Monday, 1st November 2021, 1PM UTC
Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group We’re honored to host an Ask-Me-Anything session with @DeCreditenglish
I will explain a little about the AMA segment this time,
Segment 1: project introduction
Segment 2: Question Twitter
Segment 3: Live Question
SESSION PROJECT INTRODUCTION
Q1. Can you explain what Decredit is to our community and what problems ultimately led you and your team to create this project? What do you want to offer users?
Jennifer : DeCredit aims to empower blockchain with Credit Oracle. The Credit Oracle is the basic service that connects the individual credit investigation profile and transmits it to the chain, so as to realize the mapping of the chain contract to the user’s profile. In simple terms, the Credit Oracle is a bridge connecting the blockchain and the real world, and supplements the off-chain credit data to on-chain.
DeCredit has created a world-leading credit strategy model through a credit oracle mechanism.Global deployment of credit data nodes to facilitate the integration of on-chain and off-chain credit data. Through encryption algorithms and credit predictor mechanisms, a complete on-chain credit system will be established to empower the DeFi market. We optimize the allocation of resources to provide liquidity support to a wider range of entities and individuals with the goal of reducing collateral.
The Defi products nowadays are almost in over collateral mode which means users would suffer from low fund utilization. Credit Oracle is still a blank field. DeCredit is an advocate of credit oracle. We fill the gap in the industry, empower the whole ecology. We also hope that users with good credit history can get more privileges on blockchain.
DeCredit oracle will combine its credit experience and AI algorithm to blockchain and Defi ecosystem. We will provide user’s credit score to Defi smart contract with Oracle, lower the TVL and thus enhance users’ fund utilization and liquidity.
Under this credit system, DeCredit is also committed to expanding and implementing more application scenarios, accelerating the construction of a global credit oracle. Our Credit Oracle can be opened up to other DeFi projects so that their users have the possibilities to get higher loan lines.
Q2. I saw Decredit working with LABS where Labs is a blockchain-powered real estate investment ecosystem, what is the mission of Decredit and LABS?
Jennifer : Here we can talk about our cooperation with LABS Group in detail.
LABS Group is the world’s first end to end blockchain powered real estate investment ecosystem. And they want to make real estate investment possible for everyone. In order for this to happen, they need to resolve the few core pain points of real estate investment, namely the lack of liquidity, high involvement costs and difficulty in cross border investments.
As they want to be able to allow users to stake their real estate tokens and then borrow against them, so that users can reinvest and hence financial leveraging. Hence collateralized lending platform is the best solution for financial leveraging on real estate assets. Thus, with this demand, we have reached a partnership.
With the development of the DeCredit protocol and more collaterals into the DeCredit deposit portfolio, we will introduce RWA, “real-world assets” (especially collaterals backed by credit quality support), aiming to cover DeFi investments in traditional assets.
DeCredit introduces NFT into this real estate RWA. Trusted Group is a credible organization with real estate management and financing credit resources, such as real estate credit companies, real estate financing companies. DeCredit provides stable pools to cooperate with these trusted groups. Trusted groups mint the property rights or titles of their housing assets to NFTs and deposit them into DeCredit’s pledge pool. Meanwhile, the credit data of the asset holder is sent to DeCredit’s oracle for rating, benefitting the lending from DeCredit’s borrowing pool with optimized liquidity. The trusted groups then convert the borrowed funds into fiat money and give it to LendCo. LendCo allocates funds to different real estate projects. When the investment cycle ends, trusted groups return funds back to DeCredit and redeems the collaterals.
Q3. Can you explain about collateral loans and credit loans? and how if you want to use the loan?
Jennifer : DeCredit supports both collateral loan and credit loan models.
The collateral loan model is suitable for scenarios such as crypto leverage and its protocol is somewhat like AAVE, where depositors provide liquidity and earn interest income by depositing cryptocurrencies into a liquidity pool.
Meanwhile, in the same liquidity pool, lenders can borrow cryptocurrencies by injecting, staking and paying some interest fees.
The risk management of the stake lending model includes Loan-To-Value (LTV), H(f) health factors and liquidation mechanism
Last but not least, DeCredit risk management mechanism is all driven by decentralised algorithms.
The credit loan model is applicable to a wider range of loan scenarios, such as project-specific funding loan, credit consumption loan, etc.
The protocol is based on a liquidity pool, which is dedicated to decentralised credit assessment relying on user profiles provided by trusted institutions, combined with peer-to-peer
aggregation and liquidity pool management for intelligent matching to facilitate risk control and liquidity matching for credit loans.
DeCredit L0 (i.e. score P<75) users can only borrow money on a secured basis and credit is available for L2 (i.e. score > or =89), with more loan scenarios becoming available as the crypto loan grows in scale.
