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6 лет назад

ICO Crypterium - Credit subtoken (CRED) overview. ICO IS LIVE NOW

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Credit subtoken

Technology of a blockchain based credit system

Credit subtoken (CRED) gives the opportunity to create a full-fledged banking structure and interest interactions based on blockchain.

 Credit

A customer obtains a Crypterium Credit Currency  Loan, CRED, underpinned by a smart contract that takes account of that  customer's unique credit rating and in turn applies specific interest  rates and conditions (which may or may not include collateral).    

Exchange

The customer then converts the loan into a  currency of his choice on a dedicated currency exchange. This is done  seamlessly within Crypterium at the request of the customer.    

100% Guarantee

Liquidity, guaranteed by Crypterium, will reduce  volatility and adjust interest rates. The credit itself may also be  tracked to a world currency index to avoid sharp fluctuations.    

Repurchase

At the end of the loan period, the borrower must  repay in CRED including interest, purchasing the cryptocurrency from the  CRED Currency Exchange     

Payback

The borrower has now completed his repayment obligations and has amended his credit score for future loan requests    

Demand

The cycle of crypto to fiat and back again,  creates an inherent need for Crypterium based services and ultimately an  enhanced demand for CRED  

The Unbanked And Underrepresented 

Mass Market Opportunity In addition to being inefficient, unfair, and inherently risky, the current fiat lending model has effectively eliminated almost one third of the world’s population from its targeted customer base; namely those people who currently do not have access to a bank account. According to the World Bank’s Global Inclusion Database, there are still some 2 billion people that do not have access to a bank account or other financial institution via a mobile phone or any other device. 

A 2015 World Bank working paper said governments and private companies have a "pivotal role" to play in reducing the number of people who are unbanked. Digitising payments, it said, would also help empower women and encourage their economic participation. Financial inclusion is seen as key for reducing poverty: bank accounts have an important part to play in the founding and expanding of businesses, making transactions more efficient, secure and transparent and managing savings.

Equally important is the inequality in the banking systems. Current banking institutions are inherently biased towards the standard credit scoring systems that are prepared to lend money to those that in fact least need it. For example, even today in the US and Europe, young adults without the opportunity to build up a credit history are virtually excluded from the financial systems that serve the established lending institutions.

Opportunity For A Cryptocurrency Lending Alternative 

The lack of opportunity for cross country lending; the huge unbanked or financially underserved share of world population; the inherent risks in single country lending and the huge barriers to breaking the unfair lending model of today leads Crypterium to believe that as Cryptocurrencies can change the shape of money forever, so can Cryptoasset lending via a decentralised smart contract on the blockchain, change the face of lending forever. 

Crypterium is not alone in this conclusion. Over the past 24 months we have seen several dedicated Cryptoasset lending platforms emerge, but almost all of these are peer to peer lending platforms that rely on individuals to lend their tokens or cryptocurrencies to the borrower via the cryptolending platform (in effect the lending platform becomes a middleman) and in turn that lender and borrower have a one to one smart contract.

 Credit subtoken is a new standard of cryptocredit based on the blockchain system 

  • The first subtoken of its kind with secured liquidity
  • Owners of credit subtokens receive income much higher than the average market
  • Decentralized storage of the reputation of borrowers in smart contracts
  • Opportunity to use CRED by other cryptobanks

CRED SUB TOKEN OWNERSHIP 

Crypterium’s vision is to commence the lending cycle through the creation of the CRED Sub token. At first this will be issued solely by Crypterium using own funds. As the process matures and the demand for CRED loans increases, Crypterium will sell further CRED sub tokens to CRPT token holders, up to an amount equal to their CRPT token holding at the time of purchasing CRED e.g. a token holder who has 25,000 CRPT will be entitled to own a maximum of 25,000 CRED. 

As customer borrow the CRED, Crypterium may need to acquire such CRED from existing CRED sub token holders. This will be completed on an internal exchange. Similarly, when borrowers repay the loan, they must do so in CRED, which again are purchased via the internal exchange. CRED will not be issued on any other exchange.

Crypterium Lending Overview: CRED 

Crypterium will issue its own sub-token; CRED, that will become the currency of all Crypterium issued loans, which themselves will be instantly transferrable into any currency of choice by the borrower, and then back into CRED at the time of loan repayment. Any customer that has downloaded and registered on the Crypterium mobile banking App, can apply for a CRED loan. 

Based upon a detailed KYC (Know Your Customer) and applying lending risk algorithms to each applicant (that themselves will take account externally supplied credit scoring data and information from previously issued and repaid loans), if accepted, Crypterium will issue a smart contract based CRED loan, which applies its own unique interest rates and lending conditions (which may or may not include collateral) to each individual borrower. The CRED can be instantly converted to any fiat currency of the borrower’s choice through Crypterium’s internal exchange.


Credit Scoring 

Crypterium will develop, in conjunction with specialist data partners, dedicated credit scoring methodology and algorithms that take account of the individual and ignores the country specific credit ‘white noise’ that affects lending in fiat currency today. In particular: 

- Crypterium will assess each borrower’s creditworthiness based on their digital identity score from partnerships with leading third-parties that provide KYC and AML regulatory verification (where this is required.

 - Particular focus will be give to Reputational Based Lending principles that takes information from both decentralised data providers such as uPort (a self sovereign identity system built on Etherium) as well as centralised credit institutions that review past transactional history on marketplaces such as eBay, Amazon, Facebook etc. 

- Crypterium will use Decentralised and Centralised Credit History that takes account of all available data on paid loans, the details of the lenders and their transactional data.

- Provide access to self-sovereign identity providers such as uPort and similar credit rating providers that in turn assists borrows to build a complete credit profile.

Example: 

• 100 people borrow 1,000 CRED each for 1 month, all with an interest rate of 5% per month. Total amount of CRED borrowed is 100,000 CRED 

• At the time of repayment, 100 people must now repay their 1,000 + 5%, hence they must repay a total of 1,050 CRED. Total amount of CRED to be paid back 105,000 

• 2% of customers failed to repay their loan, total amount of CRED actually purchased in now 102,900 (105,000 -2%) 

• 102,900 CRED must be purchased through the internal exchange. 

• By managing the total available supply of CRED, Crypterium will ensure that the extra 2,900 CRED will be reflected in the price of CRED. 

• No individual CRED holder was exposed to individual risk, all benefit is distributed to CRED holders through the mechanism of supply and demand plus interest.

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