About CREDITO
The introduction of credit markets is decentralized and provides links between lenders and borrowers living anywhere in the world. This eliminates traditional loan and management costs. Visit https://credito.io
Credito creates a credit network for the credit industry to prevent credit risk by identifying fraudulent transactions as they arise, so industry can make informed decisions. Although the most important is regulated sectors, this institution remains the target of fraud. The consequences of fraud are not significant, which leads to financial disasters for banks and customers. Although financial institutions are actively involved in the global dissemination of all known scammers and compromises.
According to Nilson's report in 2016, the loss of credit card fraud in 2015 amounted to 21.8 billion dollars. USA, which is 162% more than the 2010 figure, which amounts to 8 billion dollars. United States of America. Losses for 2016 are already estimated at more than 24 billion dollars, and it is estimated that by 2020 the losses will reach $ 31 billion.
The number of transactions with credit and debit cards by 2015 is $ 31 trillion. While the total value of credit cards transactions grew by almost 7 percent per year, credit card frauds grew by more than 16 percent per year.
These losses occur throughout the system, including at point of sale, at ATMs and during online transactions. While EMV chip technology has reduced the frequency of in-store fraud, it does not help in online fraud.
• Monopoly
Global credit intelligence is controlled by several credit bureaus, and it is claimed many times that they are scored models of countries and regions. "More than one in five consumers have a" potentially significant error "in their credit files, which makes them more risky than they are. "
• Security
The recent hack 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.
• 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 similar to those for a fee.
• Portability
Because credit scores are non-transferable, low-risk borrowers may be denied access to credit when they move abroad, forced to restore their credit worthiness from scratch.
• 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 are not updated into account in the decision-making process.
CREDITO
TOKEN CreDApp consults with Credito
At the time the order was made to receive the
Creator risk profile and offer a better interest rate on the network. If the
Creator wants the loan request fulfilled quickly, he can place an order with
the interest rate previously cut.
• Network Credit Token
Credits are the token ERC20 that serves as
currency, management mechanism and rewards system using Credito. Credito will
be able to set prices and receive payments for its services in the form of
loans - the use of markers
All Credito participants have to pay royalties
for the use of the loan, which will be burned if it has the potential to
increase the remaining loan demand. The total amount of credit burned in each
transaction is directly proportional to the decrease in supply.
• It also depends on the exchange rate set by
the network that will monitor inventory, market conditions and communicate
exchange rate contracts at each particular payment moment.
Borrower and lender costs will vary depending
on the transaction level, we estimate the value to be 0.5%. All three parties
can integrate Credito Analytic Engine or access it from the outside and process
it.
How
Credito is the Solution?
For each analysis node, the lease monitors the
following metrics:
1.Total number of requests assigned: The number
of recent requests approved by the node, both met and not met.
2.Total number of completed queries: The number
of recent requests completed by a node. This can be averaged based on the
number of requests assigned to calculate the completion rate.
3. Average response time: Accuracy of node
response time, ie efficiency indicator of the node. Average response time is
calculated based on completed request.
Reputation node based on previous transaction
value. All nodes verify and reconcile each other, if most nodes return the same
value, the node becomes trusted. This reputation system helps identify and
remove bad nodes from the network.
Loan
Agreement is an Intelligent Contract
Credit
- Credit Network Token
Credits are the ERC20 tokens that serve as
currency, governance mechanism and reward system with Credito. Credito will be
able to set prices and receive payments for their services in the form of
Credits.
Loan
agreement process:
The creator makes a credit order in
CreDApp requesting a loan by promising Token A as security for Token B,
determining the interest rate, LVR and the desired expiration time, and signing
the request.2.CreDApp adds the maker's dynamic credo report to the request,
verifies that the author has enough token A and freeze it until the loan is
serviced or the loan request expires, and sends the request through Credito.3.
The attacker cuts the request and decides to fill it.4. The recipient sends a
request signed by the manufacturer with his signature to Credito.5.Credito
authenticates the Author's signature, verifies that the request has not expired
and has not been fulfilled, and then creates a smart assurance management
contract by transferring security to a smart contract.6.CreDApp save and
running Smart Contract on Ethereal Blockchain and Token B transferred from
Taker to Maker.
On the other hand, the peer-to-peer platform
(P2P) is one of the fastest growing segments of financial services.
Transparency Market Research estimates that "the chances in the global
peer-to-peer market will be $ 898 billion by 2024, up from $ 26 billion by
2015. The market is forecasted between 2016 and 2024 to grow by 48 percent The
market for alternative financing is growing in popularity in recent years.While
growth forecasts for P2P loans are promising, one of the biggest challenges is
to provide systems to reduce fraudulent and risky activity because of this resulting
in a loss of trust and confidence among investors.
Credito
Analytical Engine
TEM
Credito
The
extraordinary project is a project in which there are people who are in a team
that is compact, intelligent, has extensive experience, and of course has the
expertise of each is not in wonder anymore, so do not be surprised if Credito
is a success Here's the people who are behind Credito's success.
author: Imsuparmin
More Information:
Website: https://credito.io/
Whitepaper: https://credito.io/pdf/whitepaper.pdf
Announcement: https://bitcointalk.org/index.php?topic=2483679.0
Facebook: https://www.facebook.com/CreditoNetwork
Twitter: https://twitter.com/CreditoNetwork
LinkedIn: https://www.linkedin.com/company/credito-network
Bitcoint IMSUPARMIN Profile
https://bitcointalk.org/index.php?action=profile;u=1083940;sa=summary
ethaddress
0xb0dfa4633756c51C46a4382FC09e5800C4E23EBE
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