AMA RECAP — Whale Blockchain Enthusiast with DeCredit
Dear community Whale Blockchain Enthusiast, On 22nd of July 2021, DeCredit conducted an AMA in the Whale Blockchain Enthusiast. Our guest is Catherine, CMO of DeCredit.
Lots of questions as usual from the Community about DeCredit progress. The DeCredit team took part in a very interesting AMA session which included Project introduction, Questions from twitter, and a live AMA session with the WBE community. If you missed the AMA in person, read this recap for a deeper insight into DeCredit.
Let’s take a look at the most interesting points of our conversation.
🐳 Segment 1: Project introduction
Welcome Catherine ! And thanks for joining us for your on the Whale Blockchain Enthusiast Telegram. For new community members can you please Start by Introducing yourself and telling us a bit about your background in the blockchain space and DeCredit ?
Catherine | CMO DeCredit: Hello, everyone, I’m Cathrine, the CMO of DeCredit. I am a early crypto investor and crazy about this field.
let me talk about DeCredit now, 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.
Are there any special requirements for users who want to borrow funds on the DeCredit platform?
Catherine | CMO DeCredit: We have a strict scoring system. Once you have a higher score, which means you have a higher level, the system will increase your mortgage rate to better improve your asset utilization.
What products does DeCredit have and what makes you special from other DeFi projects?
Catherine | CMO DeCredit: Our advantages are mainly in these aspects.
- We are the world’s first protocol to build an “on-chain and off-chain” omni-channel lending scenario.
- We are the first project to realize regional level and global level credit oracles.
- Our biggest foundation is that our team has been deeply engaged in the 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.
Security is very important for the DeFi project to make sure users feel safe depositing their funds on the platform, can you explain the security system you are using?
Catherine | CMO DeCredit: In order to protect the user’s data, 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.
Partners are very important for every project today, may I know which partners you have now and which partners in the future you will be heading to DeCredit ?
Catherine | CMO DeCredit: So far, we have built the relationships with Litentry, Crust and Labs. We welcome the partners from different fields to build possible relationships with us, so that we can create a diversified DeFi lending world together!
What’s the focus of the DeCredit now? Build and develop products, win customers and users or etc ?
Catherine | CMO DeCredit: Currently, we are focusing on the product development, and will be listed on BSC soon, but at the same time, we also looking for more corporations and communities development.
What is the role of tokens in the ecosystem. Where can people currently buy $CDCT , What is the functions of the tokens #DeCredit ?
Catherine | CMO DeCredit: CDTC is the governace token on DeCredit and holding CDTC means the rights to govern the DeCredit system.
CDTC’s governance rights such as: Voting on major matters like DeCrdit loan project; adjusting variable interest rates; rating score rule changes; rating level adjustments; improvement/suggestions. Similar rights will be added to token governance.
CDTC has value in the Decredit ecosystem. Additionally, CDTC plays an important role in Decredit’s application scenarios and ecosystem, and we’re all going to give it more power in our ecosystem, holding CDTC will become increasingly important.
We will be listed on some exchanges on the end August, stay tuned!
🐳Segment 2: Questions from the Twitter
Question from @luckyjem02
How many ways can I make passive income? If I can easily bet other tokens to generate income then what would be main incentive #DeCredit users to acquire the $CDTC token?
Catherine | CMO DeCredit: Users deposit their crypto assets into the liquidity pool and lenders lend out funds from the pool, so that users can earn part of the interest in this way, while it also increases the liquidity of the crypto assets.
as we talked above, 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 scenarios and the wallet ecosystem.
Question from @KiyokoSumaru
Currently, companies pay high fees to keep their data safe and have control of it. What does DeCredit offer its clients in terms of cost-benefit, which allows them to have control of their information?
Catherine | CMO DeCredit: In order to protect the user’s data, 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.
