INTRODUCTION
The invention of cryptocurrency has led to many unexpected destinations, but two things are certain: the technology is more secure/private and transactions are once again dominated by individuals. With the rise of bitcoin privacy and security have become the norm again and the possession of currency is far more certain. There is no need to blindly trust an organization like a government to back the value of your savings, there is no need to blindly trust a traditional bank with your assets and your money and beyond security and privacy, the biggest revolution cryptocurrency has brought about is the P2P transaction.
This kind of transaction has been the norm for the greater part of human history. I have a coin and I give it to you for chicken. But nowadays I’m far more likely to use a card which goes through a payment processor and a bank and then finally to the bank of the merchant and then it is all approved backwards to tell the machine that everything is going fine. This system depends on a lot of organizations and people that most of us don’t really trust. But crypto has changed all that. Trust has returned with the personal transaction, even if that transaction is remote.
DECENTRALIZED PROCESS
Decentralization has made very difficult the development of ‘crypto version’ of the old untrustworthy structures of finance. Your money is far more likely to stay in your wallet and since only you have the private keys there is really nothing anyone else can do with your money without first asking you permission.
Furthermore, there is no longer a need to use centralized payment structures as Bitcoin is completely borderless and peer-to-peer. Two individuals don’t need the permission of any third party to perform a transaction.
Over the centuries, money has taken a wide variety of forms, including (to name but a few) gold, silver, iron ingots and cowrie shells and, since 1971, debt-based representative paper (i.e. fiat money) and, more recently, electronic digits in computer memories. But whatever form it takes, money has no intrinsic value of its own independent of the value ascribed to it by those who use it.
DCC
Distributed credit chain which in short is known as DCC is established to business standards, reach consensus on the books, deploy business contracts, implement liquidation and settlement services, and so on, for a variety of distributed financial business. This massive project will begin with conducting credit business on DCC, and reconstruct the business ecosystem of traditional credit through decentralized thinking and distributed technology.
Some advantages of DCC ecosystem includes:
- The unique and tamper-proof identity system.
- The credit reporting system without data island or data monopoly.
- Efficient, low-cost credit business system.
- Cross-entity, permanent data storage and shared creditor’s rights record.
- Asset securitization with excellent asset liquidity.
- Liberalized interest rate formation mechanism.
Distributed Credit Chain (DCC) as the world’s first distributed banking public blockchain with a goal to establish a decentralized ecosystem for financial service providers around the world. Decentralized credit chain vision is to empowe credit with blockchain technology and returning ownership of data to individuals, DCC’s mission is to transform different financial scenarios and realize true inclusive finance.
DCC: THE PROBLEM SOLVER
This are steps in which DCC tends to eradicating pending issues;
• BORROWERS: Borrowing is known as taking and using (something belonging to someone else) with the intention of returning it. There are a lot of people with specific borrowing demand, they’ll have to establish blockchain account to authorize data service provider and Initiate borrowing request from the DCC platform.
• Data Service Provider: They Integrate individual data and store them on the chain, clean dirty data, and provide data standards on the DCC platform.
• Credit History Feedback: In this section, everything is cross checked and all data’s are looked on. The approved credit history reports generated on blockchains prevent problems such as long-term borrowing and repeated test borrowing.
• Algorithm & Computation Service Providers: The DCC extract characteristics from data, make judgments based on policies and quantify judgment based on characteristics it has gathered for onward projections.
DCC WALLET
DCC uses a wallet similar to the Ethereum, this wallet would consist of a private key, public key and an address.
TOKEN DISTRIBUTION PLAN
DCC has a total of 10,000,000,000 tokens, 200,000,000 would be issued during the initial coin offering (ICO) to non-chinese and American citizens.
ORGANIZERS
The DCC initiative is a product of Cyber Sheng Foundation Ltd. This foundation is a non-profit organization established in Singapore. The Foundation is committed to maintaining the healthy growth of the entire ecosystem in the First phase of building of Distributed Credit Chain. Other notable names involved in this project are: Stewie Zhu, Daniel Lu, Stone Shi, Chen Yu, Yao Ming and a whole lot of advisors, partners and early investors.
CONCLUSION
With the way cryptocurrency works, with you holding the keys to your wealth at all times and with transactions being publically recorder, we have entered a new age of trust. DeCentralised Technology is one of KEYS to releasing the shackles on humanity, and you can keep LOCKING it back up or support those trying to steal the keys.
For more information please visit the following sites
Website: https://dcc.finance
Twitter: https://twitter.com/DccOfficial2018
Facebook: https://facebook.com/DccOfficial2018
Telegram: http://t.me/dccofficial
https://my.bountyguru.com/campaign/141
Author's name: Ogidinta Lawrence
Author's Email: everlyshatox1990@gmail.com