Welcome to Recap AMA IgniteCrypto & DeCredit #AMASeries
On 22 September, 2021, Ignite Crypto and DeCredit got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA
Admin: Thank you for taking the time to chat with the Ignite community today.
Before entering the AMA today, how are you doing ?
BK: prettry good, thanks😄
Let’s Move Part 1: Introduction DeCredit and Guests. Some general questions about the DeCredit.
Admin: Question 1. Can you tell us a little bit about yourself and DeCredit?
BK : Yeah, I’m Catherine, the CMO of the DeCredit, and now take in charge of the marketing part. I am an early crypto lover and I have been focusing on this field for about 5 years. It’s my pleasure to be here to share you about DeCredit.
DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models. It links credit authentication nodes and credit Oracle to lending products on the premise of existing encrypted collateralised loan models, with a view to progressively reduce and finally eliminate collaterals, enabling staggered 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.
Admin: Question 2. Can you share with us what ideas are the driving force behind the development and creation of DeCredit? Currently, DeCredit’s development team includes how many members, can you share with us about their background and experience with the Blockchain industry?
BK: We are a credit loan company with 200k+ user base. We’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.
Last year, we 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 of over collateral mode which means user would suffer from low fund utilization.
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 thru an Oracle, lower the TVL and thus enhance users’ fund utilization and liquidity.
We have 16 team members currently, most of them are with study abroad experience and very keen on the crypto industry, some of them have participated the big exchanges’ building and development, and our core members are all with very rich off-chain credit industry experience and blockchain project research and development.
Admin: Question 3: In the current DeFi market, the competition between projects is fierce. So what are the advantages of DeCredit to be able to participate in sharing this piece of DeFi pie with this great value?
BK: Our advantages are mainly in these aspects. Firstly we are the world first protocol to build “on-chain and offchain “ omni-channel lending scenario, secondly we are the first project realized regional level and global level credit oracle. Furthermore, and it’s our biggeest foundation is that our team has deeply engaged in 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.
Admin: Question 4. How is DeCredit token economy model distribution ? What roles will CDTC play in the DeCredit ecosystem? What incentives will long-term CDTC holders have?
BK: 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. And CDTC has a pivotal role in both the scenario and the wallet ecosystem
CDTC will issue a total of 300 million pieces, distributed as follows:
25% of the total amount (75 million CDTCs) will be used to support the ecosystem
development of credit loans and provide ecological support for the lending and
borrowing entities.
20% of the total amount (60 million CDTCs), node pledge and liquidity mining.
12% of the total amount (36million CDTCs), market and community governance, used for
community construction, publicity and promotion, brand building, node incentive
20% of the total amount ( 60 million CDTCs) will be used for team consultants, early
investors, and early eco-supporters.
18% of the total amount (54 million CDTCs).
5% of the total amount (15million CDTCs).
Here are 4 reasons to hold CDTC tokens:
1. Holding the CDTC could increase the credit scores so that to increase mortgage rate
2. Stake CTDC in our platform could earn more CDTC income
3. 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
Admin: Question 5: In the past time, what initial successes have you had in your research and development process? Can you share with us DeCredit Roadmap in the near future?
BK: here is our road map:
Q3 2021
We have finished development of DeCredit Loan (Collateralized) and we are deploying and testing it on BSC testate.
We will deliver a solo DeCredit rating system with DeCredit Scoring algorithm.
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 user a distributed ID and count his on-chain credit data into DeCredit Oracle’s rating as well.
As for products, our credit-based decentralized lending products have been developed and the testnet event is currently ongoing. In terms of market cooperation, we have reached strategic cooperation with Litentry, Crust, Labs, and Weblock, and we have also cooperated with KOLs and communities in many countries.We have cooperated with Duckstarter, a well-known IDO platform, and the public offering will be held in today! As for operation, our community and Twitter have reached 85k and 63k respectively, and the community ambassador recruitment and daily quiz game are held in the group currently.
In the near future, we will cooperate with more IDO platforms, and recruit more volunteers, KOLs to boost our brand, also, the CEX is under negotiation, let’s stay tuned!
Admin: That’s the last question of part 1, we will move on to part 2 of AMA. Thank you for your detailed responses BK. You have really helped us to learn and understand more about DeCredit!