Credit loan scenarios include (but are not limited to)
– End-user specific loan (subject to credit line)
– Line of credit authorization (refer to AAVE)
– Loan company-specific lending (refer to Goldfinch)
Q4. DeCredit’s blacklisted repository will be recorded on the blockchain and co-managed by institutional nodes in a distributed storage approach. Offers the advantages of consistency, sharing and openness. What are the benefits? @Bkdecredit
Jennifer : The benefits are information sharing. We will adopt a distributed storage (e.g. IPFS) scheme to store credit data, achieve decentralised sharing of credit data and scoring data, and promote the trans-border data flow of credit data.
DeCredit the data will be recorded on the blockchain relatively according to their scenarios in ways of recording the users’ data in the form of agreement through simple and efficient data collation and compression.
Additionally, traceability and rights confirmation will be available and data can be disseminated and exchanged within the chain of trusted relationships on the conditions of protecting the rights and interests of individuals and ensuring the privacy rights within the network.
DeCredit draws on the team’s accumulated credit data from years in the credit investigation industry. With the blacklist as the origin, the third-party credit investigation blacklist database under the chain will be integrated. All trusted partner organizations can add data to DeCredit’s blacklist for adoption after review. This means that we will continue to integrate users of default behavior on the chain, rich blacklist library. We have also built a list repository platform, which is updated, maintained and validated by all institutions through smart contracts, and offers a blacklist rewards program that rewards every valid blacklist data upload with tokens. Eventually build the world’s largest on-chain and off-chain co-governance blacklists. The DeCredit blacklist can not only be used by global DeFi projects, but can also provide credit oracle support for NFT and Metaverse projects.
Q5. So far, what have you prepared so that this project can grow rapidly?
Jennifer : We’ve already established Telegram, Twitter, Medium, and we plan to open more communication channels including Facebook, Discord, Instagram, etc. So far，we have built strong relationships with Litentry, Crust, Labs and Weblock. In addition, The mainnet just launched today, which is an important milestone for us. In the near future, we will cooperate with more IDO platforms for public offering, and in addition, we will cooperate with more Kols and projects to jointly promote our project and create better products for DEFI credit industry users.
SESSION QUESTION FROM TWITTER
Q1. From : @Kellylacyms Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project? What are the benefits of Holding $CDTC?
Jennifer : CDTC is the governance token on DeCredit and holding CDTC means the right to govern the DeCredit system. With great recognition and value in the DeCredit ecosystem, CDTC is defined as the public token (platform token) that circulates throughout the entire DeCredit. And CDTC has a pivotal role in both the scenario and the wallet ecosystem CDTC will issue a total of 300 million pieces, distributed as follows:
25% of the total amount (75 million CDTCs) will be used to support the ecosystem development of credit loans and provide ecological support for the lending and borrowing entities.
20% of the total amount (60 million CDTCs), node pledge and liquidity mining.
12% of the total amount (36million CDTCs), market and community governance, used for community construction, publicity and promotion, brand building, node incentive.
20% of the total amount ( 60 million CDTCs) will be used for team consultants, early investors, and early eco-supporters.
18% of the total amount (54 million CDTCs).
5% of the total amount (15million CDTCs).
Here are 4 reasons to hold CDTC tokens:
1.Long-term holders of CDTC can not only get profits from price increases, but more importantly, long-term holders can also share the profits, which are generated by paying for the use of our Credit Oracle.
2.Holding the CDTC could increase the credit scores so that to increase mortgage rate
3.Stake CTDC in our platform could earn more CDTC income
4.Stake CDTC could receive airdrop tokens.
Governance rights of holding CDTC include:
l Voting on major matters, including the Credit Loan project
l Addition of new cryptocurrencies or stablecoins
l Adjusting variable interest rates
l Setting fixed interest rates
l Oracle services
l Product rule improvements
l Rating score rule changes
l Rating level adjustments
We have listed on Bitmart exchange at present：https://www.bitmart.com
Q2. From : @durjana12345
Can you tell us about the team’s accomplishments so far? What are the primary goals that Decredit has yet to accomplish? If at all possible, give your road map as well.
Jennifer : What has been done so far can be divided into four parts.
Firstly we completed product development and deployed it on BSC. The functions provided by our products include deposit, loan and staking. Unlike other programs, the credit component helps users get more loans. Last month we conducted testnet events. More than 40,000 users have experienced our testnet.
The mainnet just launched today！
Secondly, we have established strong strategic partnerships with others including Litentry, Crust, LABS Group, Parami, Standard Protocol, etc.
Thirdly, we have listed on Bitmart exchange and at present, other exchanges are actively contacting us.
