percent of the book value after the base loan period comes to an end