Once they do the payback amount will be automatically calculated based on the amount times the interest percent. Then when someone wants to accept a posted contract they get to choose an amount that they would like that is within the range of the allowed debt. Once you have all three of these figured out you define who can accept the contract (generally anyone) and post it on a contract board. Generally the more time the recipient of the money has to pay it back the higher the interest on it is. They lose the ability to use the money for other things and have a risk of not getting paid back, in exchange they get a little bit extra.įinally is payback days, this is how many days after the money has been accepted that it must be paid back.
This is the benefit to the person giving up the money. If you take a loan for 100 credits at 5% interest when you pay the money back you will pay a total of 105%. Next is the interest percent, this is how much money has to be repaid in addition to the initial amount. If you only need a loan for a small amount of money it’s wasteful to get and then pay interest on a large loan, on the other hand if you have done very well for yourself selling things and don’t have anything to do with a pile of money a giant bond might be a good idea to keep your money working. The person creating the contract can put in a range to make it attractive to a wider range of people. There are three key elements to creating a loan or a bond.įirst is allowed debt, that is how much money is going to change hands when the contract is first accepted. Let us look at the parts that make them up. The main difference between loans and bonds is who is creating it, the person giving or receiving the money.
What are the elements of Loans and Bonds? A government might issue a bond to raise money to help pay for the construction of a building or roads and count on general increased productivity to result in enough taxes to cover the costs. When you take a bond contract you immediately pay some money to the person that created the bond, then at the end of a specified period you will then receive your money back with a bit extra. The idea is that this allows people who want to do a project to buy the tools and resources they need to succeed so much faster and better that they can repay the loan with interest and still be better off than than if they hadn’t taken the loan.Ī bond is like a reversed loan. In Eco a loan is a type of contract where the person who accepts it gets some money up front and in exchange promises to repay a greater amount at a later date.
ECO GLOBAL SURVIVAL GAME PORTS HOW TO
We thought it might be handy break down what they are and how to use them as well as look at some of the ways players are already using them in their servers. Recently loans and bonds were added to Eco to give players another tool to interact with other players. I use government bonds to fund building the city, paying for roads, flattening ground, and building the government buildings.
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