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.
Despite the efforts made by banks, card issuers, and merchants, credit card fraud continues to grow faster than credit card spending. According to a 2016 report by Nilson, losses from credit card fraud amounted to $21.8 billion in 2015 that’s an increase of 162% from the 2010 figure which was $8 billion. The losses for 2016 are already estimated at over $24 billion, and these losses are expected to reach $31 billion by 2020. The total value of credit and debit card transactions was $31 trillion in 2015. So, nearly 0.6 percent of the value of all transactions was lost to fraud.
These losses occur throughout the system, including at the point of sale, at ATMs, and during online transactions. While EMV chip technology has reduced the incidence of in store fraud, it does not help with online fraud. While the growth projections for p2p lending are promising, one of the major challenges is providing a system to reduce fraudulent and high risk activities, as they result in loss of investor confidence and trust.
As a solution to the above problems, we have created the Credito Network, or simply Credito, A decentralized network based on Ethereum blockchain coupled with smart contracts and Interplanetary File System (IPFS5) providing Credit Intelligence and Decentralized Lending Marketplace.
Features of Credito :
Credito is Transparent
Today when you make any transaction through the banking system, you do not have access to the ledger. Ethereum network provides an immutable ledger, where every transaction is recorded and is always open for inspection.
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.
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.
Credito is “Trustless”
Credito will avoid risks that are associated with third parties, and also removes the need to trust the counterparty.
Credito will avoid risks that are associated with third parties, and also removes the need to trust the counterparty.
The 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.
Features :
Identity Verification
Registration and Identity Verification is a prerequisite to access the services provided by Credito.
Identity Verification
Registration and Identity Verification is a prerequisite to access the services provided by Credito.
Credito Scores
Credito collects anonymized transaction history of the borrower from various alternative data providers.
Risk Variables and Risk Profiles
Risk Variables are the core of the Credito Network’s modeling power. It is crucial that an easily maintainable library of Risk Variables is generated. The primary goal of is to increase the overall efficiency of this self-calibrating scoring model. Risk variables include details such as :
The blockchain ledger includes massive amounts of transactional data. Ethereum ledger data can be processed and interpreted with the use of block explorers for financial decentralized applications.
Profiling and Matching
Backed by the powerful analytics and advanced data mining techniques of the Credito Network, lenders and borrowers are profiled with their past behavioural patterns and practices.
Risk Variables are the core of the Credito Network’s modeling power. It is crucial that an easily maintainable library of Risk Variables is generated. The primary goal of is to increase the overall efficiency of this self-calibrating scoring model. Risk variables include details such as :
- Patterns of behaviour.
- Location of spending, like merchant info, POS etc.
- Preferred online merchants or websites.
- Recent spending trends and deviations.
- Significant spending activities.
- Repeat purchases and / or attempts.
- Time of the transactions.
- Device information of the transactions originated, like mobile, desktop etc
The blockchain ledger includes massive amounts of transactional data. Ethereum ledger data can be processed and interpreted with the use of block explorers for financial decentralized applications.
Profiling and Matching
Backed by the powerful analytics and advanced data mining techniques of the Credito Network, lenders and borrowers are profiled with their past behavioural patterns and practices.
Credito Transaction Scores
Credito transaction scores are derived from transactional fraud analytics, which combines analytic technology and techniques to help detect potential improper transactions, such as those based on fraud and/or bribery, either before the transactions are completed or after they occur.
Credito Analytic Engine Architecture
Credito uses IPFS7 to store the encrypted data. IPFS can work in partitioned networks, and does not need a stable connection to the rest of the web in order to access content. Even if a node fails, it only takes one node adding the content in order to restore availability, removing reliance on a single point of failure. Files on IPFS are content addressed (hash of the file contents) providing versioning guarantees.
Credito transaction scores are derived from transactional fraud analytics, which combines analytic technology and techniques to help detect potential improper transactions, such as those based on fraud and/or bribery, either before the transactions are completed or after they occur.
