About Ripio Credit Network (RCN)
Ripio Credit Network (RCN) a protocol based on smart contracts and blockchain technology, which brings enhanced transparency and reliability in credit and lending. RCN defines a set of rules for the integration of several agents participating in the credit lifetime, allowing connections between lenders and borrowers located anywhere in the world, regardless of currency. The protocol that we propose seeks to provide an objective measure of the credit risk assumed by the lenders, diminish that risk or even neutralize it totally and, in case of default, it provides an alternative mechanism for managing the debt collection in the borrower’s country of residence decreasing losses throughout the network.
Ripio Credit Network (RCN) By making use of blockchain technology and including a special agent called “Cosigner”, RCN manages to reduce the traditional banking brokerage costs and management fees, allowing better conditions for both sides, lenders and borrowers, with the consequent significant improvement in financial inclusion.
Ripio Credit Network (RCN) Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Ripio Credit Network |
| Short Name | RCN |
| Circulating Supply | 508,404,745.75 RCN |
| Total Supply | 999,942,647 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Chat | Click Here To Visit |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
The Network
RCN is a protocol based on smart contracts that standardizes credit lending through blockchain technology. The protocol set some rules to facilitates connections among several agents, each of whom interacts with a smart contract to ultimately connect lender and borrower. The network can connect borrowers, lenders, and other network agents all over the world, allowing each one of them to manage the credit in their local currencies, as long as they have Internet access.
Characteristics
Blockchain technology allows the RCN network to outperform existing lending and borrowing solutions by creating a frictionless, transparent and completely borderless alternative to traditional loan markets.
Frictionless
By reducing fees and eliminating entry barriers the network increases efficiency throughout the lending and borrowing processes.
Transparent
RCN smart-contracts ensure non-custodial storage of all funds and full auditability of every transaction.
Borderless
The network seamlessly connects lenders and borrowers from all around the world.
Lend
Browse, compare and fund DeFi and CeFi loans using multiple currencies.
The Vision of an RCN Use Case
Pedro, a student from Rio de Janeiro, wants to buy a car so he can more easily go from his workplace in Leblon to the Federal University of Rio de Janeiro in Maracaña, where he studies. Pedro requests a loan from his Wallet Provider for BRL 9,799 (USD $2,978). The Wallet Provider generates, fills, and signs a smart contract with an amount request in RCN equivalent to BRL 9,799 and broadcasts it to the network, including terms such as the interest rate and the number of installment payments Pedro will make. The smart contract is then completed with data from the ID Verifier, Scoring Agent, and Cosigner.
Wang, a Juneyao Airlines employee from Shanghai, has CNY 20,000 (USD $2,996) in savings, and he is not planning to spend these funds for awhile. He decides to invest that money in a P2P loan, so he makes an order with a few requirements (interest rate, due date, etc.) via a Credit Exchange.
The smart contract is then settled in RCN, however, the value of settlement is represented in US dollars (“USD”) in accordance with the data supplied by the Oracle. The equivalent to USD $0.85 in RCN goes to the ID Verifier, USD $1.10 in RCN goes to the Scoring Agent, USD $111.69 in RCN goes to the Cosigner, and USD $2,978 in RCN are transferred to Pedro’s Wallet Provider. Then, the Wallet Provider trades those RCN for the amount in BRL that Pedro requested as a loan to buy his car.