Credito — The Future of Credit Intelligence

 

https://credito.io/

We are living in technological epoch. The projects like this help You to figure it out. Credito is a decentralized credit intelligence network providing credit scores, transaction scores and lending marketplace powered by Ethereum blockchain, Smart Contracts and IPFS, bringing enhanced transparency and reliability. Credito brings Financial Inclusion to the “Credit Invisibles” by providing accurate and reliable credit scores. A relatively high proportion of young people were credit invisible or unscored. That’s not surprising, since they haven’t had much time to build a credit history. For some, however, not building credit as a young adult could be setting the stage for a lifetime of credit invisibility. People who don’t have a credit score or credit history may find it more difficult to rent an apartment, buy a car, purchase a home, and, of course, get a credit card. In short, it shuts them out of many common financial transactions. Credito is building a Credit Intelligence Network for the credit industry to prevent Credit Risk by identifying fraudulent transactions as they happen, allowing the industry to take well informed decisions. Although financial institutions are normally known as one of the most strictly regulated sectors, they are still a target for fraudsters. The consequences of fraud are not insignificant, resulting in financial distress for both banks and customers. While the financial institutions are active in the quest to identify fraud and reduce costs of fraud, they still lack a true global intelligence of all known frauds and compromises. Credito is introducing a decentralized collateralized lending marketplace and enables connections between lenders and borrowers located anywhere in the world. This removes physical constraints and reduces the traditional lending costs and management fees, thus creating a better credit marketplace than anything available today. Credito is building a solution that we long for many years. It is coming to us in a form of decentralized platform which will track credit scores, lending market and transactions. It will represent a credit intelligence network. World , as of now, has a big problem in tracking credit eligibility, frauds, and many more. It all comes to its end now. Credito will have all data necessary for making a credit trade. It will build a marketplace on which you will be able to borrow funds, or lend them with an interest. It will be a place where lenders and borrowers will meet to arrange deals. As blockchain tech is used, middlemen will be cut out form the deals. Also transaction fees are considerably lower with blockchain transactions. It will all be done on Ethereum network, a blockchain which is very popular today. Ethereum provides us with smart contracts and ERC compatible tokens which can fuel the eco-system. Native token of the Credito platform will be called Credits . Credito will solve many problems we have today, and also show the wide public the power of blockchain tech. Also, they will nicely fill in the missing infrastructure of crypto world, making it safer and bigger.

Actual Problems:

Despite the efforts made by banks, card issuers, and merchants, credit card fraud continues to grow faster than credit card spending. Data breaches have resulted in more card details being compromised, and the growth in online shopping has led to more opportunities for ecommerce fraud. The problems:

1. The Monopoly. Global credit intelligence is controlled by several credit bureaus, and it is claimed many times that their scoring models are outdated, erroneous and not portable, being country or territory specific. “More than one in five consumers have a” potentially significant error “in their credit file, which makes them more risky than they are, and consumers contact one of the three major credit reporting agencies for information about the problem eight million times a year.”
2. Security. Recently in Equifax revealed 140 million + personalities and personal information for hackers and was called the worst security breach in US history. By 2016, there are more than 15 million victims of identity theft or fraud, while the total amount is stolen by $ 16 billion.
3. Centralized information. Data collected by a centralized credit bureau. It is a common misconception that this agency automatically exchanges information, which is not true. These bodies are separate companies that provide similar services for a fee.
4. Portability. Because credit scores are non-transferable, low-risk borrowers may be denied access to credit when they move abroad, forced to restore their creditworthiness from scratch.
5. Obsolete analysis and incomplete information. When information becomes more centralized, it is monopolistic and incomplete. This leads to a decision without the information available, which greatly increases the associated risk. In addition, credit scores are not updated in real time, and delays are determined by millions of consumers and companies, as their current credit history is not taken into account in the decision-making process.

Solutions by Credito:

As a solution to the above problems, they have created the Credito Network, or simply Credito. A decentralized network based on Ethereum blockchain coupled with smart contracts and Interplanetary File System (IPFS5) providing Credit Intelligence and Decentralized Lending Marketplace. Credito encourages the expanding and proficient operation of the credit industry by permitting both fiat and digital resource loan specialists to broaden credit to people and establishments with underdeveloped or a juvenile credit framework. The ecosystem provides solutions to enable any verified lender to safely and securely issue credit to the verified borrower. Decentralization provides more security and trust. It is a method to organise anything in a way that does not require trust on third parties. The trust is eliminated by executing code that does not require centralized governance, management, or servers. By decentralizing lending, we do not require banks or any other intermediaries for conducting a loan transaction.