In the future, we will cooperate with more KOLs and projects to promote our projects, also, we will build a better product for our users in the DEFI credit industry.
Last but not least, the Credit Oracle project is already under way and we have contacted trusted institutions in several countries to discuss product and technical implementation of the Credit Oracle.
We plan to promote the following events in the next few months.
Firstly DeCredit has completed mainnet (DeFi) development and has deployed a credit oracle as a pilot.
Secondly, by obtaining information from trusted institutions in each country, DeCredit will implement on-chain and off-chain ID authentication for individuals.
Thirdly, DeCredit will build the world’s largest blacklist of on-chain and off-chain co-governance.DeCredit draws on the team’s accumulated credit data from years in the credit investigation industry. With the blacklist as the origin, the third-party credit investigation blacklist database under the chain will be integrated.
DeCredit will launch the Global Credit Algorithm Developer Program. The oracle service needs to rely on the credit investigation data of authoritative organizations in various countries and regions, DeCredit is dedicating 10% of its total coins to support the building of oracle service around the world.
In the future, the DeCredit products will gradually reduce collateral in credit lending and finally achieve zero collateral.
Q3. From : @imwiiw27 Security is an important aspect that contributes to community trust, especially in a platform that handles cash like DeCredit. So, what security mechanism is used in the DeCredit ecosystem?
Jennifer : There are two privacy protection issues with personal credit data stored on the blockchain: data confidentiality and the right to erasure. Data confidentiality refers to the fact that credit data is only visible to the user and the right to erasure refers to the right of the user to request erasure in certain circumstances.
According to the EU Parliament’s study, to protect credit data by means of “multi-level encrypted storage of personal data on the blockchain”, has potential to solve the confidentiality and erasability of credit data and meets the EU’s GDPR standard for privacy.
In order to protect the user’s data, we first need to ensure that the data is not publicly available, but the user’s credit data is so personal that even if it is stored on the DeCredit project’s servers. There is no guarantee that only the user will know about it. While if it is placed on the blockchain, the data volume would be too great a burden on the blockchain.
Considering this, we use the “off-chain data storage plus on-chain DNA fingerprinting” approach, where we store the hash value, which is the proof of the authenticity of the data on the blockchain, and the hash value of the same offline file is exactly the same. When a call is required, a pointer to the hash operation shall be presented,then the data will be retrieved and proof is provided by comparison.
The solution to satisfy the right to erasure is the following: the DNA values of personal data are stored in the DeCredit chain. This is encrypted using a triple key, one proprietary to DeCredit, one persistent Persistence key and one held by the user, whose encryption algorithm is AES256GCM, where the Persistence key is generated by the smart contract and stored on the server, as shown in the diagram. If a user exercises the right of deletion and requests that the information on the chain be removed, this can be done by destroying the Persistence key, which is encrypted with AES256GCM.
We have already passed the audit on Knownsec,and our technical directors have a wealth of experience on code as we will keep developing our product , so please don’t worry, the version you will use to DeCredit is passing the audit. https://audit.decredit.io/Decredit_Audit_Report.pdf
Q4. From : @cantikamaliaaa Every project requires marketing in order for everyone to understand the potential that a project has to offer. What is your plan for attracting new users and investors to your platform and keeping them on for the long haul? @Bkdecredit
Jennifer : We have a TG community of more than 80,000 members and close to 70,000 Twitter followers, which is a relatively large community size in the field of encryption. These social media sites have allowed us to reach out to a wider audience in the non-crypto community, and to let them know about DeCredit.
We’re exploring giving more privileges to users with good credit scores within our own ecosystem. They can get more credit lines and use them in many ways, including the purchase of NFT assets.
We’re also expanding our community by giving more rewards to loyal users. For example, the upcoming Ambassador programs will enable our users to benefit from long-term CDTC ownership, including:
Profits gained from the rising price of tokens, staking tokens, dividends from oracle machines, extra rewards for super nodes, etc.
Through the Ambassador Program, we will build more small language communities in the future, such as the Philippines, Indonesia, Korea and so on.
Q5. From : @QuNguyn61793298 Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform? @Bkdecredit
Jennifer : DeCredit is the inventor and advocator of the Credit Oracle, which makes us stand out from the competitors. No matter for C – end or B – end users, credit is indispensable.
To C, DeCredit could lower the TVL and raise the liquidity and fund utilization. And in other scenarios, credit could be used to simplify the process or decrease the cost.
To B, DeCredit would make the products more attractive without paying additional cost.
