CREDITO: You’re Credit on the Decentralized Network

Credito is a decentralized credit intelligence network that provides credit scores, transaction scores and a credit market with Ethereum Blockchain, Smart Contracts and IPFS, providing increased visibility and reliability.

Credito brings financial inclusion to the "credit invisibles" by providing accurate and reliable credit scores.

Credit card fraud losses in 2015 were $ 21.8 billion, according to a 2016 report by Nilson. This represents an increase of 162% from the 2010 figure of $ 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 in 2015 was $ 31 trillion. While the total value of credit card transactions is growing at almost 7 percent per year, credit card fraud is growing by 16 percent each year.

These losses occur throughout the system, including point of sale, ATMs and online transactions. While EMV chip technology has reduced the in-store fraud rate, it does not help with online fraud.

On the other hand, peer-to-peer (P2P) platforms are among the fastest growing financial services segments. Transparency Market Research estimates that "the opportunities on the global peer-to-peer market will be $ 898 billion by 2024, up from $ 26 billion in 2015. The market is expected to be between 2016 and 2024 grow by 48 percent The market for alternative financing has gained in popularity in recent years.

While the growth forecasts for P2P lending are promising, one of the biggest challenges is to provide a system to reduce fraudulent and risky activity as this results in a loss of confidence and trust among investors.

=   Challenges :

1. Monopoly

2. Security

3. Central Information

4. Portability

5. Outdated analysis and incomplete information

=   Solution   =

i. Transparent

ii. Loan agreements are smart contracts

iii. Vertrauenslos

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 intelligent contracts and the Interplanetary File System (IPFS5), which provides both Credit Intelligence and Decentralized Lending

=  Marketplace  =

Credito promotes the expanding and proficient activity of the banking industry by allowing both fiat and digital resource loan specialists to broaden lending to people and institutions with underdeveloped or youthful credit conditions. The ecosystem provides solutions that allow each verified lender to safely and securely issue credit to the verified borrower

Decentralization offers more security and confidence. It's a way to organize everything in a way that does not require trust in others. The trust is eliminated by running code that does not require centralized management, administration, or server. By decentralizing lending, we do not need banks or other intermediaries to carry out a loan transaction.

Decentralization through the use of smart contracts also eliminates the need for trust between borrowers and lenders and creates trustworthy and transparent lending that is not available in today's market.

=   The scoring contract has 2 main functions :

1. Respond to individual credit score requests

2. Review third-party transaction scoring requests. It also keeps track of the balance and usage metrics.

=   analytical node   =

For each given analysis node, the lease monitors the following metrics :

• Total number of assigned requests: The total number of past requests that a node has agreed to, both met and not met.

• Total number of completed requests: The total number of past requests that a node has completed. This can be averaged over the number of requests assigned to calculate the completion rate.

• Average response time : The timeliness of the node's responses, which is an indicator of node efficiency. The average response time is calculated based on completed requests.

• Node Reputation: The reputation of the node based on previous scored transactions. All nodes verify and reconcile each other, if the majority of the nodes returns an identical value, the node becomes trusted. This reputation system helps identify and remove bad nodes from the network.

=  The loan agreement process :

1. The Maker creates a credit order in CreDApp asking for a loan by pledging Token A as security for Token B, specifying a desired interest rate, LVR and expiration time, and signing the request.

2. CreDApp appends the maker's dynamic credo report to the request, verifies that the maker has enough token A and freezes it until the loan is serviced or the loan request expires, and sends the request via Credito.

3. The taker intercepts the request and decides that it wants to fill it.

4. The taker submits the request signed by the manufacturer with his signature to Credito.

5. Credito authenticates the Maker signature, verifies that the request has not expired and has not been fulfilled, and then creates an intelligent collateral management contract by transferring security to the smart contract.

6. CreDApp saves and executes the Smart Contract on Ethereum Blockchain and Token B is transferred from Taker to Maker.

=    Token distribution    =

In order to evolve, Credito will launch a one-time token generation event ("TGE") and crowds-crowd deal, with 50% of the tokens available for public sale. The start date of the TGE will be announced shortly and a total loan offer of 1 billion will be awarded as follows.

=   Further information Link with Credito :

Official website: https://credito.io/

Whitepaper Link: https://credito.io/pdf/whitepaper.pdf

Telegram channel: https://t.me/CreditoCommunity

Official Facebook page: https: //www.facebook .com / credit network

My Profile : https://bitcointalk.org/index.php?action=profile;u=1294070

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