Thank you to everyone who joined AMA Blockelite x DeCredit on 17th November at 12:00 PM UTC I 07:00 PM (UTC+7). Here is the recap for those who missed this AMA.
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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Jennifer – COO of DeCredit
Hello @Bkdecredit , welcome to Blockelite today
Jennifer – COO of DeCredit: Hey, guys. glad to e-meet you!
Yuno – Blockelite Host: Hello and nice too meet you here !
How are you today?
Jennifer – COO of DeCredit: I’m fine, thank you!
Yuno – Blockelite Host: So great
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Jennifer – COO of DeCredit: Let’s get start!
Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1. Can you please introduce yourself and share a quick overview about DeCredit?
Jennifer – COO of DeCredit: Sure. This is Jennifer, COO of DeCredit. I’m in charge of marketing and operations for DeCredit. Not just AMA, but also developing a marketing strategy based on our product features, negotiating with influencers, and increasing DeCredit’s reputation in the industry. But my favorite part is the AMA, which gives me a chance to communicate closely with friends in the crypto-community and learn your opinions.
DeCredit aims to empower blockchain with Credit Oracle. The Credit Oracle is the basic service that connects the individual credit investigation profile and transmits it to the chain, so as to realize the mapping of the chain contract to the user’s profile. In simple terms, the Credit Oracle is a bridge connecting the blockchain and the real world, and supplements the off-chain credit data to on-chain.
DeCredit has created a world-leading credit strategy model through a credit oracle mechanism.Global deployment of credit data nodes to facilitate the integration of on-chain and off-chain credit data. Through encryption algorithms and credit oracle mechanisms, a complete on-chain credit system will be established to empower the DeFi market. We optimize the allocation of resources to provide liquidity support to a wider range of entities and individuals with the goal of reducing collateral.
The Defi products nowadays are almost in over collateral mode which means users would suffer from low fund utilization. Credit Oracle is still a blank field.DeCredit is an advocate of credit oracle. We fill the gap in the industry, empower the whole ecology. We also hope that users with good credit history can get more privileges on blockchain.
DeCredit oracle will combine its credit experience and AI algorithm to blockchain and Defi ecosystem. We will provide user’s credit score to Defi smart contract with Oracle, lower the TVL and thus enhance users’ fund utilization and liquidity.
Under this credit system, DeCredit is also committed to expanding and implementing more application scenarios, accelerating the construction of a global credit oracle. Our Credit Oracle can be opened up to other DeFi projects so that their users have the possibilities to get higher loan lines.
Thank you, for your introduction, our pleasure to have you join us today
Lucky Airdrop – 3000 CDTC for 100 participants everyday. Join the TG community to claim it. CDTC will be assigned directly to your Hotcoin account.
No Gas fee!!
Telegram: https://t.me/DeCreditenglish
Yuno – Blockelite Host: wow =))
Thanks for sharing 🙂 and next question
Q2. In the field of crypto-collateralized loans, we can see some successful projects and already have a large number of users such as MakerDAO, AAVE, Compound,… what makes DeCredit special than them? Are there any technological breakthroughs you are proud of?
Jennifer – COO of DeCredit: DeCredit is the inventor and advocator of the Credit Oracle, which makes us stand out from the competitors. No matter for C – end or B – end users, credit is indispensable.
To C, DeCredit could lower the collateral and raise the liquidity and fund utilization. And in other scenarios, credit could be used to simplify the process or decrease the cost.
To B, DeCredit would make the products more attractive without paying additional cost.
There are several oracle solution providers in the industry, including Chainlink, Oraclize, Dos Network, and others.
But, as far as we know, no other organization is running a credit oracle, which means we have no competition.
Chainlink’s solution is to use smart contracts on the chain and data nodes off the chain to request and send data through reward and punishment mechanisms and aggregation models. Oraclize: A demonstrably honest oracle service that relies on Amazon’s AWS and TLSNotary technology. DOS Network: a Network that provides decentralized oracle services.
Up to now, Credit Oracle is still a blank field and DeCredit is an advocate of it. The huge variation in the credit data of citizens in different countries makes it difficult to implement Credit Oracles.
