RCN (Ripio Credit Network) is an agreement based on blockchain smart contract technology. It has a very ambitious goal, which is to connect any two credit lenders (borrowers and lenders) in the world through the RCN agreement. It doesn't matter if you are Venezuelan, Argentine or Chinese, whether you use RMB, Euro or other currencies. RCN reduces the intermediary fees and management fees of traditional banks by connecting the various subjects of the loan chain through the link of smart contracts, and ultimately provides a service that provides a better experience for borrowers and lenders.

1. Project Features

RCN attempts to use the smart contract protocol to provide a standardized model for credit lending services through blockchain technology, connect several key players in the industry, and provide investors (lenders) with better fund management tools , to reduce the transaction costs of borrowers and lenders, and ultimately connect borrowers, lenders, and related institutions, allowing people around the world to achieve credit loans through local currencies.

2. Project application scenarios

There are several key roles in the RCN network system: borrowers, lenders, borrower identity confirmation agencies, credit rating agencies, and joint guarantee agencies. Through joint guarantee agencies, the risks of lenders can be guaranteed to be dispersed .
1. The borrower initiates a credit loan application through the wallet provider.
2. Lenders give funds (local currency) through credit lending exchanges.
3. The e-wallet provider generates a smart contract (refining loan terms; getting funds from lenders or credit lending exchanges; distributing funds to borrowers and other related service agencies).
4. Credit rating agencies provide credit scores for each borrower, and rating agencies analyze various available information to evaluate users from the data level. Credit rating agencies will be able to obtain transaction information from the RCN blockchain (open to everyone in the future) to establish an information ledger and trace each borrower's default or non-default case.
5.Oracle sets the exchange price of RCN according to the local currency of the e-wallet provider, and determines the exchange rate between the local currency and RCN when repaying the loan, ensuring that borrowers and lenders can expect to obtain stable funds.
6. The identity confirmation agency is responsible for confirming the identity of the borrower, mainly for anti-fraud.
7. The joint guarantee provider acts as the borrower's guarantee responsible person and acts as an intermediary between the borrower and the local legal system. The information provided by the identity confirmation agency and the credit rating agency is used to establish the terms, among which the default terms, the debt guarantee of the guarantee agency to the lender, will be refined on the same smart contract, and finally the provider and credit rating are confirmed with the identity ID Together with the terms provided by the institution, an executable smart contract is generated, which is finally broadcast by the e-wallet provider.
8. The credit lending exchange matches the credit loan according to the needs and conditions of the borrower and the lender, and the matching is generated through the smart contract of the e-wallet provider.

Related Links:

http://www.btb8.com/token/2099.html
https://ripiocredit.network/