Thank you to everyone who joined AMA Blockelite x Rain Credit on 8th March at 03:00 PM UTC I 10:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Our special guest today is Rainbuilder – Lead developer of Rain Credit
Segment 1: Introduction about Rain Credit and Rainbuilder – Lead developer of Rain Credit
Q1: Can you briefly introduce yourself as well as about Rain Credit?
Rainbuilder – Lead developer of Rain Credit: I am a software developer, investor, and blockchain enthusiast with 15 years of industry experience in fintech and 6 years in the blockchain ecosystem. I am one of the core developers with Rain.credit. Lovely to meet you all here
Rain.credit aims to create an Off-Chain Oracle Data analytics platform for the Binance blockchain, connecting outside organisations, and investors to the Defi market with low risk. We aim to launch several components to achieve this namely, Rain Non-Custodial Loans, Rain Analytics (demo https://demo-analytics.rain.credit/ ), and Rain pound (Farm). Let me give you a practical example and the issue with them.
Rain.Credit is a BEP20 token on the Binance Smart Chain which acts as a non-custodial Off-Chain Data analytics Oracle Aggregator providing concise Credit rating on a user’s address. This credit rating is used to provide a better collateral factor for digital asset lenders and borrowers on the rain platform. Rain.Credit is based on the current decentralised lending platforms and protocols, but with various changes to bring an even more innovative design and experience.
Compound for example offers collateralized debt position with variation of taking 100% or digital assets and borrowing you 60% equivalent of that asset. When the asset is due and it is time to recoup it, the smart contract will only release it when all the borrowed assets are paid back.
Two (2) things are wrong with this scenario, one: the collateral outways the amount of assets the user wants to borrow, and two: no dispensation for good behaviour or borrowers that want to payback the asset early. Not completely but early.
If I don’t give the compound contract the whole borrowed assets, I won’t get back my collateral. This is where Oracle Analytics comes in, it can be used to determine which borrowers are likely to default based on transaction history, update the terms of the loans based on payback and also incentivise good behaviour with additional funds through Raindrops.
Q2: Can you tell me how Rain Credit is different than all other Defi projects? Why people have to choose you?
Rainbuilder – Lead developer of Rain Credit: What makes us so unique is how we will use Aggregated Off-Chain analytics to help reduce investors’ exposure when they begin to interact with our ecosystem.
We are different from BAND, LINK, UMA, OCTO and some of the other oracle platforms in the sense that we are not focused on providing price feeds to on-chain smart contracts, but rather we provide trust as a score to protocols both on-chain and off-chain.
We believe ours will be the go-to platform for both internal and external services looking for trusted information that is not of high interest to attackers, which puts user funds at a reduced risk of exposure to all the platforms that will rely on us for trusted analytics data.
Q3: Let’s explain about Rain Loans Ecosystem. How its work? Are there any conditions for borrowers?
Rainbuilder – Lead developer of Rain Credit: Raindrops is a service we will be launching that provides information about loan applicants or customers to reduce the risk of default to investors. The more information provided by the borrower, the less collateral needed to borrow and more funds available to be borrowed.
Extra amount of Rain tokens will be offered to borrowers without any extra collateral based on their transaction history and rating from Rain.credits Off-chain Oracle Analytics. We have calculated the interest against the length of tokens being borrowed and anticipate 20% liquidity will be enough to fund the programme and the yield farming combined. Its calculated as so:
Rain = Amount to borrow + Transaction History / Amount to lock up
Q4: What are the $Rain token utilities, governance, and token economics?
Rainbuilder – Lead developer of Rain Credit: Governance is on the roadmap and will ultimately be linked to the native $RAIN token.
$RAIN holders will decide the future direction of the project.
RAIN Token holders receive 30% dividends from RAIN’s profits. Dividends are paid periodically
and distributed proportionately to all RAIN token holders in RAIN
Tokens holders can also use $Rain token to get discounts on all Rain platforms
$RAIN CURRENT TOKENOMICS
SOLD TOKENS (17.5%) – 140,335
TEAM (10%) – 80,000
Liquidity (10%) – 80,000
Farming (10%) – 80,000
Marketing (10%) – 80,000
Project Development & Partnership (20%) – 160,000
TOTAL SUPPLY – 800,000 $RAIN
CIRCULATING SUPPLY – 620,335 $RAIN
Sorry I forgot to mention that 180,000 of our tokens that wasn’t sold in the Ido has been burned
Q5: What is the progress and roadmap of Rain Credit for 2021?