However, some of the DeCredit team members have years of experience in credit algorithms, big data risk control and others have a deep understanding of smart contracts and oracle, which is also the basis of our standing in the industry.
Our advantages are mainly in these aspects. Firstly, we are the world’s first protocol to build an “on-chain and off-chain” omnichannel lending scenario. Secondly, we are the first project to realize regional level and global level credit oracles. Furthermore, 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.
Mainnet: https://app.decredit.io/
Youtuobe: https://youtu.be/uQYAUjiIWPA
Medium: https://decredit.medium.com/
Telegram: https://t.me/DeCreditenglish
Twitter: https://twitter.com/decredit001
Website: https://decredit.io
WhitePaper: https://drive.google.com/file/d/1GUdtpUMk9x19VO2cwawSXu8ykDGl7vAz/view
Yuno – Blockelite Host: agree
Thanks for answer, it’s so detailed
Everyone can follow it =
Next question
Q3. According to the DeCredit whitepaper, I saw you mention about “DeCredit rating system” and “DeCredit Scoring algorithm”, can you expand for us want to more clearly each of them in your platform?
Jennifer – COO of DeCredit: The credit loan model is applicable to a wider range of loan scenarios, such as project-specific funding loan, credit consumption loan, etc.
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.
DeCredit L0 (i.e. score P<75) users can only borrow money on a secured basis and credit is available for L2 (i.e. score > or =89), with more loan scenarios becoming available as the crypto loan grows in scale.
Credit loan scenarios include (but are not limited to)
- End-user specific loan (subject to credit line)
- Line of credit authorization (refer to AAVE)
- Loan company-specific lending (refer to Goldfinch)
Yuno – Blockelite Host: Okay, continue with Q4
Q4. Defi is currently developing and widely accepted by users. A lot of projects that define listings on DEXs like Pancakeswap are always a top priority. However, CDTC has only been officially listed on 2 CEXs as Bitmart and Hotcoin Global, and CDTC has not officially listed on Pancakeswap (adding liquidity from the DeCredit team), it seems to be a barrier for your project to reach the holders and investors in Defi space, can you explain to us the reasons for this choice? Do you plan to list on DEXs in the future?
Jennifer – COO of DeCredit: DeCredit CDTC is already trading on exchanges DEX @PancakeSwap
https://twitter.com/DeCredit001/status/1455135030032936968
We also have listed on Hotcoin and Bitmart exchanges, and other exchanges are actively contacting us.
Hotcoin: https://hotcoinex.top
Yuno – Blockelite Host: now, we can buy $CDTC on PancakeSwap, Bitmart and Hotcoin Global
Okay, last question in segment 1
Q5. As far as I know, DeCredit has just launched new staking pools. Could you expand us on how many staking pools are available at DeCredit currently, what about the min/max cap for each user who wants to stake, and can you share the APY of each pool if everyone wants to stake now?
Jennifer – COO of DeCredit: There are three staking pools.
The new 3 months’ and 6 months’lockup staking pools have already been launched on the Mainnet !You can enjoy a huge additional CDTC reward.
Staking steps of CDTC：
Go to the ‘Stake’ page, then click on ‘Enable’ to activate the staking. Once the wallet transaction is confirmed, it means the staking activation is successful. The gas fee needs to be paid for the activation.
After the activation,to stake the asset to earn. Click “Stake” and enter the amount of stake. Confirm the transaction in the wallet. Once the transaction is successfully completed, it means the stake is successful. The page will show your balance in the staking pool.
We are thrilled to announce that the new 3 months’ and 6 months’ lockup staking pools have already been launched on the Mainnet !You can enjoy a huge additional reward. Contact us to participate!
Mainnet: https://app.decredit.io/
Yuno – Blockelite Host: yeah, sounds great
We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?
Jennifer – COO of DeCredit: Let’s get start!
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: Can you tell us about Decredit’s strategy or resources for protecting its users’ data? Have you double-checked all of your smart contracts?
