There are many ways to consider a new Ethereum-based protocol: the value it creates for a user, the value it creates for a developer, and the value it creates for the community. At BlockMason are dedicated not only to building useful, functional applications and protocols that solve real-world problems, but also to developing platforms that inspire adoption of the Ethereum network and expand global access to cryptocurrency. That is why are so excited to announce the development of your newest product: The Credit Protocol (CP). Until now, it was only possible to move money on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, and Ethereum democratized the creation and storage of monetary contracts.
With the Credit Protocol, BlockMason has taken the next logical step in the decentralized economy: democratizing the creation of credit. Debt and credit are already extremely powerful financial tools, and now they will be strengthened by the security and flexibility of the blockchain. In fact, because an individual need not own ether in order to draw debt in ether, it is entirely possible to imagine a future in which debts and credits recorded on the Credit Protocol could exceed the total market capitalization of all cryptocurrencies combined, dramatically increasing the scale of the digital economy.
BlockMason Key Information
|Average price||0.03 USD|
|Hard cap||27,000 ETH|
|Distributed in ICO||87%|
|Tokens for sale||33,700,000|
|Price in ICO||0.2987 USD|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Game Change Team Behind BlockMason
Credit Protocol Technical
While the CP provides a valuable, multipurpose tool for recording debts and credit, it is important to note that individual users must still agree upon how best to enforce repayment of those debts. BlockMason enforcement may take many forms, and could involve both on-chain and off-chain solutions, including: binding legal contracts, collateral in the form of physical / digital assets, or social mechanisms such as blockchain credit reporting or business reviews.
Ultimately, users should not lend to entities in whom they doubt the ability to repay their debt, nor should users lend more money than they are comfortable losing. Through the customization and personalization of UCACs, however, it is possible to design debt contracts that perfectly match the needs and individual users and businesses, rendering the question of debt enforcement moot.
Storing data on the Ethereum block-chain is expensive. In order to make CP low cost for users, BlockMason ongoing maintenance and support include updating and optimizing our product to reduce costs. Cost minimization is an ongoing process that involves the use of systems like IPFS and other off-chain storage solutions. We carefully select variable types to minimize storage costs and also consciously examine the benefits of storing specific data on or off the blockchain.
Cost & Economics
When BlockMason designed the Credit Protocol, BlockMason envisioned a revolutionary protocol with global reach, available to users free of charge. However, computing, data storage, and transaction execution all have a cost on the Ethereum blockchain. This cost is commonly referred to as gas. Therefore, because CP runs on the Ethereum blockchain, using the protocol inevitably incurs transaction costs.
Additionally, compared to traditional applications using standard web hosting, storage prices are relatively high. While BlockMason believe that Ethereum’s global domination is inevitable, they have also know that the average user need not necessarily understand Ethereum and its operation. Successful, scalable DApps will likely appear to users just as normal, web-based applications, with many layers between users and the Ethereum network.
While BlockMason would like to believe that the Ethereum community is an equitable meritocracy, in which the most powerful, useful applications soar to success, they know that developing software is only part of building a successful product. Application marketing is an essential task for any company, if not even more important than the product itself. Co-founders Timothy Galebach and Jared Bowie are both vastly experienced experts on tech marketing and community engagement, having worked within the industry for numerous years.
Their in-depth knowledge from running multi-million dollar pay-per-click app installation campaigns influences BlockMason plans to transform Lndr from a random blockchain application to a program that achieves mainstream popularity and lives atop app store popularity lists.