Q&A Update “Would Banks Accept MyCreditChain?” and more..

Question:

What is special about MyCreditChain Credit Information?

Answer:

To know a person and to gauge his credit worthiness, MyCreditChain is looking at first his objective personal credit information. However, that is not enough. When we say we know a person, the most important information is ‘who are the people around the person.’ If I know your friends and families, would you try to cheat me? Your reputation is at stake. Our airdrop system is about mapping a user personal network. We give gifts to people we like/care/ want to get to know. Those are important people, and we don’t want to risk our reputation.

Question:

How can we make money on MCC network? And when? Who buys tokens after launching service? Are you working now with potential corporate buyers who need tokens for their business? You can tell with me who potential buyers are and any institutions are buying now or about to?

Answer:

Everyone in the network makes money. First from selling their information and second from MCC airdrop.

First, you must understand that personal information is most valuable information that runs economy. Everything we produce is to satisfy our needs and our preference. Personal information is the basic market information to find the consumers. Google, Amazon and Facebook are making great profit just because they have the big data to calculate everyone’s preference.

MyCreditChain will become the big data of personal information where the users themselves sell their own information. Every company wants that information.

MyCreditChain is the marketplace of personal information, but it is also a marketplace for product marketing as well. Users will be paid to view Ad from companies.

The Key here is to increase the user base to create the big enough data base. Our airdrop is totally designed for the mission. Airdrop of 10,000 tokens via gift giving with seed will make the user base grow tangentially. After all, all users will make money out their own information.

We are living in the age of Global Internet connection. People need credibility information to trade in the global world. MyCreditChain is designed to provide that information of objective personal data as well as people network information. MyCreditChain is the infrastructure of human interaction in the global level. MyCreditChain token will have tremendous value.

Question:

Your problem is, “how does the bank accept it?” Today I asked a question about the banks and the old power.

Answer:

Banks already have the people’s personal credit information in their market. But as the fintech grows, there are new competitors coming into the market. P2P loan platforms is popping up everywhere. MyCreditChain will provide information for them.

MyCreditChain itself is a financial market place.

Would you want to get a loan from your local bank for 10% interest rate or from a P2P bank for 2% interest rate from Europe or US? The issue today is that there is no standard for credit rating across the globe.

Blockchain Cryptocurrency has solved the currency issue across the globe.

Now banking across the globe is possible if there is a platform that can gauge each person’s credibility across the globe. MyCreditChain looks at objective personal credit information which varies depending on the country. Humans are social creature and the nature of human network is pretty much same for everybody. MyCreditChain incorporate that information which is universal in all human. That is why MyCreditChain can become the global measure for credibility and means for trust building.

Question:

I understand what you say , But I doubt if the bank will cooperate with you because the banks lose their grip of the financial market!!! I think that first step for MCC is the collaboration with banks.

Answer:

MyCreditChain aims to provide that service for the whole globe. Bank issue could be simple. Currently South Korean lawmakers are preparing constitutional amendment that establishes personal information right to be the fundamental right. Personal information right is about each individual’s right to decide how their personal information used. That is exactly what MyCreditchain is aiming to provide. Banks have been prone to hacking. They have been losing tens of millions of personal information of their customers. Blockchain can solve the problem because MyCreditChain’s decentralized data structure does not have a point of attack.

Question:

I think credit bureau must be refusing to cooperate with MCC.

Answer:

With MyCreditChain in service, people don’t have to put up with the misuse of banks and SNS using their information for free.

Credit Bureau would not have much power any more.

Any one or any company can come into MCC and use the big data to generate useful information. Credit Bureau cannot have the power they have now. Because they will become just one of the many credit scoring providers using personal information. Once their monopoly of personal information is disrupted by MyCreditChain Service, they become a minor player. Everyone get paid for providing the information on the meantime. People get their power back.

Learn More About the Blockchain Credit Revolution
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