Digital Credit

Our Analysis

Team: 6.8

Feasibility: 6.5

Product: 6.5

Overall Rating: 6.6

Short Description: Digital Credit is designed using a brand new blockchain architecture by implementing POA (Proof of Ability) actions(such as challenge, competition, test, teaching, posting, ranking, achievement, contribution, review and voting etc.) to create a decentralized, trustworthy, easy to use, immutable, autonomous digital credit community and application platform.

Category: Banking

Category: Tokens Cryptocurrency



Community or application members can apply for loans or crowdfunding, sell tickets or even get a reward from Digital Credit by their credit database only based on their own, genuine talents.As we all know, there are problems in modern bank credit system. In a speech, a famous Chinese economist Zhu Wu Xiang, who is a professor in Tsinghua University has said:"I have applied a credit card years ago from ICBC bank, it makes me feel shame that they only give me 20,000 RMB(about 3,000 USD) limit, what kind of big data is this? They increased the limit up to 30,000 RMB(about 4,500 USD) after a year. They explained that I don't use the credit card often so they can't approve a higher limit. Yes, I don't use the credit card very often, but that does not mean I have a low credit level. So there are problems with existing bank credit assessment methods. So the current bank credit assessment methods are often based on scattered, limited, biased and incorrect information that will cause problems. Bank loan, so called no mistakes, however, there are a lot of bad debts in reality."By using blockchain technology, Digital Credit will build a decentralized, ability proving(POA, Proof of Ability) based community and application platform that makes talent the main standard of credit evaluation. Why talent can be the main standard of one's credit evaluation? Because in an open, widely involved, competition based, result and performance based environment, one's talent cannot be faked. So talent can be verifiable, and the assessment of talent is objective and fair, therefore, the credit assessment based on talent is objective and fair as well. In other words, if one does have the ability and skills, you don't have to worry that he can't make money by his talent.To build a credit platform based on ability proving actions such as competition, challenge, testing, review and contribution, there are many benefits. For example, it brings fairness and objectivity, because of fairness and objectivity, those talented people who have no money or social status will stand out in our platform. Because our platform is a worldwide platform, we can maximize the use of talents all over the world, no matter where they are. In this sense, our platform is also a human resource platform and crowdsourcing platform.

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