AMA with DeCredit
Q1. What is DefiCredit about and how does it empowers the Defi market ?
DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models
It links credit authentication nodes and credit Oracle to lending products on the premise of existing encrypted collateralised loan models
with a view to progressively reduce and finally eliminate collaterals, enabling staggered resource allocation and enabling the blockchain paradigm to inclusively empower the traditional financial lending sector
By doing this, DeCredit leverages the tremendous momentum generated by DeFi to provide liquidity support to a wider range of entities and individuals
Q2. What are the advantages DefiCredit brings to the table compared to other Defi products ?
Our advantages are mainly in these aspects
Firstly we are the world first protocol to build "on-chain and offchain " omni-channel lending scenario
secondly we are the first project realized regional level and global level credit oracle
Furthermore, and it's our biggeest foundation is that our team has deeply engaged in 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
Q3. What is your partnership with LABS about ?
LABS Group is world's first end to end blockchain powered real estate investment ecosystem
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
therefor, collateralized lending platform is the best solution for financial leveraging on real estate assets. Thus, with this demand, we have reached a partnership.
We can check the picture above to know more:
1.DeCredit is a decentralized lending program powered by a credit oracle that matches peer-to-peer and user-to-user ending behavior on a blockchain network. DeCredit's stable-coin lending pool is available for this collaboration with LABS Group.
2. LABS Group mints the property rights or titles of its housing assets to NFTs and deposits them into DeCredit's pledge pool. Meanwhile the credit data of the asset holder is sent to DeCredit oracle for rating benefitting the lending from DeCredit's borrowing pool with optimized liquidity.
3. LABS Group then converts the borrowed funds into fiat money and gives it to LendCo.
4. LendCo allocates funds to different t real estate projects.
5. When the investment cycle ends, LABS Groups returns funds back to DeCredit and redeems the collaterals.
Thanks for the Detailed Answers
Q4. What is the utility of DefiCredit native token in the platform?
Here are utilities of CDTC tokens:
1. Holding the CDTC could increase the credit scores so that to increase mortgage rate
2. Stake CTDC in our platform could earn more CDTC income
3. Stake CDTC could receive airdrop tokens.
Also, governance rights of holding CDTC include:
Voting on major matters, including the Credit Loan project
Addition of new cryptocurrencies or stablecoins
Adjusting variable interest rates
Setting fixed interest rates
Product rule improvements
Rating score rule changes
Rating level adjustments
Q5. Can you tell us about some of the ongoing major developments that will come to fruition before the year ends?
Last one in this segment
In the coming months, we will finish public fundraising in several IDO platforms, and get listed in some CEXs
As for the product, we are currently finished with the beta version and has deployed on the BSC
btw, the testnet event is ongoing, welcome all your guys join and receive the reward! https://twitter.com/DeCredit001/status/1433462673123860482
Here is our testnet link: http://test.delayer.io/dashboard
We will continue to upgrade the DeCredit collateralized function and complete and credit loan part, as well as the assets expanding. So let’s stay tuned!
And don’t forget to join our Telegram and follow our Twitter. More events are coming soon!
Community ask questions from Twitter
DeCredit provides a decentralized Multiple Assets betting pool known as 'Mpool'. What major currencies will be supported when Mpool is launched and how will users deposit assets into it? How will Mpool's lending and risk management processes be directed or regulated?
Currently, we support BTC, ETH, USDT, BNB, BUSD
To deposit the tokens, firstly, you need to get the permission from the metamask wallet,
Click "deposit" to deposit tokens into our platform
And if you want to borrow tokens
open the collateral button, then you can borrow tokens according to your available borrow limits on the borrowing page.
And to avoid the risks, we have rules follow:
The borrowed funds must first be staked and are always less than the value
of the collateral, i.e.
DeCredit Lend < Collateral
Taking into account liquidation risk, cryptocurrency volatility risk and in order to avoid triggering systemic risk, DeCredit sets Loan-To-Value (LTV)
Each reserve has a specific Loan-To-Value (LTV), which is calculated as a weighted average of the different items that make up the collateral.
Last but not least, don’t close the collateral button before you repay all your tokens, or it will trigger our liquidation mechanism to cause unnecessary loss.
DeCredit is the world's first protocol to create an omnichannel lending scenario "on and off the chain". What does it mean for DeCredit to be an omnichannel loan scenario? How does this work?
As for current lending products, they have very limited credit loan scales due to the lack of off-chain credit information introduced
and to it, DeCredit introduced DeCredit Scoring System and oracle to create a complete credit rating mechanism so that to build on and off chain lending scenarios.