Rainbuilder – Lead developer of Rain Credit: We have a lot in stock for Q2–2021 (Testnet Season)
Our focus for the second quarter of 2021 is to get the platform in full gear with the Oracle and Lending platform working effectively on the testnet within a short period of time. We also aim to further build on the Oracle platform by building the “Trust Network”, which motivates data providers.
Testnet Off-Chain Aggregation Oracle Analytics
Testnet Lending Platform.
Testnet Trust Network
Deflationary Staking and Farming Launch etc
More on our roadmap https://rain-credit.medium.com/rain-credit-2021-roadmap-51cffaca2800
Segment 2: 5 best questions from Twitter
Q1: Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is RAIN solving, and solutions are you provide?
Rainbuilder – Lead developer of Rain Credit: At Rain.credit, we are building a single source of truth for the defi sector with our off-chain oracle trust related products suite. Rain.Credit is an open and inclusive monetary ecosystem built on the binance smartchain protocol.
We are building an off-chain oracle data analytics platform for the binanace blockchain, connecting outside organizations and investors to the defi market with low risk.
Q2: In the world crypto competition, features are of primary importance to attracting investors and the community! Can Rain provide a list of killer features that scare competitors into your project?
Rainbuilder – Lead developer of Rain Credit:
*Off-Chain Oracle Analytics
*Aggregated Data Providers
*RAIN Governance DAO
Q3: Defi is a very hot keyword at the moment, many projects have started cooperating with the Defi platform. So does $RAIN plan to cooperate with other DeFi projects? and how can you be more profitable for your service users?
Rainbuilder – Lead developer of Rain Credit: We will be launching DeFi products that are not on our roadmap, we are calling these products Umbrellas, these products will all adopt the $Rain token as their native tokens, by doing this, we will be providing more utility to the token.
We will also cooperate with other DeFi projects
Q4: Could you explain what you mean by “a next generation media platform to build trust”, what is that next generation? Are they totally new features? or are they the same current ones, only to add one more?
Rainbuilder – Lead developer of Rain Credit: Yes, we are combining off-chain Oracle analytics with non-custodial loans
Q5: Defi’s has been known for the past few months for rugs and scams matter how good-looking they look RAIN get audited before how safe are investor fund?
Rainbuilder – Lead developer of Rain Credit: Rain.Credit is built using the openzepllin contract.
We have also renounced ownership of the Rain token Contract.
All this information can be confirmed on GitHub.
Segment 3: Live questions.
Q1: How is RAIN CREDIT development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Rainbuilder – Lead developer of Rain Credit: We are currently in testing phase of the Oracle and farming, with some scenarios being worked out on how to monetize it for other institutions and integrating it into the lending platform we are building.
Q2: While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Rainbuilder – Lead developer of Rain Credit: Yes we take community feedback seriously, we hold pools for the community to decides what direction we should take
Q3: When I provide liquidity or make staking on the Rain Credit page using my defi wallet how can I claim the rewards? Are there any auto claiming or do I have to claim rewards myself?
Rainbuilder – Lead developer of Rain Credit: Step by Step explanation of the process will be shared on our telegram group after farming is launched
Q4: Are you a global or local project? Can someone use your service from anywhere?
Rainbuilder – Lead developer of Rain Credit: Rain.Credit is a global platform and its services can be accessed from anywhere in the world
Q5: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Rainbuilder – Lead developer of Rain Credit: Token contract ownership has been renounced by us
Q6: Adoption is one of the most important factors for all blockchain projects to be more attractive in investors’ eyes. So, can you tell us what the $RAIN team has the plan to achieve adoption in reality?
Rainbuilder – Lead developer of Rain Credit: Yes, we are building DeFi products that will use our services as proof of concept.
More information about Rain Credit