Colendi - Decentralized Credit Scoring and Microcredit With Privacy
Colendi
Decentralized Credit Scoring and Microcredit With Privacy
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Hunter's comment
Colendi is a project that even EOS cannot properly deliver. They have partnered with an old Hunt of mine named Enigma which offer secret smart contracts where nobody gets to see your private data on the blockchain.
How It Works
No Banks Involved
I don't have to tell you abou all the data leaks and data sharing that has happened over the years. Colendi is free from that and User-specific data is stored on any decentralized cache as encrypted/anonymized, and any reference to data will be stored on a secret contract.
Each node's data is evaluated on top of Machine Learning algorithms.
So far P2P lending has become pretty myuch a gmable or even financial suicide. Colendi can fix up that mess.
Link
Contributors
Hunter: @vimukthi
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Hi @vimukthi,
Thanks for yet another hunt. I’ve reviewed and approved it. The hunt is on.
PS: I don’t understand why the EOS reference, EOS never promised such a thing but some day some dApp could definitely build that on the now almost 3 months old platform.
PPS: there’s viable P2P (micro)lending platforms available and contributing massively to low scale entrepreneurship all over the world.
EOS can easily make a P2P lending DAPP on it. But the problem with existing P2P lending is that it could easily be a gamble and there have been many occasions where things have gone south. That's why you need proper decentralized credit scores.
But you cannot build a credit scoring DAPP on EOS due to radical transparency. But Enigma's secret contracts allow smart contracts to be processed without revealing what is being processed. EOS is like taking Bitcoin and improving it to become a smart contract platform. Enigma is like doing the same with Zcash.
Colendi can collect data and evaluate credit scores while keeping the personal information private. If a DAPP were to try this on EOS, I'd either have to put my personal financial details out in the open for the entire world or trust a more centralized intermediary.
Hope I wasn't too confusing. You can read more at: https://blog.enigma.co/solutions/home
What I meant was “This hunt is about Colendi, why does it open with something about EOS?”
I hope that isn’t too confusing a thought.
I know how EOS works and what could be built on it. Now the reality is that “radical transparency” applies only to everything you host in the EOS blockchain, nothing prevents you from also hosting content on your own db or on a derivative not public ledger. You can build on EOS all while keeping your matrix opaque, there’s nothing in the terms which prevents you from doing such.
The problem with the opening line was that ‘it’s meta because STEEM/EOS’ but Steemhunt is about products and not about that meta-world. As such, as a product hunter I’m interested in Colendi and as a hunter you should consider that not every reader may know about EOS and will think “WTH is that beast” when reading your intro sentence. ;)
PS: Lending will always result also in operations which go south, no matter what and how many credit scores available. There’s always additional factors which may happen in life, factors credit scores can not protect against, no matter whether centralized or de-centralized.
Lastly... I wouldn’t hold my breath about those “privacy tokens”. They may become collateral damage in the adoption, and at least minimal regulation, of the cryptoscene. Don’t be surprised if in five years crypto to fiat is legal in most nations but exchanges aren’t allowed to list “privacy tokens”. And guess what... that “privacy token niche” is that small that it even won’t be a blip on the radar when they revolt.
That's why I said I'd either have to put my personal financial details out in the open for the entire world or trust a more centralized intermediary. I do think privacy coins like XMR would eventually fail to a certain extent. But not all privacy projects would goo down thanks to DEX. Komodo DEX doesn't have much volume and PIVX DEX is still being built. Dash is promising to do fiat-crypto buying in wallet with the Evolution upgrade (probably in 2019)
I also think there would be a lot of demand for a project like Enigma with secret contracts because there will always be those who don't want their trade secrets to be known publicly.
I guess I probably shouldn't go very meta with my Hunts.
I’m all game for the meta factor.
But in the context of Steemhunt, a future SMT, it is better to focus on the product itself. Because the audience may be less meta.
In fact, when you look at the most popular hunts you will notice there’s not many blockchain items at all... and when it’s crypto kiddies. ;)
I think there’s some points when the “decentralized world” needs a reality check. Jamie Dixon isn’t against crypto, JPMorgan Chase have a huge blockchain department and until recently it was even led by a woman. But he has fiduciary duties.
The 0.01% are only critical because of that. But regulations will come so they enter without entering a Grey zone and at that point the harsh reality is that the current marketcap is merely a day of pocket change for Wall Street.
SoftBank could technically buy out the whole market over night.
I believe I DEX but they will have to happen and gain more traction soon because Jane and Joe (Average) want only one thing and that ease of use. Which for them translates to crypto debit cards.
As countries now are actively looking into crypto, that also because Wall Street want to play the game, DEX may soon struggle because it is highly likely that anything tied to fiat will require licensing. That also because at heart regulations come from a spirit “to protect the citizen” (I know lol).
Thus DEX will need to scale and also find solutions how to become accredited when the crypto market finds adoption.
I live (by choice) in one of two nations in which crypto are regularized short of being called legal tender and DEX couldn’t operate here. Because no legally liable entity and thus couldn’t become accredited.
We may care about that but those who will make crypto a reality... they couldn’t give a rodent’s bottom about that. They just want ease of use. And, thus, if DEX don’t scale and find more adoption before countries start developing the regulatory frameworks (now)... they will miss the boat and will be sidelined when mainstreaming happens. Because when decoupling from BTC happens and ever more tokens in ever more places are coupled to fiat DEX will be a usability nightmare since they won’t be allowed to pair to fiat.
I agree that unless you mine or get payed in crypto, 99.999% crypto purchases will go through regulated KYC/AML entities. But after you get in through fiat, the rest will be considerably smooth. Binance became the largest exchange with no fiat acceptance and Bitshares can scale pretty well. It just lacks trading volume (barely 1% of Binance) at the moment.
PoS coins have the ability to fork off in case of a hostile takeover leaving the known addresses of the Banks. As for DEX, the UX improvements are a must. But stopping them would be harder than stopping piracy. There really is no way to enforce and incentives are there for people to help the decentralized infrastructure.
Average people would get stuck with more centralized blockchain applications. But privacy focused projects will be much bigger than you think. I think Dash, PIVX, ENG, KMD and Hashgraph will be a huge deal in the future.
https://discoverdash.com
https://dexstats.info/index.php
https://pivx.org/10-million-piv-gone-private
You don’t need to stop them.
You merely need sufficient alternatives which make the vast majority not look any further.
Just like happened with Hulu, Netflix, Spotify, and their ilk.
They caused the largest drop in piracy. Merely because people were given both decent and affordable alternatives.
All the rest at that point? Like TOR. Not even a blip on the radar.
Except for the taxman who will have a blast hunting and filing criminal complaints.
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Interesting project man, thanks for sharing it here!