Part 2: Twitter on Questions.
Admin: Now, let’s begin with Part 2 of the AMA. We have chosen 5 best questions from our users on Twitter. Our guest will answer all of them.
5 gifts will be for good and quality questions
Here, we will come to those 5 questions right away
Admin: Q1. Can you tell us more about about partnership with Litentry?What will this partnership accomplish? Will you incorporate Litentry’s DID credits into your existing credit model?
From Twitter: https://twitter.com/keikou1718/status/1440215821993742336
A: Litentry is our early partner, they really provide us many industry resources, suggestions, and PR support. And we will work with them, a decentralized Identity Aggregator that enables linking user identities across multiple networks to harness the potential of decentralized credit in the transformation of lending.
Yes. DIDs (decentralized identifiers) are a new type of identifier that allows for decentralized, verified digital identification. A DID is any subject determined by the DID’s controller (e.g., a person, organization, thing, data model, abstract entity, etc.). Decentralized financial protocols combined with blockchain-based identity systems offer a way for previously disadvantaged people to participate in a genuinely global economic system.
And DeCredit can enable consumers who don’t have additional assets lower their collateralization needs and analyze their creditworthiness using reputation and financial activity traits rather than traditional data points like property ownership and income. And we value data privacy and open access when it comes to personal identifying information. Decentralized digital identity systems can be extremely useful in this situation. No one party will have complete control over an individual’s financial data if decentralized credit scoring and a decentralized digital identity system are combined.
Any decentralized credit scoring system (e.g., Discredit) applied to DeFi lending and borrowing needs to put user privacy and security first. We cannot ask individuals to give up their data sovereignty in exchange for a well-working DeFi lending system.
Admin: Q2. Currently, Covid-19 does slow down many global economies, as a cryptocurrency business, How does it impact to DeCredit? Do you have any plan to overcome it?
From Twitter: https://twitter.com/tuan_iker/status/1440151579756089345
COVID19 is a nightmare for the people all the world, however, the past year has been a significant one for cryptocurrencies and blockchain. In the face of such extremity and economic meltdowns, cryptocurrencies have proved to be remarkably resilient. Fortunately, the rapid increase in accessibility of global high-speed internet and digitization has created a ripe environment for digital currency. And many DeFi and NFT related projects were emerging during the period, and in such situation, we thought that it is more an opportunity rather than a disaster, so we come up the credit loan idea and aim to lead the DeFi protocol 2.0 market.
Admin: Q3. I read that decredit has launched its testnet. How can I join this testnet? Is there a bug bounty program? I also about a giveaway, how can I participate? What are the rules? How are the rewards distributed?
From Twitter: https://twitter.com/Iec_Ghram/status/1440199230241472513
Yes, you can, kindly join it from here: https://t.me/DeCreditTestnetAirdropbot
And here is the tutorial, please read it before participate it: https://decredit.medium.com/decredit-user-manual-how-to-join-the-testnet-on-mobile-f95b86aaa6e
🔷Mandatory tasks:
🔹Join DeCredit Telegram Group (https://t.me/DeCreditenglish) and Channel (https://t.me/DeCreditNews)
🔹Follow DeCredit on Twitter (https://twitter.com/DeCredit001), Like, Retweet pinned post and tag 3 friends
🔹Visit DeCredit Testnet website (http://test.delayer.io/) and connect your Metamask wallet (Note: Before connecting, you must setup testnet on your Metamask: Here is an instruction (https://decredit.medium.com/f95b86aaa6e))
🔹Join Advertiser Telegram Channel (https://t.me/airdropinspector)
🔹Follow Advertiser twitter (https://twitter.com/airdropinspect) , like and retweet the airdrop post
🔶Optional task:
🔸Complete the stake testing (Stake, Unlock, Withdraw) on testnet website (http://test.delayer.io/) (Here is the instructions to complete this task (https://decredit.medium.com/f95b86aaa6e))
💲Total for airdrop: 50,000 CDTC
🔸20 CDTC each to 2,000 Random winners for completing the mandatory tasks
👫50 CDTC each to 200 Random winners for completing the optional task
Admin: Q4. Staying in touch and connecting with customers and partners is very important to all projects, does DeCredit’s support system support 24/7? What languages are currently used when supporting?