Credito Analytic Engine Architecture
Credito uses IPFS7 to store the encrypted data. IPFS can work in partitioned networks, and does not need a stable connection to the rest of the web in order to access content. Even if a node fails, it only takes one node adding the content in order to restore availability, removing reliance on a single point of failure. Files on IPFS are content addressed (hash of the file contents) providing versioning guarantees.
The CreDApp is decentralized marketplace serving as an interface for lenders and borrowers. Unlike traditional applications where the backend code is running on centralized servers, a DApp runs on a decentralized peer-to-peer network. CreDApp guarantees trust and transparency thereby eliminating the need of third party intermediaries.
The loan agreement process:
- Maker creates a credit order in the CreDApp requesting a loan by pledging Token A as collateral for Token B, specifying a desired interest rate, LVR, expiration time, and signs the request.
- CreDApp attaches the dynamic Credito report of the Maker to the request, verifies the Maker has enough Token A and freezes them until the loan is serviced or the credit request expires, and broadcasts the request over Credito.
- Taker intercepts the request and decides that they would like to fill it.
- Taker submits the makers signed request to the Credito with his signature.
- The Credito authenticates Maker signature, verifies that the request has not expired and has not already been fulfilled, then creates a smart collateral management contract by transferring the collateral to the smart contract.
- CreDApp stores and executes the smart contract on Ethereum blockchain and Token B will be transferred from Taker to Maker
Credito Design Principles and Values:
Decentralization
Decentralization is not only the foundation of the tamper proof properties of blockchains, but the basis of their permissionless nature. By continuing to build decentralized systems, we aim to further enable permissionless development within Credito. We believe that decentralization is a crucial component for a globally thriving ecosystem with long-term sustainability.
Modularity
for simple and flexible system design. We appreciate the philosophy of building small tools which do one thing well. Simple components can be easily reasoned about and thus securely combined into larger systems. We believe that modularity not only enables upgradable systems, but facilitates decentralization.
Secure, transparent and extensible systems. Credito is built for the community. We value the community and will engage continually with data scientists, domain experts, academics, and security experts for peer review. We encourage testing, audits, and formal proofs of security, all with the aim of creating a platform whose robustness and security can support future innovations.
With these principles in mind, we look forward to extending the reach and impact of reliable analytics, secure and transparent lending as a cornerstone of the Credito.
Decentralization
Decentralization is not only the foundation of the tamper proof properties of blockchains, but the basis of their permissionless nature. By continuing to build decentralized systems, we aim to further enable permissionless development within Credito. We believe that decentralization is a crucial component for a globally thriving ecosystem with long-term sustainability.
Modularity
for simple and flexible system design. We appreciate the philosophy of building small tools which do one thing well. Simple components can be easily reasoned about and thus securely combined into larger systems. We believe that modularity not only enables upgradable systems, but facilitates decentralization.
Secure, transparent and extensible systems. Credito is built for the community. We value the community and will engage continually with data scientists, domain experts, academics, and security experts for peer review. We encourage testing, audits, and formal proofs of security, all with the aim of creating a platform whose robustness and security can support future innovations.
With these principles in mind, we look forward to extending the reach and impact of reliable analytics, secure and transparent lending as a cornerstone of the Credito.
Token distribution
In order to undertake further development, Credito will conduct a one-off Token Generation Event (“TGE”) and crowd sale of Credits, where 50% of the Tokens will be made available for public sale. The start date of the TGE will be announced soon, and it will allocate a total Creditssupply of 1 billion as follows
Roadmap
Credito will be developed in 6 stages accomplishing a major milestone at each stage.
Stage1
Concept and Research
- Credito Incorporation
- Credito Incorporation
- Whitepaper
- Proof of Concept
- High Speed Transaction Scoring System
- Website Launch
Stage 2
- Proof of Concept
- High Speed Transaction Scoring System
- Website Launch
Stage 2
User Registration, Verification and Partnerships
- CreDApp front end Development
- User Registration
- Automatic ID verification
- Work on partnerships with financial institutions
- CreDApp front end Development
- User Registration
- Automatic ID verification
- Work on partnerships with financial institutions
Stage 3
Infrastructure and Intelligence development
- External API Development.
