Establishing a decentralized ecosystem for financial service provider around the world is the goal of Distributed Credit Chain. DCC’s mission is to transform different financial scenarios and realize true inclusive finance, by empowering credit with blockchain technology and returning ownership of data to individuals.
This underlying public chain which is based on the features of blockchain will be utilized for distributed credit reporting, wealth management, debt registration, and asset transactions. A new type of virtual agency based on blockchain technology—"Distributed Banking"— will emerge.
Through fair financial serviced and return earnings from financial services to all providers and users involved it is the concept of Distributed Banking to break the monopoly of traditional financial institutions. So each participant who has contributed the growth of the ecosystem may be incentivized.
Distributed banking will be able to change the cooperation model in traditional financial services and build a new peer-to-peer and all communications cooperation model across all regions, sectors, subjects and accounts.
Through replacing liability business with distributed wealth management, replacing asset business with distributed credit reporting, debt registration and replacing intermediary business with distributed asset transaction Distributed Banking will completely transform traditional banking's debt, asset, and intermediary business structure as it relates to business,
Decentralization is disintermediated, as it relates to distribution. (Information asymmetry among intermediaries, and returning such premiums to ecosystem participants results from the way of breaking original excessive premium.)
As it pertains to regulation, the fact that all records registered in the blockchain cannot be tampered will enable regulators to penetrate into the underlying assets in real time.
For a variety of distributed financial business establishment of business standards, reaching consensus on the books, deploying business contracts, implementing liquidation and settlement services, the Foundation will launch a main blockchain - Distributed Credit Chain (DCC).
A five- or even ten-year process will be required for the establishment of a distributed banking system.
Traditional Credit Businesses
Lending an agreed-upon amount of money at an agreed-upon interest rate to a borrower, who repays the principal and interest according to the terms and period as agreed is a credit activity in which the holder of certain currency positions temporarily.
Centralized Credit Service
Many online credit agencies, taking advantage of information asymmetry, have become a centralized profiteering industry.
Credit Dilemma Brought by Centralized Service
Cost - Sharing the costs incurred by non interest earning elements by charging the “good guys” who can pay back the money is the core cost model of a credit agency.
Efficiency
Borrower’s Interest
Joint Debt
Profiteering
Everyone will be able to choose their debtors, and in a decentralized market with numerous competitors, pricing power will rest with the market rather than intermediaries. Personal data are transmitted to the recipient in an encrypted, point-to-point manner. Only the data recipient may process the data, and the data recipient can choose not to retain the data after processing.
Individuals are allowed to own and use their data in blockchain technology. And also eliminates the value premium caused by the centralized storage and verification of data from third parties.
According to the data category personal data can be automatically validated and used for multiple times.
In order to help financial institutions process personal data without storing data, in order to help financial institutions process personal data without storing data.
Each individual or institution has one DCCID generated through Public-Private Key Pair to form an address, in DCC. DCCID is not a dependent of any individual DCC node, which is a decentralized account system. Any person, organization, or company can generate this DCCID offline.
DCC will provide an open source personal credit data management framework-DCDMF. It is supported by a specific cloud storage provider, and developers, re able to quickly rebuilt users’ personal credit reporting data using DCDMF.
• The unique and tamper-proof identity system The credit reporting system without data island or data monopoly
• Efficient, low-cost credit business system
• Cross-entity, permanent data storage and shared creditor’s rights record
• Asset securitization with excellent asset liquidity
• Liberalized interest rate formation mechanism
Break the Monopoly
Decentralized Thinking
Transform Business Structure
Government Regulation
2017
09/2017:Established unified identity system based on the Ethereum test network
10/2017:DCC testnet launched
12/2017:DCC online credit declaration contracts deployed on DCC test net
2018 Q1-Q2
03/2018:First personal loan product DApp launch on DCC, DCC Explorer launch
04/2018:Distributed Credit Chain open platform launch, second DApp launch
05/2018:Interface with more than five financial institutions with services ranging from loan, data and risk control
2018 Q3-Q4
Q3-Q4:Open self-creation API of Distributed Credit Chain
Q3-Q4:Establish unified DCC MPC
Q4:Enter Indonesia lending market
2019
Q1-Q2:Enter Vietnam & other SEA country lending markets
Q3-Q4:Continue to develop and expand in the SEA lending markets
2020
2020:DCC public chain migration
2020:Initiate development of Asset Manage and Settlement systems
For more information
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Telegram: https://t.me/DccOfficial
Reddit: https://www.reddit.com/r/dccofficial/
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Website: http://dcc.finance/
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