The new realities of the information movement require financial system reform. This task was set by the developers of the DCC project- the Distributed Credit Chain. They understand that the task is big and it may take from 5 to 10 years to solve it, so they divided the problem into parts and started with a credit system.
What's the Problem Exactly?
Centralization. Financial transactions depend on the approval of large financial institutions. They are monopolists and set rules, high loan prices for borrowers and low interest rates for lenders.
Cost-sharing system. Now financial institutions are putting all their costs into the cost of loans. They include any losses as well as non-repayable debts. Everything is built so that any expenses are compensated by “bona fide” borrowers.
Low efficiency. A lot of time and resources are spent on checking the creditworthiness of the borrower, on its compliance with the risk criteria, but still non-refundable loans are formed.
Unauthorized storage and trading of borrowers and creditors personal data. In the existing system, the personal information belongs to the person, but he cannot dispose of it. The right to use this information is held by the organizations that store it.
Many financial institutions are trying to expand their customer base to increase income, including all new categories of people who are often unable to return the borrowed funds.
How DCC Solves the Problem?
The basis of the new approach to lending is the blockchain, smart contracts and utilitarian platform token.
- Borrowers create a personal account, provide their data to the service provider and submit a loan request.
- Data providers record personal information of the borrower in the blockchain, check and filter it, make out in a standard form, which will be used by other categories of system participants.
- Providers of algorithms and computation, analyze data, and make evaluations.
- Institutions that take credit risks manage the credit business. Their functions include acquisition of decisions on loans, management of borrowing processes, collection of information on the performance of obligations by the parties.
- Financial providers assess the prospects of funds using and finance credit funds.
Distributed Credit Chain Token.
The Distributed Credit Chain ecosystem is based on the DCC token (ERC20 standard). All services provided by any member of the system must be paid for by DCC tokens.
Commissions received from borrowers are distributed so that after payments to all participants there is about 40% which arrive in the remuneration fund. If the credit transaction has been completed successfully and on time the borrower has paid the principal amount and interest, then those 40% come back to him. If the transaction was problematic and wasn’t closed in due time, the funds are transferred to the creditors accounts.
All tokens participating in the ICO are already distributed. Token sale is finished.
Summary.
The Distributed Credit Chain project aims to change the existing financial system. Instead of centralized management, which corresponds to the increased risks of hacking the system, monopolization, unauthorized personal data sale, low efficiency, high tariffs, etc., decentralization, blockchain and smart contracts will be used.
At the first stage, the main focus of the DCC is the credit system. Due to the introduction of the platform, tariffs for loans and interest rates for borrowers will be reduced, artificial intelligence will be used in risk management, and credit history will be created automatically. For creditors, the interest rate will increase by eliminating intermediaries and standardizing relations with other process participants. The project creates more favorable conditions for all major participants.
For More Info Check the Following Links:
Official website
Whitepaper
Facebook
Telegram
Medium
Reddit
Bitcointalk
Author telegram
https://text.ru/antiplagiat/5b2b524feedcd
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This looks very interesting. I will add it to my readings list and follow you to see what else you write.
@shortsegments, thank you for your interest ;-)
Loans in cryptocurrency-it's interesting! I have met several projects with such themes-the Deal Coin , the Debitum. Perhaps this project will be a worthy competition.
@cryptoyoaga! yes, I know the project debitum, but I haven't heard anything about them for long time.
Interesting idea, although it seems there may still be a lot of intermediaries involved in the loan transaction. but getting rid of the bank I like.
yes , @premium.resteem. The main thing here is low interest rate.
I love the phrase "The project creates more favorable conditions for all major participants". The current system has a lot of issues like middlemen, lending from the world banks or other countries, hence the interest rates go high. We need a system like the Distributed Credit Chain for the betterment of people who would like to lend when in real need with better repayment options.
Welcome, @aashucryptocharm, Developers will have to try hard to create a system more successful and fair than the modern banking system. Malicious defaulters will always create a load on the system.
Yes , we need to change , the existing banking systems are very old.
waw
@nounou, welcome!
really ostensibly over the company @jinny even if the old one is important for sure, I really like to read your post because the theme is good good, by the way may we be close friend
hey, @takin ! welcome to my blog, i'm happy you liked my post ;-)
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I recommend very nicely and specifically everything presented
hey @cabontomasz, i appreciate your feedback! thanks !
"It would be interesting to credit each other directly. But there are huge non-return risks. I hope the developers of the project took this into account.
"
@veseloff , for sure!
Hi friends am dcc holder please tell me
When coin listed
Very good idea what is its term and condition
Hello , @moneyking1 ! you should read whitepaper to get more details. Go to the http://www.dcc.finance/
Good projects and fucher
I am read your whitepaper good project
Please follow me
I don't know about centralized exchanges, but maybe soon begin the trading on idex. Not best time to trade now, friend)
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