Jennifer – COO of DeCredit: There are two privacy protection issues with personal credit data stored on the blockchain: data confidentiality and the right to erasure. Data confidentiality refers to the fact that credit data is only visible to the user and the right to erasure refers to the right of the user to request erasure in certain circumstances.
According to the EU Parliament’s study, to protect credit data by means of “multi-level encrypted storage of personal data on the blockchain”, has potential to solve the confidentiality and erasability of credit data and meets the EU’s GDPR standard for privacy.
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 too great a burden on the blockchain.
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.
The solution to satisfy the right to erasure is the following: the DNA values of personal data are stored in the DeCredit chain. 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. 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.
We have already passed the audit on Knownsec,and our technical directors have a wealth of experience on code as we will keep developing our product, so please don’t worry, the version you will use to DeCredit landing is passing the audit.
https://audit.decredit.io/Decredit_Audit_Report.pdf
Yuno – Blockelite Host: Thanks for answer, next question
Q2: I’d like to learn more about DeCredit, but there isn’t much information available, the community is small, and little information is exchanged. What is the DeCredit team’s long-term strategy for growing the community and retaining users ?
Jennifer – COO of DeCredit: In fact, we have a TG community of more than 80,000 members and close to 70,000 Twitter followers, which is a relatively large community size in the field of encryption. But we’re also expanding our community by giving more rewards to loyal users. For example, the upcoming NFT, SuperNode and Ambassador programs will enable our users to benefit from long-term CDTC ownership, including:
Profits gained from the rising price of tokens, staking tokens, dividends from oracle machines, extra rewards for super nodes, etc.
Through the Ambassador Program, we will build more small language communities in the future, such as the Philippines, Indonesia, Korea and so on.
The continuous iteration of products and services will make users enjoy the latest and most favorable experience in DeCredit, and create a perfect entire ecosystem with us.
Yuno – Blockelite Host: Next question
Q3: Who is your project’s biggest rival? In the future, does your project have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for your project.
Jennifer – COO of DeCredit: There are several oracle solution providers in the industry, including Chainlink, Oraclize, Dos Network, and others.
But, as far as we know, no other organization is running a credit oracle, which means we have no competition.
Chainlink’s solution is to use smart contracts on the chain and data nodes off the chain to request and send data through reward and punishment mechanisms and aggregation models. Oraclize: A demonstrably honest oracle service that relies on Amazon’s AWS and TLSNotary technology. DOS Network: a Network that provides decentralized oracle services.
Up to now, Credit Oracle is still a blank field and DeCredit is an advocate of it. The huge variation in the credit data of citizens in different countries makes it difficult to implement Credit Oracles.
Our advantages are mainly in these aspects. Firstly, we are the world’s first protocol to build an “on-chain and off-chain” omnichannel lending scenario. Secondly, we are the first project to realize regional level and global level credit oracles. Furthermore, 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.
Yuno – Blockelite Host: Perfect
Q4: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the #CDTC project?
Jennifer – COO of DeCredit: 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.
Here are 4 reasons to hold CDTC tokens:
1.Long-term holders of CDTC can not only get profits from price increases, but more importantly, long-term holders can also share the profits, which are generated by paying for the use of our Credit Oracle.
2.Holding the CDTC could increase the credit scores so that to increase mortgage rate
3.Stake CTDC in our platform could earn more CDTC income
4.Stake CDTC could receive airdrop tokens.
Governance rights of holding CDTC include:
l Voting on major matters, including the Credit Loan project
l Addition of new cryptocurrencies or stablecoins
l Adjusting variable interest rates
l Setting fixed interest rates
l Oracle services
l Product rule improvements
l Rating score rule changes
l Rating level adjustments
l Improvements/suggestions
We have listed on Hotcoin exchange at present：https://www.hotcoinex.top/
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: Can you tell us about the team’s accomplishments so far? What are the primary goals that #Decredit has yet to accomplish? If at all possible, give your road map as well
Jennifer – COO of DeCredit: So far, everything has gone well. We have made some achievements:
Firstly we completed product development and deployed it on BSC.We conducted testnet events. More than 40,000 users have experienced our testnet.