• Credito is Transparent. Today when you make any transaction through the banking system, you do not have access to the ledger. Ethereum network provides an immutable ledger, where every transaction is recorded and is always open for inspection. Any transaction that is deployed on Ethereum
  blockchain could be explored through block explorers. The transparent ledger removes the trust that normally one would need to have when making a transaction between two banking institutions. In a banking system, the sender has to trust the receiver and vice versa. One needs a receipt of payment to confirm payment. Credito leverages the transparency that the blockchain ledger provides by monitoring the
  activities of borrowers and lenders to prevent either party from overextending themselves. For example, it would be used to prevent a borrower from obtaining multiple loans from different lenders which he would then be likely to default on.
• Credito Loan Agreements are Smart Contracts. Credito Loan Agreements are self-executing contracts with the terms of the agreement between Lender and Borrower, directly written into lines of code which brings enhanced transparency and reliability. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Credito Loan Agreements permit trusted transactions and agreements to be carried out among disparate, anonymous parties without
  the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.
• Credito is “Trustless”. Credito will avoid risks that are associated with third parties, and also removes the need to trust the counterparty. When the borrower places the loan request on Credito Network, the counterparty cannot manipulate or halt the loan request once the loan is deployed.
  Removing the counterparty or third party risk is vital to avoid any unfair and unwanted behaviour.

Credito Design Principles:

• Decentralization. Decentralization is not only the basis of protection against unauthorized access, but also of its infinite nature. Continuing to build a decentralized system, we seek to further extend conflict-free development within Credito. We believe that decentralization is an important component of a thriving global ecosystem with long-term sustainability.
• Modularity for simple and flexible systems. We appreciate the philosophy of making small tools that work well. Simple components can be easily justified and, thus, can be integrated reliably into larger systems. We believe that modularity not only allows the modernization system, but also contributes to decentralization.

Main Functions:

1. Responding to individual credit score requests.
2. Validating third party transaction scoring requests. Moreover, it also keeps track of the credits balance and usage metrics.

Credito will be a beneficiary of the network effect — each and every transaction will add intelligence and value to the network.

• Credito can be configured to report live transaction scores alongside a detailed report which could be helpful in: Detecting anomalies during transactions.
• Immediately blocking attempts by recognised fraudsters.
• Freezing accounts or cards temporarily until transactions are verified with the owner.
• Protecting against country-specific risks.

Credito provides a third party API for the use of Credito Analytic Engine. This API can be integrated into their existing infrastructure to customize reports, select modeling preferences, and to emphasize risk profiles and variables that need to be weighed Credito encourages external node operators to become a part of the Credito Network and incentivizes them with credits.

Token Distribution:In order to undertake further development, Credito will conduct a one-off Token Generation Event (“TGE”) and crowd sale of Credits, where 50 % of the Tokens will be made available for public sale. The start date of the TGE will be announced soon ( check on: https://credito.io/ ), and it will allocate a total Credits supply of 1 billion as follows:

Team:

Roadmap:

Credito will be developed in 6 stages reaching major milestones at every stage.

Stage 1 Completed

• Concept and Research.
• Credito Incorporation.
• White paper.
• Proof of Concept — High Speed Transaction Score System.
• Website Launch.
• Registration, Verification, and Partnership

Stage 2

• CreDApp front end Development
• User registration
• Automatic ID verification
• Work on partnership with financial institutions

Stage 3

• Infrastructure and Intelligence Development
• Development of External APIs.
• Analytic Node Infrastructure.
• Credito Scoring Engine Development.
• Gredit Score generation.
• Transaction score modeling

Stage 4

• Development and Development of Smart Contract
• Writing and Leasing smart contract development.
• Smart audit contract
• Integrated smart contract with Credito Analytic Engine and Node Infrastructure.
• Launch on Test net.
• Test test test gives value to life to partners.

Stage 5

• Launch
• Other Launch cleaner.
• Complete Decentralization Credit Intelligence is available for couples. The External Analytical Node Operator joins the network.
• Marketing and new partnerships.

Stage 6

• Lending protocol from end to end in the main net
• CreDApp and Mobile App development
• Credito Smart Credit Agreement development and Audit
• CreDApp backend with Integration of Credit Credit Smart Credit Agreement
• CreDApp on net and progression test to Main net

More information on:

WEBSITE: https://credito.io/

ANN THREAD: https://bitcointalk.org/index.php?topic=2483679.0

WHITEPAPER: https://credito.io/pdf/whitepaper.pdf

FACEBOOK: https://www.facebook.com/CreditoNetwork

TWITTER: https://twitter.com/CreditoNetwork

TELEGRAM: https://t.me/CreditoCommunity

SLACK: https://credito-network.slack.com/join/shared_invite/enQtMjY3NTMyMjQ0NzM4LTQ0OTA2ZTczNjJlZjE1ZTE5Njk5ZTI4MmQ2NzcwM2VmMGZhMTZlZDE2YTRlYWMzODc0ZDZhN2MzOWQwZjhhYjQ

My Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1379834

Eth wallet: 0x4C2C20542d75E08328d21f0c7365823d2752e07c