To obtain a loan, you need to contact the bank, which charges transaction fees and requests a high commission for the use of funds. Lenders who want to receive income from their free finances without significant risks are also forced to turn to monopolistic financial institutions. All of them underestimate interest income for creditors. The project Distributed Credit Chain intends to completely change the existing order of things in the field of finance.
The essence of the project
Distributed Credit Chain (DCC) is a banking platform intended for suppliers and users of financial services. It will connect creditors and borrowers who will be able to conclude transactions with a mutual benefit and without huge risks. All loans will be provided on the basis of blocking technology, which will ensure decentralization of data on monetary transactions.
Nobody will be able to change the information about the transaction at will, because it will be distributed among a variety of different computers. Transparency of all operations is guaranteed using the technology of smart contracts. It also automates the terms of loan agreements. Thanks to smart contracts, the borrower will not be able to collect a lot of documents to obtain each new loan. All information about it will be stored under reliable protection. The project Distributed Credit Chain is designed not only for borrowers and creditors.
Financing organizations will also participate in it. They will not appear in transactions or interfere with them. Financing organizations will become a powerful source of investment for the project, which will raise it to a new level. Administration Distributed Credit Chain will act as a provider of information services for users. It will be responsible for the integration and storage of data, as well as the extraction of incorrect information.
What problems does the project solve ?
Distributed Credit Chain completely eliminates the following problems existing in today's credit sector:
High interest for borrowers. Any credit institution seeks to reduce losses on bad debts, charging additional interest from reliable borrowers who are ready to return money in any amounts. As a result, they have to overpay.
- All transactions that are made within the framework of the Distributed Credit Chain are safe, and therefore the need for overpayments for borrowers is completely eliminated.
- Extra expenses. Any credit institution pays a huge amount of time to check borrowers: their current financial situation, compliance with risk standards, etc. On this goes not only time, but also money. The Distributed Credit Chain platform offers creditors full access to all reliable data on borrowers.To get it, just do a couple of mouse clicks.
- Speculation. Due to high risks, many credit institutions refuse to provide their clients with services. This applies not only to borrowers, but also to creditors. The Distributed CreditChain platform guarantees a high level of confirmation of applications for loans, and also intends to work with all creditors who want it.
Of course, you can work with usurers, but in this case there is no protection. As a result, the bank becomes the safest way to meet the needs of citizens. So the monopoly was born.
The advantages of the project:
The project Distributed Credit Chain chose Ethereum as the basis of its activities. Anyone who knows the basic principles of work has already realized that the focus is on smart contracts.
Here are some advantages of blockchain in banking:
- The ability to create an open source.As a result, there is no need to appeal to a third party, which will avoid unnecessary costs.
- All information will be recorded on the block. This means that the contract between the parties will be governed by technology with fixed rules. Each user will have the opportunity to gain access to information about transactions, which in turn will solve the problems of trust.
- Absence of monopoly. As a result, relations between the parties will be created at lower prices and improved conditions.
Having analyzed all the advantages, it can be concluded that the Distributed Credit Chain project will allow the entire humanity to meet its needs on improved conditions and use the money in its own interests. In the future, the project may come to replace the entire banking system. Thus, the platform creates conditions for the destruction of the outdated banking system by replacing it with a new effective blockchain solution.
About the project and its opportunities from the founder and CEO of the project Stewie Zhu:
ICO conditions:
Name of the token: DCC
Standard: erc20
Total number of tokens issued: 10,000,000,000
Total number of dedicated tokens on Private Round: 1,800,000,000
Total number of dedicated tokens on ICO: 200,000,000
Price of the token: 1 ETH = 13,700 DCC
The public sale was held on May 28, 2018, which lasted only 20 minutes. It was collected 14498, 935 ETH.
Road map:
The project team:
More details with the team, as well as its advisors can be found on the official website of the project, clicking on this link.
Conclusion:
I consider this project to be very promising, because the field of activity that the project team has chosen is sufficient and unoccupied. The project has high ratings on popular sources, and in addition, the hard cap has already been collected at the moment, which is beyond the power of many start-ups. In the future, this will become a competitive credit platform, which has every chance to replace banks in the provision of these services. This means that there will be no long complicated processes in obtaining money with a high risk of fraud.
And when somebody will need money the issue will be solved on ideal terms for the client. And this is our future with you, friends! This is the future when money can help improve and plan your life and maintain relationships with those who want to borrow money and those who have money.
Important links:
https://www.facebook.com/Distributed-Credit-Chain-425721787866299/
https://medium.com/@dcc.finance2018
https://www.reddit.com/r/dccofficial/
https://twitter.com/DccOfficial2018/
https://github.com/DistributedBanking/DCC
https://bitcointalk.org/index.php?topic=4185316.0
http://dcc.finance/file/DCCwhitepaper.pdf
Prepared by : hettige
https://bitcointalk.org/index.php?action=profile;u=2166523
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