It means a lot to the whole lending market, and we believe that as cryptocurrencies become more popular, more and more projects will join the building of a trusted lending financial ecosystem, a new opportunity for decentralised credit protocols.
DeCredit supports both collateral loan and credit loan models
the collateral loan model is suitable for scenarios such as crypto leverage, 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
While The credit loan model is applicable to a wider range of loan scenarios, such as project-specific funding loan, credit consuption loan, etc
With the development of DeCredit protocol and more collaterals into DeCredit deposit portfolio,
we will introduce RWA, ”real world assets". DeCredit will work with trust companies, lending companies, real estate, etc. around the world to develop a RWA framework so that to create a real world lending scene
At the beginning all projects fill the expectations with promises that maybe they will never complete, and then they are just disappear or just fail, so can you tell us how Your project will be able to overpass this intrinsic behavior that a lot of project are suffering?
First of all, our core team has many years of experience in the off-chain credit industry, and has a reliable credit model that has been verified for many years, which is difficult for other projects to have.
Secondly, as a team that has been deeply involved in the credit industry for many years, we understand the importance of credit better than anyone and value the needs of community members.
As cryptocurrencies are becoming more popular, more projects come out with an empty concept and product, and play users for a sucker.
For DeCredit, we adopt the decentralized credit service to create a on chain and off chain lending scenarios, which can make sure that our product has real utility in current market
once the product has its meaning to exist and token has multiple utilities, the project can have a long term development.
Also, the Credit is so important in our modern world, not to mention its function in the traditional credit loan and financial market
it also plays an essential role in the emerging crypto world, like NFT and Metaverse, which can all reach possible cooperation with.
So we are confident that we can have a bright future in both the product and marketing development side.
Community ask questions from Website
Q1: Have you complete any AUDIT? Do you have any AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable? @adamibnu
Yes, our smart contract has been audited by KNOWNSEC, and here is our official announcement about it: https://twitter.com/DeCredit001/status/1428259380835741699
Community pls check it
Q2: in the world’s credit system, and so many good security systems. of course to secure all the assets of all parties. So, what kind of security system does DeCredit use? then how strong is the security system that DeCredit uses? and why did DeCredit choose that? @Arriiiaaaannnnna
Security is always our priority, and in order to protect the user's data, we first need to ensure that the data is not publicly available,
as 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.
Q3:So can you tell us what so special in your Oracle System and what does #DeCredit aims to do and to achieve?
Oracle is one of the DATABASE language its used for Create database,tables,records, etc
And with the introduction of oracle, we can transmit a comprehensive score of users based on the data uploaded by the said selected institutions to DeCredit blockchain for the purpose of assessing the credit line and APY in terms of crypto credit loans
Also, region-based Oracle machine nodes will be integrated to build a globally distributed Oracle credit network architecture, so that to provide individual assets, liabilities, flow and other credit limits for credit loans
DeCredit is committed to leading the DeFi protocol 2.0 market.
DeCredit extends the crypto-collateralised lending model with a credit-based lending model,
aiming to introduce off-chain credit ratings to the DeCredit platform using credit authentication nodes and Oracle machines to provide differentiated lending limits and interest rates based on on-chain and off-chain credit assessments, bringing more lending markets into the market.
Live Questions answered by Decredit
Does DeCredit has guide videos or step-by-step instructions on how would the users fully navigate and utilize your products, services and platform? If so, can you share the instructions to us?
The video instruction will be come out soon. But before that we are currently holding testnet event, you can join us to try our product and recieve the rewards! (Instructions are included in it)
2)Shito San 🌳:
-You comment in your roadmap that by the first half of 2022 you will create a privacy solution and run the DeCredit scoring algorithm in a trusted environment. Can you tell us about how this scoring algorithm will work and what role it will play in your platform?
The Credit-Scoring algorithm uses mathematical and statistical algorithms to build different models based on the information entered by the user or the credit information
to analyse the user's profile in a comprehensive manner and to calculate the individual scores of several dimensions, and finally to give the final composite score of the individual. User qualifications and models will be executed using smart contracts.
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
We are aim to realize the loan scenario without collateral.
In the near future, we will finish public fundraising in several IDO platforms, and get listed in some CEXs. Upgrading the DeCredit collateralized function and complete and credit loan part, as well as the assets expanding
What are the Achievement So far since the existence Of DeCredit community?
In addtion to our Telegram community develepment( 7*24 hours CS support* daily quiz game), more people follow our Twitter and pay attention to our related video and airticles.
Also, we have reached strategic partnerships with Litentry, Crust, Labs and Weblock. They really provide many industry resources support to us.
As for product, our beta version has deployed on BSC, and testnet has launched. BTW, the testnet event is ongoing, come and join it!
More events will come out in this month, let's stay tuned!