The Mainnet has been launched.
The new 3 months’ and 6 months’ lockup staking pools have already been launched!
You can enjoy a huge additional CDTC reward. Contact us to participate!
Mainnet: https://app.decredit.io/
Secondly, we have established strong strategic partnerships with others including Litentry, Crust, LABS Group, Parami, Standard Protocol, etc.
Thirdly, we have listed on Hotcoin and BItmart exchange, other exchanges are actively contacting us.
In the future, we will cooperate with more KOLs and projects to promote our projects, also, we will build a better product for our users in the DEFI credit industry.
Last but not least, the Credit Oracle project is already under way and we have contacted trusted institutions in several countries to discuss product and technical implementation of the Credit Oracle
You can join tg group and follow social media to get update info:
Mainnet: https://app.decredit.io/
Youtube: https://youtu.be/uQYAUjiIWPA
Medium：https://decredit.medium.com/
Telegram: https://t.me/DeCreditenglish
Twitter: https://twitter.com/decredit001
Website: https://decredit.io
We plan to promote the following events in the next few months.
Firstly DeCredit has completed Mainnet (DeFi) development and has deployed a credit oracle as a pilot. We will continue to iterate on our mainnet, so that users can enjoy better products.
Mainnet: https://app.decredit.io/
Manual-How to join the Mainnet:https://youtu.be/uQYAUjiIWPA
Secondly, by obtaining information from trusted institutions in each country, DeCredit will implement on-chain and off-chain ID authentication for individuals.
Thirdly, DeCredit will build the world’s largest blacklist of on-chain and off-chain co-governance.DeCredit draws on the team’s accumulated credit data from years in the credit investigation industry. With the blacklist as the origin, the third-party credit investigation blacklist database under the chain will be integrated.
DeCredit will launch the Global Credit Algorithm Developer Program. The oracle service needs to rely on the credit investigation data of authoritative organizations in various countries and regions, DeCredit is dedicating 10% of its total coins to support the building of oracle service around the world.
For our future, we are looking forward to connecting the individual credit investigation profile and transmits it to the chain, coupled by our initial and long-standing commitment to provide innovative, revolutionary and decentralized DeFi service for users with financially manageable risks to build a much healthier open finance market.
Rroadmap:
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 users 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.
In the future, DeCredit is committed to expanding and implementing more application scenarios, accelerating the construction of global credit oracles. Traceability mechanism, etc. DeCredit is open source and will provide powerful credit data services for other DeFi projects.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
Blockelite community:
What is the background, of the your project, team do you think team’s qualifications, and experience, able to support the long-term development, of the project?
Jennifer – COO of DeCredit: As I mentioned above, DeCredit is the first organization in the world to actually implement a credit oracle. It links credit authentication nodes and credit Oracle to lending products on the premise of existing encrypted collateralized loan models, with a view to progressively reduce and finally eliminate collaterals, enabling staggering 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.
Our team has rich experience in the Blockchain and Crypto industry. Team members are from well-known blockchain teams and media. Core dev has more than 15 years software and blockchain development experience. BD director is from a mainstream blockchain media.
Our founding team operates a credit loan company with 200k+ user base. They’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.
They 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.
However, on the other hand, the Defi products nowadays are almost in over collateral mode which means users would suffer from low fund utilization.
So, this makes us want to build DeCredit to address these pain points.
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 through an Oracle, lower the TVL and thus enhance users’ fund utilization and liquidity.
Blockelite community:
Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Jennifer – COO of DeCredit: There are two difficulties in realizing Credit Oracle: lack of reliable data and diversified credit algorithms. However, we can solve those problems based on experiences and resources.
First, to realize the global credit oracle, we need credit data from different countries and the data must be accurate and reliable. But no organization has the ability to directly access global citizen credit data.
DeCredit has built experience in traditional industries for many years with some solid partners.Through them, we can realize the inspection and verification of credit data of citizens in most regions.
