DCC - Distributed Credit Chain

donaa (6)in #bitcoin • 6 years ago (edited)

Hello, I will explain about DCC (Distributed Credit Chain) and its review :

Speed up digitalization, faster Internet transmission speed, continuous accumulation of distributed computing resources, the application of mathematical and cryptographic technologies in the digital age: these are the factors that guide us to predict that in the future, we will see the public chain underlying based on Blockchain features (including but not limited to: decentralization, openness, autonomy, irreversibility, and privacy protection).

What is Distributed Credit Chain (DCC) ?

Distributed Credit Chain (DCC) is the world’s first distributed banking public blockchain with a goal to establish a decentralized ecosystem for financial service providers around the world. By empowering credit with blockchain technology and returning ownership of data to individuals.

Mission

DCC’s mission is to transform different financial scenarios and realize true inclusive finance.

Problems

The traditional financial industry is highly centralized. Financial transactions rely heavily on the endorsement and support of large financial institutions, with substantial transaction fees paid out to these institutions. Monopolistic financial institutions have in fact raised lending rates for borrowers and reduced the interest income for lenders.

The problem is divided into 3 as follows :

Cost
The core model of a credit agency is to share the costs of non interest-earning elements and bad debts by charging the "good guys" who can pay back the money. For borrowers, it brings an additional cost.
Efficiency
From the credit agency's perspective, a lot of time and efforts are wasted in verifying the credit of borrowers who do not meet the agencies’ risk criteria, which leads to wasting resources and decreasing efficiency.
Profiteering
A centralized credit model entices many financial institutions to deviate from their primary purpose— serving customers. Aiming for profitability, they deduct lenders while squeezing borrowers, and expand their profits by extending their customer base.

How to troubleshoot ?

Borrowers

Individuals with specific borrowing demand establish blockchain account to authorize data service provider and Initiate borrowing request.

Data Service Provider

Integrate individual data and store them on the chain, clean dirty data, and provide data standards.

Algorithm & Computation Service Providers

Extract characteristics from data, make judgments based on policies and quantify judgment based on characteristics.

Credit History Feedback

The approved credit history reports generated on blockchains prevent problems such as long-term borrowing and repeated test borrowing.

Funding Providers

Tidak terlibat langsung dalam peminjaman tetapi memberikan pendanaan (seperti lembaga pembelian ABS).

Lembaga yang Berisiko Berisiko

Not directly involved in lending but provide funding (such as ABS-purchasing institutions).

Advantages

Break the Monopoly
With a global distributed banking ecosystem, DCC aims to break the monopoly of traditional financial institutions and to return earnings from financial services to all providers and users involved in such services so that each participant may share the return of ecological growth. distributed banking will ultimately be a way to truly achieve an inclusive system of finance.
Decentralized Thinking
Through decentralized thinking, distributed banking will be able to change the cooperation model in traditional financial services, building a new peer-to-peer and all-communications model of cooperation across all regions, sectors, subjects and accounts.
Transform Business Structure
As it pertains to business, distributed banking will completely transform traditional banking's debt, asset, and intermediary business structure. The tree-like management structure of the traditional bank will thus evolve into the flat structure of a decentralized bank, establishing distributed standards for various businesses and improving overall business efficiency.
Government Regulation
As it pertains to regulation, the fact that all records registered in the blockchain cannot be tampered with will enable regulators to penetrate the underlying assets in real time. Big data analysis institutions will also be able to help the regulatory bodies understand and respond to industry risks more quickly based on blockchain data analysis.

Economic Ecosystem Model
DCC-Assessment Ecosystem Credentials

DCC is the credential used to pay for a job in a Distributed Credit Chain. Every job at DCC must be paid with DCC. The DCC balance is managed through a DCC token contract maintaining a fixed total number of DCCs. As the financial services system at DCC grows, more and more distributed business scenarios are embedded and used more frequently, which greatly increases liquidity.

DCC payments are handled under the DCCpayment contract, which is responsible for the DCC payment rules for multi-payer participation.

Scenario

Distributed credit chains can be applied in many scenes in finance, among them DAPP serving private loan market has been launched and used, others are in development and will be coming soon.