Hello Crypto Enthusiasts,
Today I want to post about why I invested in the very promising project that is the Blockmason Credit Protocol $BCPT.
Fact: The global debt market is a $217 Trillion market that is controlled by banks and big corporations. Keep this fact in mind while reading this post.
(source:http://www.zerohedge.com/news/2017-06-29/global-debt-hits-new-record-high-217-trillion-327-gdp)
At this moment Blockmason has a very small market cap in proportion to the huge potential of the project.
Total supply: 116,158,667 BCPT
Circulating supply: 45,166,200 BCPT
Market cap: around $10 million
Blockmason has developed the Credit Protocol (CP) that can register debts on the Blockchain. This makes Blockmason one of the few projects with a working product. The open source code and documentation provided by Blockmason makes it possible for developers and companies to build their own dapps on top of the Credit Protocol (CP). To run their dapps they will need transactions that can be created by staking $BCPT or buying transactions from bag holders.
Example:
John has 5000 $BCPT that generate transactions but John is a Hodler. Also John doesn’t know how to build a dapp. Still, John can earn money by staking his $BCPT and selling his transactions to developers or companies that have built a dapp on top of the Credit Protocol.
Blockmason developed LNDR on top of the Credit Protocol. LNDR is right around the corner and should be released in a short amount of time (press time). There will be two separate features built into LNDR. The first feature is being able to create a debt with a friend and having him confirm it. The other feature is that debt can be paid back through a cryptocurrency payment or with a new debt that pays into the original debt. LNDR registers debts on the Blockchain using the Credit Protocol. The app makes it possible for anybody to register a debt on the Blockchain without even knowing what a “Blockchain” is. Use LNDR to split the bill from that dinner you just had with your friend.
Example feature 1:
Jolie and Susan passed their exam and have something to celebrate. They go to the club and order bottle service. After celebrating with “Alpha Omega” they need to pay the bill of $800.
Susan and Jolie want to split the bill but unfortunately Susan forgot her wallet at home. Jolie wants to go home and so she pays the bill. Jolie opens LNDR and creates the debt that Susan owes her. Susan accepts the debt in LNDR and the debt is recorded on the Blockchain.
Example feature 2:
Willy and Walter are finished with dinner at a restaurant. They want to split the $50 bill but Walter doesn’t have enough money to pay. Willy pays the bill and opens LNDR to create a debt. Walter accepts the $25 debt that he owes Willy. The debt gets recorded on the Blockchain through the Credit Protocol. The next time they are out for dinner Walter pays the bill of $60 and creates a debt in LNDR. At this moment Walter doesn’t owe Willy anymore, instead Willy now has a debt of $5 that he owes Walter. He can choose to pay the $5 through a crypto payment or settle it with a new debt (with the next dinner for example).
The Blockmason team is also working on patents to take on major industries. This is what the Blockmason team has to say on the subject:
First: We are currently filing key patents with our legal team that will challenge multi-billion dollar industries. We have gone to great lengths to assure that there is no prior art, that our methods and processes are sound, and that the USPTO should look favorably on our applications and designs. While no outcome is 100% guaranteed we are bullish in the extreme on what this portends for the future of Blockmason. While we are building out this new IP that supports Credit Protocol and other internal BM efforts, we believe that our team will allow us to operate more effectively.
These patents will keep the Credit Protocol an exclusive product with the aim for a big worldwide industry.
Github: https://github.com/blockmason
telegram: https://t.me/blockmason
twitter: https://twitter.com/blockmasonio
steemit: https://steemit.com/@blockmason
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