First, along with blockchain security comes functional limitations. Blockchain is a defined, closed system environment, isolated from other sources of information. Currently, blockchains can only access data within the chain, they don’t have access to real-world data outside the chain, which is disconnected from the real world. Due to the fact that smart contracts don’t support sending requests to the off-chain, it is necessary to provide data services with the oracle, through which the real world data is input to the blockchain. That is, smart contracts cannot do I/O, so it can’t actively get external data and the data only can be given through the oracle. So, information must come from reliable sources.
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.DeCredit can draw on the team’s accumulated credit data from years in the credit investigation industry. DeCredit can draw on the team’s accumulated credit data from years in the credit investigation industry to solve this problem.
Second,Credit investigation is a fundamental part of the credit market and has obvious national and regional differences, with each country having its own well-established operating mechanisms and rule systems. Personal credit investigation is a complex proposition that requires multiple dimensions of user data in order to provide credible credit assessments and needs to be applicable to the regulatory policies of each country.The oracle service needs to rely on the credit investigation data of authoritative organizations in various countries and regions.
In order to solve this problem, DeCredit will launch the Global Credit Algorithm Developer Program. DeCredit is dedicating 10% of its total coins to support the building of oracle service around the world in order to promote the oracle ecosystem. Recruit experts in the field of credit algorithms worldwide, provide differentiated credit algorithms in different regions, and develop and optimize credit models.
The continuous iteration of products and services will make users enjoy the latest and most favorable experience in DeCredit, and create a perfect entire ecosystem with us.
Blockelite community:
How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
Jennifer – COO of DeCredit: We have a TG community of more than 80,000 members and close to 70,000 Twitter followers, which is a relatively large community size in the field of encryption. These social media sites have allowed us to reach out to a wider audience in the non-crypto community, and to let them know about DeCredit.
We’re exploring giving more privileges to users with good credit scores within our own ecosystem. They can get more credit lines and use them in many ways, including the purchase of NFT assets. We’re also expanding our community by giving more rewards to loyal users. For example, the upcoming Ambassador programs will enable our users to benefit from long-term CDTC ownership, including:
Profits gained from the rising price of tokens, staking tokens, dividends from oracle machines, extra rewards for super nodes, etc.
Through the Ambassador Program, we will build more small language communities in the future, such as the Philippines, Indonesia, Korea and so on.
The continuous iteration of products and services will make users enjoy the latest and most favorable experience in DeCredit, and create a perfect entire ecosystem with us.
Blockelite community:
Can you tell us about some of your partners and who you plan to collaborate with in the near future ?
Jennifer – COO of DeCredit: Here we can talk about our cooperation with LABS Group in detail.
LABS Group is the 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.
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.
With the development of the DeCredit protocol and more collaterals into the 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 their housing assets to NFTs and deposit them into DeCredit’s pledge pool. Meanwhile, the credit data of the asset holder is sent to DeCredit’s oracle for rating, benefitting the lending from DeCredit’s borrowing pool with optimized liquidity. The trusted groups then convert 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 return funds back to DeCredit and redeems the collaterals.
Blockelite community:
The idea of project is really unique and incredible, how did this idea come about?
Jennifer – COO of DeCredit: Due to the security of blockchain, there are also certain limitations. Blockchain is a deterministic, closed system environment, isolated from other sources of information. Currently, blockchains can only access data within the chain, they don’t have access to real-world data outside the chain. It’s disconnected from the real world.
As we all know, credit will play a crucial role in the blockchain ecosystem. Therefore, DeCredit’s credit oracle has cross-time significance for the entire industry and ecology.
For example, our Credit Oracle can be opened up to other DeFi projects so that their users have the possibilities to get higher loan lines.
Credit Oracle is still a blank field. We fill the gap in the industry, empower the whole ecology. We also hope that users with good credit history can get more privileges on blockchain.
Thank you so much for hosting !
It was a pleasure to be here! We look forward to more in the future.
Lucky Airdrop – 3000 CDTC for 100 participants everyday. Join the TG community to claim it. CDTC will be assigned directly to your Hotcoin account.
No Gas fee!!
Telegram: https://t.me/DeCreditenglish
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!
