Amelia: Hi everyone, you will be muted because we are going to have an AMA with DeCredit team in 5 minutes. Do not worry and get ready for Part 3 Live Questions.
Jeniffer: nice to meet your guys~
Elizabeth: Glad to have you too
Benason: Less than 3mins…..
Part 1: Introduction
Amelia: Hi dear Parami Community! Today we are hosting the team from DeCredit for an interesting AMA ! We are very eager to hear more about this amazing project.
Amelia: Nice to meet you, we are glad to have you here😃
Jennifer: yeah, glad to be here
Jennifer: Let’s get started!
Amelia: It’s such a pleasure having you here. I will start with a few introductory questions so everyone can get an idea of DeCredit
Amelia: Please introduce you and your project to the group. I know members in this group are eager to know more about you and the project!
Jennifer: I am Jennifer, COO of DeCredit and now take charge in operation part of DeCredit pro
Jennifer: I am an early crypto lover and get involved in this industry since I graduated from the university,
Jennifer: at first, I was an assistant of COO in a well-known exchange, then I start to take over some operation jobs in different projects on my own, and many of them get listed on Binance, Hotbit, Okex, etc.
Amelia: That’s quite a resume!
Jennifer: thank you
Jennifer: Today, it’s my pleasure to be here to share you with DeCredit
Amelia: Nice introduction😎
Amelia: So what is DeCredit?
Amelia: in a nutshell
Jennifer: DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models.
Amelia: 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.
Jennifer: By doing this, DeCredit leverages the tremendous momentum generated by DeFi to provide liquidity support to a wider range of entities and individuals.
Amelia: so DeCredit is such a trailblazer in this credit authentication field
Amelia: How do the team start the idea of building DeCredit?
Jennifer: We are a credit loan company with 200k+ user base. We’ve seen a lot of pain points in the traditional credit loan industry like user information is abused and users cannot find his matching products.
Jennifer: Last year, we were attracted by Blockchain technology and ecosystem. It’s decentralized and transparency features will help users to protect their own data and they have access directly to the Defi products they need.
Jennifer: However, on the other hand, the Defi products nowadays are almost of over collateral mode which means user would suffer from low fund utilization.
Jennifer: DeCredit will combine its credit experience and AI algorithm to blockchain and Defi ecosystem. We will provide user’s credit score to Defi smart contract thru an Oracle, lower the TVL and thus enhance users’ fund utilization and liquidity.
Amelia: That’s a great application of blockchain technology in a off-chain scenario!
Amelia: One last get-to-know question, what is your recent milestone?
Amelia: or the major update you are going to deliver
Jennifer: As for products, our credit-based decentralized lending products have been developed and the testnet events have been completed successfully with more than ten thousands of people join in.
Jennifer: In terms of marketing part, we have reached strategic partnerships with Litentry, Crust, Labs, Weblock, and Parami, and cooperated with KOLs and communities in many countries.
Jennifer: We have also issued public offering with Duckstarter and Flybit, two well-known IDO platforms, all the processes went smoothly. As for operation, our community and Twitter have reached 90k and 66k respectively, and the community ambassador recruitment and daily quiz game are held in the group for each user to join DeCredit.
Jennifer: In the near future, we will be listed on CEX and DEX, and recruit more volunteers, KOLs to boost our brand, let’s stay tuned!
Amelia: serious project with ambitions!
Part 2 Twitter & Telegram Questions
Jennifer: Ok, now we will proceed to Part 2, 5 questions from Twitter and Telegram audience.
Amelia: Question 1 from Twitter user @SyminuL
So #DeCredit is a lending/synthetic asset protocol. My question is what kind of synthetic asset lending model is offered on the #DeCredit platform? To add to that with the #LABS protocol how can users print their p-assets?
Jennifer: DeCredit supports both collateral loan and credit loan models.
Jennifer: 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
Jennifer: meanwhile, in the same liquidity pool, lenders can borrow cryptocurrencies by injecting, Staking and paying some interest fees.
Jennifer: The credit loan model is applicable to a wider range of loan scenarios, such as project-specific funding loan, credit consuption loan, etc.
Jennifer: 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.
Jennifer: LABS Group is 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.
Jennifer: 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.
Amelia: So this is like financial brokering in real estate industry for higher capital efficiency
Amelia: but better credited when powered by blockchain
Amelia: feeling good that I understood complicated financial stuff😉
Amelia: Question 2 from Twitter user @cudosinichi9
What role does the community play in the #DeCredit? What have you done and will do to attract people to join #DeCredit and build a thriving community?
Jennifer: 1. We always value our community as they really play a very important part in DeCredit future development. The users who hold the CDTC have the governance rights in our community like voting or setting fixed interest rates, etc.
