CREDITO -The Future of Credit Intelligence
what is credito
Credito is a decentralized credit intelligence network providing credit scores, transaction scores and lending marketplace powered by Ethereum blockchain, Smart Contracts and IPFS, bringing enhanced transparency and reliability.
Credito brings Financial Inclusion to the “Credit Invisibles” by providing accurate and reliable credit scores. A relatively high proportion of young people were credit invisible or unscored. That’s not surprising, since they haven’t had much time to build a credit history. For some, however, not building credit as a young adult could be setting the stage for a lifetime of credit invisibility. People who don’t have a credit score or credit history may find it more difficult to rent an apartment, buy a car, purchase a home, and, of course, get a credit card. In short, it shuts them out of many common financial transactions.
Credito is building a Credit Intelligence Network for the credit industry to prevent Credit Risk by identifying fraudulent transactions as they happen, allowing the industry to take well informed decisions. Although financial institutions are normally known as one of the most strictly regulated sectors, they are still a target for fraudsters. The consequences of fraud are not insignificant, resulting in financial distress for both banks and customers. While the financial institutions are active in the quest to identify fraud and reduce costs of fraud, they still lack a true global intelligence of all known frauds and compromises.
Credito is introducing a decentralized collateralized lending marketplace and enables connections between lenders and borrowers located anywhere in the world. This removes physical constraints and reduces the traditional lending costs and management fees, thus creating a better credit marketplace than anything available today.
Credito design principles and values.
Dispersion.
Decentralization is not the foundation of anti-tampering of the block chain, but the foundation of indiscreet nature. By constantly building distributed systems, we aim to further promote unauthorized development within Credito. We believe decentralization is a key component of a long-term sustainable, globally-flourishing ecosystem.
Modularity for simple, flexible system design.
We appreciate the philosophy of making small tools that do one thing. Simple components can be easily inferred, so they can be safely coupled to larger systems. We believe that modularization not only enables upgradable systems, but also promotes decentralization.
Safe, transparent and scalable system.
Credito was created for the community. We value the community and constantly work with data scientists, domain experts, academics, and security experts to conduct peer review. We recommend testing, auditing and formal security testimony to build a platform for robustness and security to support future innovation.
How Credito is the Solution ?
Credito is Transparent
Credito leverages the transparency that the blockchain ledger provides by monitoring the activities of borrowers and lenders to prevent either party from overextending themselves. For example, it would be used to prevent a borrower from obtaining multiple loans from different lenders which he would then be likely to default on.
Credito Loan Agreements are Smart Contracts
Credito Loan Agreements are self-executing contracts with the terms of the agreement between Lender and Borrower, directly written into lines of code which brings enhanced transparency and reliability. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Credito Loan Agreements permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible
Credito is “Trustless”
Credito will avoid risks that are associated with third parties, and also removes the need to trust the counterparty. When the borrower places the loan request on Credito Network, the counterparty cannot manipulate or halt the loan request once the loan is deployed. Removing the counterparty or third party risk is vital to avoid any unfair and unwanted behaviour.
Credito Analytic Engine
Credito scores aim to derisk the investor’s investment and the borrowers’ credit score. Credito scores are generated by Credito Analytic Engine, a self-learning algorithm using a continual feedback loop with the help of Big Data analytics , Machine learning, and Artificial Intelligence, offering a score which acts as a dynamic marker of a person’s probability to repay a loan amount, which evolves with the client’s record of loan repayment.
More Information Connect to Credito:
Official Website: https://credito.io/
Whitepaper Link: https://credito.io/pdf/whitepaper.pdf
Official Facebook Page: https://www.facebook.com/CreditoNetwork
Author: Vario hitam
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