Question from @SyminuL
DeFi has three areas: DEX, Aggregate Assets, and Lending. What exactly are you focusing on? Do you have plans for others that you haven’t focused on yet?
Catherine | CMO DeCredit: Lending. More plans will be posted after we listed on some exchanges, so stay tuned
Question from @PoriGulapi
NFT is really trending topic now in the market. So, how do Your project plan to onboard the development of NFTs and how do Your project plan to combine it with DeFi ?
Catherine | CMO DeCredit: 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.
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.
Trusted groups mint the property rights or titles of its housing assets to NFTs and deposit 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.
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.
Question from @SLiomie
What are your thoughts on community involvement? Can they sway management and help you with your project?
Catherine | CMO DeCredit: The community are always the essential part for a project. Also, the governance mechanisms in the CDTC protocol stem from the interplay of community participation, incentives, self-regulation and policy management, all of which are adapted to suit the needs of the market and to survive with it.
Therefore, we emphasise community participation and the fact that every major decision is made through shared community governance such as voting.
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
Improvements/suggestions
🐳Segment 3 : Free Asking / Live Questions
Telegram User: $CDTC holders can enjoy certain privileges and interests for future use of the platform’s lending market or other services.
Catherine | CMO DeCredit: CDTC is the governance token on DeCredit and holding CDTC means the rights to govern the DeCredit system. CDTC’s governance rights such as: Voting on major matters like DeCredit loan project; adjusting variable interest rates; rating score rule changes; rating level adjustments; improvement/suggestions. Similar rights will be added to token governance.
CDTC has value in the Decredit ecosystem. Additionally, CDTC plays an important role in Decredit’s application scenarios and ecosystem, and we’re all going to give it more power in our ecosystem, holding CDTC will become increasingly important.
Telegram User: As a community based project, How can I support for DeCredit’s success? Do you have a Global Ambassador Program or a Referral Rewards System?
Catherine | CMO DeCredit: Follow our Twitter and join our Telegram! More plans with KOLs will be published soon, please stay tuned!
Telegram User: Where can I buy your tokens What is your current contract and how can I buy them?
Catherine | CMO DeCredit: We will listed on BSC this month, and listed on some exchange at the end of the August, if you want to buy tokens, kindly wait for some time, and pay attention to our official annoucement
Telegram User: I am Crypto hacker. Do you think your ecocsystem is safety with me ? Does DeCredit have reward or something for who find the bug of ecosystem ?
Catherine | CMO DeCredit: hhhhhhh, nice joke and nice advice, we will take your suggestion into consideration, and welcome you guys to find bugs for us!
Telegram User: Can you please tell us the current DeCredit roadmap? How far has DeCredit been developed at this time? What will you realize in the future ?
Catherine | CMO DeCredit: here is our road map:
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.
Q4 2021
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)
1st Half 2022
We will build up a privacy solution and run DeCredit Scoring algorithm in a trustable environment.
We will build up a distributed storage solution.
We will build our decentralized credit oracle with node and oracle aggregators.
2nd Half 2022
We will offer each of our user a distributed ID and count his on-chain credit data into DeCredit Oracle’s rating as well.
So far, we have finished the Q3 plan, as well as brand update, liquid lending pool, the cooperation with Litentry and Crust, etc. We will work harder to get the project better, let’s stay tuned!
For more information and future AMA, join our Social Media channels:
🐳 Whale Blockchain Enthusiast Group: https://t.me/WBEcommunity
🐳 WBE News: https://t.me/WBEnews
🐳 WBE Twitter: https://twitter.com/WhaleBlockchain
🐳 More information on DeCredit:
🔸Website: https://decredit.io/#/
🔸Twitter: https://twitter.com/DeCredit001
🔸Telegram: https://t.me/DeCreditenglish
🔸Medium: https://decredit.medium.com/
🔸Whitepaper: https://drive.google.com/file/d/1z5lpUpQlZtetF6ydBtBqvw0n_jDbwmkv/view
