Lend to each other,
against real collateral
Peer-to-peer lending between Ones accounts. One side posts collateral, the other lends against it, and the ledger holds the collateral for the whole term so neither side has to take the other on trust.
Collateral is held, not promised
The borrower's collateral moves into a hold on the ledger before the loan pays out. It cannot be spent, swept or double-pledged while the loan is open, because the balance it sits in is derived from entries rather than tracked in a spreadsheet.
You set the terms
Amount, rate, term and the ratio of collateral to loan are agreed between the two sides. There is no pool setting a price for you and no order book to work.
Repayment and release are automatic
Repayments post against the loan as they arrive. When the last one clears, the collateral hold releases in the same transaction. If the loan is not repaid by the end of the term, the collateral settles to the lender.