- Analytic Node Infrastructure.
- Credito Scoring Engine Development.
- Credit Scores generation.
- Transaction scores modeling.
- External API Development.
- Analytic Node Infrastructure.
- Credito Scoring Engine Development.
- Credit Scores generation.
- Transaction scores modeling.
Stage 4
Smart Contract Development and Deployment
- Scoring and Leasing smart contract development.
- Smart contract Audits.
- Integration of smart contracts with Credito Analytic Engine and Node Infrastructure.
- Launch on Test net.
- Test net trial delivering live scores to the partners.
- Scoring and Leasing smart contract development.
- Smart contract Audits.
- Integration of smart contracts with Credito Analytic Engine and Node Infrastructure.
- Launch on Test net.
- Test net trial delivering live scores to the partners.
Stage 5
Launch
- Main net Launch.
- Complete Decentralized Credit Intelligence available for partners.
- External Analytic node Operators joining the network.
- Marketing and new partnerships.
- Main net Launch.
- Complete Decentralized Credit Intelligence available for partners.
- External Analytic node Operators joining the network.
- Marketing and new partnerships.
Stage 6
End-to-End lending protocol on Main net
- CreDApp and Mobile App development
- Credito Smart Credit Agreement development and Audit
- CreDApp backend with Integration of Credito Smart Credit Agreement
- CreDApp on Test net and progression to Main net
Credito Team:
Sikar Govindarajula
Srikar is Creative and Entrepreneurial, backed by his strong technical expertise, a technology enthusiast, and avid believer of blockchain, decentralization.He designed and developed several High Speed Transaction Processing Engines and Scoring Engines for low latency systems. Demonstrated over 10 years of experience in delivering cutting edge technology products across domains like Finance, Data Communications, Medical and Embedded systems.
Narendra Allam
Naren is Technology Expert. He founded Bang Music Factory to standardize, improve, and globalize the music production process by publishing it through secure Mobile apps. He is part of architecture team for in-house trading system and responsible for code quality compliance at Bank of America, He has vast experience in building algorithms for various domains including finance and banking and passionate on Blockchain, Network and distributed technologies. As an Expert in C, C++ ,Python and having mentored experienced professionals, Naren brings in his vast experience from organisations like Microsoft, Cisco and Bank of America in to Credito.
Haranadh Gavara
Haranadh is an Entrepreneur, Data scientist, Fintech Specialist and Vice President of UangTeman.com. He founded PH Technologies. He did Masters in Machine Learning from Indian Institute of Technology, He has an international publication on machine learning which is in a best paper race. His professional research experience covers service in Defence Research and Development Organisation Statistical Analysis Group and many areas like Cryptanalysis, Operating systems, Storage and Virtualization. His recent focus is on identifying and building systems to assess credit risk in Banking domain, especially in the area of unsecured loans and conducting several studies to identify surrogate variables to assess credit risk and match and exceed traditional banking practices by building credit risk algorithms with-in data science platform, big data analytics.
Advisors :
Dale Hawkins
Dale has extensive experience in Strategic planning. He is an Executive Manager, Group Advisory at Commonwealth Bank. He led national level projects at National Australia Bank. Having worked with two of the Big Four banks in Australia, Dale brings his extensive knowledge of banking, finance and strategy in to Credito.
CLICK LINK BELOW FOR MORE
Credito Site : https://credito.io/
Credito Whitepaper : https://credito.io/pdf/whitepaper.pdf
Credito Facebook : https://www.facebook.com/CreditoNetwork
Profile bitcoin : https://bitcointalk.org/index.php?action=profile;u=1343532
ETH Addr : 0x0243E433ee123cDB927e22e99FA31D0d34195A38
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