DCC Whitepaper Review
The concept of the project began its existence in the fall of 2017. Developers DSS have set a goal to completely change the credit system, transferring it to a distributed chain of detachment. The new platform will be more profitable, transparent and convenient for all participants of the financial industry. To date, the project has supported more than 30,000 people. Investments in the ICO have been collected and the implementation of large-scale events and technical components of the idea is in full swing.
What are the problems to be solved by the project?
The traditional banking system has a lot of shortcomings. Each year, the debts of countries grow, secondary banks are forced to undergo no restructuring. Banks are more profitable to serve large enterprises, offering them low interest rates, and other users have to reconcile with greater interest. This is due to the centralized management of credit risks and some speculation.
The project puts forward the following groups of problems:
Non-payment of debtors causes an increase in interest rates and other costs for solvent citizens;
Inefficient spending on researching the need for lending in different sectors of society. The question is related to the time and material costs involved in studying the current credit history, the real possibility for customers to repay the debt. And the creation of such a centralized base is a very costly business.
In connection with financial economic illiteracy, people use intermediary managers, who can help to take an ordinary consumer loan. They help to prove the solvency of the borrower. To do this, they make up a credit profile, that is, the history of taking loans and refunds for several decades. This information is not confidential enough.
To balance the financial system, the project sets the task of decentralizing it, changing the business structure and offering a convenient tool for government regulation.
How will things look in practice?
First of all, the client starts a personal cabinet in the system. There he enters the basic information, and sends it to the center for processing. He will get it back in full report. Part of the data will be available for statistical and analytical processing, and the other part, including the full credit history, will be completely encrypted. It will be stored on the cloud.
The customer chooses that service from the range of options that he needs:
· A directed type of lending is a digital agreement or a contract between a consumer and a borrower. This includes downloading special software, mutual certification and transfer of funds.
Non-directional credit occurs with the participation of friends or friends. They add each other in the system through authorization. The user fills in the form with the amount indicating interest, time of payment, personal information. After this, as in the first case, a digital contract is concluded.
· Consumer loans are small loans. These include, in addition to the purchase of large goods, training at a university in any country. After the application is submitted to the agency, an electronic contract is concluded, in which all the details are prescribed. The advantage of such a loan in the block system before the traditional system is great. If in Africa a citizen is forced to take a loan with a rate of 6%, for example, the Canadian borrowers will offer 3-4% on condition of an excellent credit history.
· Mortgage is organized in a similar way. Since the owners of the property, including law firms and notaries, will be certified in the system, they will have a positive reputation and credibility with clients.
DCC token role
The Token, which is in the DCCwallet purse of the Ethereum type, acts as a universal payment currency that will unite participants from all over the world. It will carry out the following important functions:
Since each platform participant, whether an ordinary user, a business company, an enterprise or a bank agent, has reporting documentation stored in the chain, it can be purchased for tokens. This is useful for analyzing the risks and effectiveness of ongoing scenarios.
To pay tokens will be credit agencies that need international certification. This will be their guarantee of fair work.
When a client takes a loan, it pays some money when applying for a consumer or other loan. The minimum amount will be indicated by different borrowers. And the more a client pays, the sooner his application is reviewed and approved. After all, it promotes the development of the ecosystem and chooses the sum itself.
The system has an interesting feature: a small part of the interest goes into creating a fund of rewards for what the customer pays on time. This is a kind of incentive or motivation to pay back the debt as quickly as possible.
Stages of project development
The road map includes only 4 years from the idea's appearance to the full-scale spread of the ecosystem by continents.
So, 2017 was the period of allocation of a separate block in Ethereum for the platform, this is the time of the appearance of the first loan product and the development of the primary interface.
2018 is characterized by tokenization, full elaboration of algorithms and basic development of the DSS system. By the end of this year, cooperation with clients from Indonesia will be established.
2019 - is working with clients from the countries of South-East Asia and Vietnam.
And already in 2020 the platform will be completely transferred to the public blockbuster. It will become available for the business market and financial structures of the society.
What are the main advantages of the DСC ecosystem?
Proceeding from the above, we can summarize the following:
Since the monopoly will be destroyed, valuable positive data for analysts will be available at a small price, and repeatedly and automatically. Interest rates will be more or less liberal, and therefore more beneficial for citizens. The security of a decentralized system exceeds the traditional one. The system of risks is made so that you can not hide a bad credit history or record a false one. Moreover, no one will give a person a loan if it does not meet basic requirements.
In general, the project is large-scale, unique and promising. The DCC project deserves to be leading in comparison with its competitors, as the idea is well thought out, and the structure is developed by professionals of their field.
Website: http://dcc.finance/
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
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