Our advantages are mainly in these aspects. Firstly, we are the world’s first protocol to build an “on-chain and off-chain” omnichannel lending scenario. Secondly, we are the first project to realize regional level and global level credit oracle. Furthermore, our biggest foundation is that our team has been deeply engaged in the credit investigation market for many years and has rich industry resources in credit investigation protocol, big data credit investigation, industrial fund, data risk control, etc.
SESSION FREE ASKING
Q1. Please provide more information on your ROADMAP. What are the most anticipated plans and events for the next few days and months that we should be aware of?
Jennifer : For our future, we are looking forward to build DeFi protocal 2.0 via our credit lending and multi-chain layer2 extention solutions, coupled by our initial and long-standing commitment to provide innovative, revolutionary and decentralized DeFi sevice for users with finacially manageable risks to build a much healthier open finance market.
We will integrate DeCredit credit loan module into the collateralized loan.
We will expand our credit loan to more real world scenarios. (To cooperate with a real estate project)
1st Half 2022
We will build up a privacy solution and run DeCredit Scoring algorithm in a trustable environment.
We will build up a distributed storage solution.
We will build our decentralized credit oracle with node and oracle aggregators.
2nd Half 2022
We will offer each of our user a distributed ID and count his on-chain credit data into DeCredit Oracle’s rating as well.
So far, we have finished the Q3 plan, as well as brand update, liquid lending pool, the cooperation with Litentry and Crust, etc. We will work harder to get the project better, let’s stay tuned!
Q2.Without your proper team proper marketing and capital infiltration, the project dies. How do you convince us you have adequate marketing power and capital to push this project to the top project?
Jennifer : Firstly, unlike other projects, we have our own well-run financial and credit entities. Our company helps other startups with funding issues, including but not limited to obtaining loans from banks, obtaining equity financing, etc. We collect fees from our clients, which means our founding team didn’t build DeCredit for short-term gain. DeCredit, on the other hand, is part of our ecological landscape that we are willing to invest in for long-term competitiveness.
Secondly, DeCredit has a lot of profit points. For example, when we complete node deployment of Credi Oracle in some countries, we can export credit scores to other projects on the chain, including but not limited to DeFi, NFT and Metaverse. It can be said that any on-chain project needs to incorporate an element of credit in order to build a credible on-chain ecosystem.
Q3. Trust is very important in business, what makes investors, customers and users feel safe when working with your project ?
Jennifer : First of all, we have a strong team.
Our team has rich experience in the Blockchain and Crypto industry. Team members are from well-known blockchain teams and medias. Core dev has more than 15 years of software and blockchain development experience. BD director is from a mainstream blockchain media.
Secondly, the natural combination of credit and DeFi. Whether it is loans, bonds, insurance or stocks, financial products need credit as the underlying backing. Traditional financial institutions make investment and operating decisions based on credit. Credit will also become an indispensable element in blockchain.
DeCredit is not only the inventor and advocator of Credit Oracle, we will be the first one to implement Credit Oracle and open them up to other projects.
DeCredit will evolve with investors, and I believe that with a professional team and advanced ideas and technologies, Decredit can gain investors’ trust.
Q4.What advantage do you think the your platform has over its competitors? Why should we choose you?
Jennifer : There are several oracle solution providers in the industry, including Chainlink, Oraclize, Dos Network, and others.
But， as far as we know, no other organization is running a credit oracle, which means we have no competition.
Chainlink’s solution is to use smart contracts on the chain and data nodes off the chain to request and send data through reward and punishment mechanisms and aggregation models. Oraclize: A demonstrably honest oracle service that relies on Amazon’s AWS and TLSNotary technology. DOS Network: a Network that provides decentralized oracle services.
Up to now, Credit Oracle is still a blank field and DeCredit is an advocate of it. The huge variation in the credit data of citizens in different countries makes it difficult to implement Credit Oracles.
However, some of the DeCredit team members have years of experience in credit algorithms, big data risk control and others have a deep understanding of smart contracts and oracle, which is also the basis of our standing in the industry.
Our advantages are mainly in these aspects. Firstly, we are the world’s first protocol to build an “on-chain and off-chain” omnichannel lending scenario. Secondly, we are the first project realized regional level and global level credit oracle. Furthermore, and it’s our biggest foundation is that our team has been deeply engaged in the credit investigation market for many years and has rich industry resources in credit investigation protocol, big data credit investigation, industrial fund, data risk control, etc.
Q5. Can you explain which one is the main priority? Security, Product, Partnership or Token price? And how is security guarantee for your investors and customers of your product?
Jennifer : Empowering Platform Development is most important for us. Because the product is the foundation of a project.Projects become more valuable as the product is constantly improved and there are more practical scenarios. More applications will maintain existing users and attract new ones to participate, which will eventually be reflected in higher prices for tokens.