From Twitter:
https://twitter.com/doremon69929412/status/1440291617873616902
Yes, we currently support 24/7 service, you can ask any problem related about DeCredit in our official telegram group: https://t.me/DeCreditenglish
And now we support English, more languages like Korean, Japanese, Viennese，etc, will be supported in the near future.
Admin: Q5. As I was digging deeper into DeCredit’s website, I saw that DeCredit is somehow related to Labs Group. Can you tell me what is the role that Labs Group is fulfilling in the ecosystem of DeCredit? Can you explain to us more about the mission and vision of DeCredit?
From Twitter: https://twitter.com/eliksu15/status/1440318795688538116
LABS Group is 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.
We can check the picture above to know more:
1.DeCredit is a decentralized lending program powered by a credit oracle that matches peer-to-peer and user-to-user ending behavior on a blockchain network. DeCredit’s stable-coin lending pool is available for this collaboration with LABS Group.
2. LABS Group mints the property rights or titles of its housing assets to NFTs and deposits them into DeCredit’s pledge pool. Meanwhile the credit data of the asset holder is sent to DeCredit oracle for rating benefitting the lending from DeCredit’s borrowing pool with optimized liquidity.
3. LABS Group then converts the borrowed funds into fiat money and gives it to LendCo.
4. LendCo allocates funds to different t real estate projects.
5. When the investment cycle ends, LABS Groups returns funds back to DeCredit and redeems the collaterals.
Great. Community inquiries were partially answered through 05 questions from the Twitter. Thank you Mr. BK
And right now, we will move on to the final part of the AMA
Part 3: Live Question
Guests will answer questions that people send. The winner will be chosen by the guest. (5 winners)
Question 1 : Do you have AUDIT credentials or are you working to AUDIT your project, to make it more secure and reliable??
Answer 1: Yes, we have been audited by Knownsec, and here is the official announcement:
https://twitter.com/DeCredit001/status/1428259380835741699
Question 2: What is your most ambitious goal of Project? We would appreciate it if you could share with us any Upcoming Updates?
Answer 2: DeCredit is committed to leading the DeFi protocol 2.0 market. DeCredit extends the crypto-collateralised lending model with a credit-based lending model, aiming to introduce off-chain credit ratings to the DeCredit platform using credit authentication nodes and Oracle machines to provide differentiated lending limits and interest rates based on on-chain and off-chain credit assessments, bringing more lending markets into the market.
In the future, we will issue another IDO on some other platforms, and get listed on DEX and CEX, etc.
Question 3: Have you created or are you intending to create an ambassador program to help your project generate more interest from investors?
Answer 3 :. Yes, the community ambassador recruitment is currently ongoing, kindly find our TG admin for more information
Question 4: Where I can get the latest updates or more information about the project?
Answer 4: TG: https://t.me/DeCreditenglish
Official Twitter: https://twitter.com/DeCredit001
Kindly follow our official twitter and enter into TG to get more updates
Question 5: Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Answer 5: Yes, we have staking function. Stake CDTC can earn CDTC income. The stake CDTC, you have to connect the Metamask wallet and enable staking in mainnet, and then stake CDTC according to the instruction on the interface.
Yes, Whenever the user uploads his credit or increases his mortgage rate, the system will burn the tokens according to a certain percentage of the increased mortgage rate.
📍Don’t forget to follow DeCredit on their official channels for the latest news and promotions you don’t want to miss out!
Website: https://decredit.io
Twitter: https://twitter.com/DeCredit001
Telegram: https://t.me/DeCreditenglish
Medium: https://medium.com/@DeCredit
Whitepaper: https://drive.google.com/file/d/1GUdtpUMk9x19VO2cwawSXu8ykDGl7vAz/view
About IgniteCrypto: IgniteCrypto is a community formed by a group of members who are passionate about and believe in the future growth of cryptocurrencies from Vietnam. With the aim of creating an exchange community between investors and those interested in the development of cryptocurrencies
➡️Telegram Group : https://t.me/IgniteCrypto
➡️Channel Ann: https://t.me/Ignite_Crypto_Channel
➡️Twitter: https://twitter.com/ignite_crypto