Jennifer: 1. We provide 7*24 customer service in our TG group. Also, we have a daily quiz game for everyone to join and get the rewards. Currently, we have issued the community ambassador program for all the members to join in and become a part of the DeCredit.
Amelia: Question 3 also from Twitter user @cudosinichi9
DeCredit will provide a decentralized Multiple Asset staking pool known as Mpool. What are the main currencies that will be supported when Mpool is launched and how wil users deposit asset into it? How will the lending process and risk management of Mpool be directed or governed?
Jennifer: Currently, we support BTC, ETH, USDT, BNB, BUSD. And our mainnet will be launched on the official website in the near future.
Jennifer: To deposit the tokens, firstly, you need to get the permission from the Metamask wallet and make sure your wallet has enough supported tokens, then deposit tokens into our platform after authorization.
Jennifer: In terms of liquidity pool risk management, DeCredit uses a fully
see-through funds management algorithm based on the blockchain and the whole process is operated on-chain by smart contracts.
Amelia: Question 4 from user @anhquang1905
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?
Jennifer: 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, 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 toogreat a burden on the blockchain.
Jennifer: 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.
Jennifer: The solution to satisfy the right to erasure is the following: the DNA values of personal data are stored in the DeCredit chain.
Jennifer: 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.
Jennifer: 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.
Amelia: I believe such triple factor authentication is fairly secure.
Amelia: Question 5, also the last question for Part 2 from user @TommyBinh1
How will your platform reconcile the real estate industry with the use of NFT for RWA? How do LendCo and trusted groups work with each other, can you give information about the system?
Jennifer: With the development of DeCredit protocol and more collaterals into 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.
Jennifer: 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.
Jennifer: Trusted groups mint the property rights or titles of its housing assets to NFTs and deposit them into DeCredit’s pledge pool.
Jennifer: 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
Jennifer: The trusted groups then converts 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 returns funds back to DeCredit and redeems the collaterals.
Amelia: sophisticated structure!
Amelia: So, that’s all for Part 2. We will continue to Part 3, Live Questions from community
Part 3 Live Questions
Amelia: Now I will unmute everyone and feel free to post your questions, max 2 questions count for everyone.
Amelia: Get ready…
Amelia: Question 1 from @bigboicity12
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Jennifer: Yes, Whenever the user uploads his credit or increases his mortgage rate, the system will burn the tokens according to a certain percentage of the increased mortgage rate.
Amelia: Question 2 from @xXMrAkatoshXx
What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?
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).
Jennifer: Here are 4 reasons to hold CDTC tokens:
- Holding the CDTC could increase the credit scores so that to increase mortgage rate
- Stake CTDC in our platform could earn more CDTC income
- Stake CDTC could receive airdrop tokens.
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
- Oracle services
- Product rule improvements
- Rating score rule changes
- Rating level adjustments
Jennifer: And currently, CDTC hasn’t been listed, but will be listed on Bitmart and Pancakeswap in the near future. Let’s stay tuned!
Amelia: Question 3 from @wb1985ADS
What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability?
Jennifer: Our advantages are mainly in these aspects.
- we are the world first protocol to build “on-chain and off chain “ omni-channel lending scenario.
- we are the first project realized regional level and global level credit oracle.
- Our 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.
Amelia: Question 4 from @haunguyens
💬💥Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?
Jennifer: Q3 2021
We have finished development of DeCredit Loan (Collateralized) and we are deploying and testing it on BSC testate.
We will deliver a solo DeCredit rating system with DeCredit Scoring algorithm.
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)
And we plan to get listed on Bitmart and Pancakeswap in the near future, bigger exchanges are also within our consideration. Let’s keep following us!
Amelia: Question 5 from @arianahifi
Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable???
Jennifer: Yes, our smart contract has passed audit by the Knownsec Blockchain Lab recently, which is a very professional audit company.
Amelia: Well done Jeniffer
Amelia: That’s almost the end of this AMA
Amelia: Now, please post links if someone wants to know more and follow #DeCredit updates @Bkdecredit
Amelia: Welcome to follow us~
Amelia: Thank you for all, see you~
About Parami Protocol
Parami Protocol proposed an AD 3.0 paradigm for Web 3.0, to establish a user-centric tokenized advertising economy. AD3.0 is the accelerator of Web3.0, fueled by the Decentralized Identity (DID) and Zero-Knowledge Proof (ZKP) technology stack. It aims at giving the rights and profits, which have been long exploited by Web2.0 service providers, back to the users. As a parachain built on Substrate, Parami protocol provides tokenized ads service for other parachains in Polkadot / Kusama through relay chains.
DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models, that is, linking 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 enable 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.