Millions of users around the world are using centralized financial services that provide lending services. These services are concentrated in the hands of few large banking organizations that dominate the market and formulate conditions, guided by their own profit, rather than customer's needs.
Private lenders are forced to apply to financial monopolists, thanks to which the interest income for creditors is reduced, and for borrowers, rates are raised. The challenge is to create a decentralized ecosystem based on healthy competition and incorporating many organizations so that consumers can choose their loan services based on their own preferences, not on centralized banking services conditions.
The new Distributed Credit Chain platform seeks to reform the industry, which is controlled by centralized financial structures and provides the world's first distributed banking blockchain, the goal of which is to create a decentralized ecosystem for financial service providers around the world.
Distributed Credit Chain revolutionize the financial industry
The decentralized banking system includes various companies providing lending services, in which preference will be given to organizations that provide the most favorable conditions for their clients.
The Distributed Credit Chain platform will allow credit institutions and borrowers to interact directly, resulting in reduced operating costs. Borrowers will receive loans at reduced interest rates, and lenders will make more profit.
How does the platform work?
The Distributed Credit Chain blockchain contains an account system based on unique DCCIDs. Each user is given access to personal data that was previously only available to credit institutions. Decentralized data storage will significantly improve security and minimize the risks of unauthorized access, and all actions in the blockchain will be monitored and easily verified.
Distributed Credit Chain advantages:
Easy access to personal data
Users can access this information directly at any time without contacting credit agencies.Improved security
Information stored in one place is not protected from hackers. A striking example is Equifax, which was hacked in 2017, and attackers unveiled social insurance numbers of all customers.Favorable rates on loans
Integrating many financial organizations, the platform creates an environment based on competition, rather than collusion, which is customary in the traditional financial sector. Due to this, customers will choose companies offering favorable conditions, and centralized organizations will weaken their grip.
Token's economics
The DCC platform tokens are based on the Ethereum blockchain system and are compatible with the ERC-20 standard. They are designed to pay for access to data and credit reports. Financial companies use tokens to pay for the verification of customer's data. The size of payment is set by borrowers themselves, and credit organizations can set a minimum threshold and regulate applications' priority.
Summary
DCC is a promising project that transforms the lending industry, providing customers with favorable loan terms and providing a more efficient business model in which both borrowers and lenders benefit.
The project has a strong, experienced team and is supported by large investment funds such as JRR Capital, AlphaCoin Fund, Nirvana Capital and others.
The project successfully and quickly reached its hardcap. In just the first 20 minutes after the public tokensale's launch, DCC raised 14,499 ETH and 26 200 000$ in two private rounds. This indicates the popularity of online lending around the world and the high demand for the project.