Letter from MyCreditChain as the project prepares for a new journey

in blockchain •  2 months ago

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Dear MCC Participants,

We are truly delighted for this opportunity to report on MyCreditChain’s progress over the past months, and share our vision and strategic plans for the future as the token sale is officially closed.

Truth to be told, our journey had been rather tough, facing challenges, such as volatility of the market, regulations around the world, and constrained resources from investors. Despite the hardships we had encountered, MyCreditChain raised enough funds to move forward. We would like to take this opportunity to thank the participants for their resources and trust placed in the project. At the same time, we assure the participants that we remain committed as ever to our philosophy that only when we pay careful attention to the voice of participants and strive to meet the expectations of them, will we be able to achieve our business objectives. There is no business, no platform that is more important than our obligation to fulfill the needs of participants. We will continue to devote substantial resources to pursue the philosophy and build an ecosystem where unprecedented value is brought to the participants.

What Are MCC’s Advantages?

Today’s cryptocurrency market, especially that of ICO, is intriguing and dynamic, but it can also be tough and puzzling. Ethereum price is falling, and it is splitting the crypto community. Such circumstances of the market put most of ICOs in a difficult position, in which some of them put their development plans on hold and/or extend sale schedules, since Ethereum has become a medium of crowdfunding and fundraising for projects. On this score, MyCreditChain has the significant advantages. MyCreditChain had raised funds through ICO and equity investment, by which the project was able to secure ample funds in both ETH and fiat currency. Considering the current market condition, the fact that funds are composed of both crypto and fiat currency allows the project to make progress regardless of the market fluctuations. In this regard, we have the promising groundwork.

MyCreditChain has additional outstanding features which make the project differentiate from other projects besides capital at the scale required to move forward. MyCreditChain’s unique Seed Networking system, which provides a multi-dimensional depiction of a person’s social activity, data scraping and data analytic technologies, currently adopted by major financial institutions in South Korea, strong foothold in the local Korean market, and team members with outstanding expertise clearly demonstrate that MyCreditChain is more than just whitepaper. We will efficiently leverage these advantages to capture opportunities ahead of us.

What Are MyCreditChain’s Post-ICO Plans?

As MyCreditChain’s token sale is successfully completed, we have found ourselves in a situation where we must get our priorities straight among competing choices to achieve the objectives, and the utmost objective is to serve the platform for the benefits of all of its constituents. We have set three priorities for the project’s post ICO plans, and they can be summarized as follows.

1. User Base Expansion via Seed Networking and MCC Ecosystem

When it comes down to determine the value of a project, several factors are considered and among them, the user base of a project is second to none. The more use-base a project has, the more a project will be valued.

MyCreditChain will hold a unique daily event called MCC Seed Networking to expand the user base and collect valuable information on personal reputation. The Seed Networking is a daily campaign that allows users to give gifts to one another in and/or out of the network. Such gift-giving activity is done through Seeds which have no value in themselves unless they are given to someone. Seeds turn into MCC tokens only if they are given from someone else, thereby encouraging users to make Seeds transactions. Since individuals can earn free MCC tokens if they receive seeds from a MCC user, this campaign is a great expansion mechanism. It will help add friends and acquaintance from an address book and social network to the platform. As a result, Seed Networking expands user base and fosters relationship building for every participant. The more seeds you receive, the higher the social trustworthiness with good reliability. With the objective information and the reputation measure from this campaign, MyCreditChain generates multi-dimensional measure of trustworthiness.

The user consent platform of and quality data provided by the MCC ecosystem will also play important roles in increasing user-base of the project. MyCreditChain is a blockchain platform that can flexibly connect data providers and data consumers. Participants in the network are not only individuals who provide raw information but also those who can value-add to the MCC personal information network like big data analysts, credit rating bureaus and marketing experts. The credit rating score provided by MyCreditChain combines traditional data with relationship data created by users’ activities in MCC network. Personal information data structure in MCC network allows traceability of data over time. Users can choose to offer credit history data at premium price. Moreover, the big data of credit history over period of time can provide valuable insight into the macroeconomic trend of an economy. It can offer crucial knowledge in managing economy in national level.

In other words, MyCreditChain is an ecosystem that has a self-expanding and self-evolving structure in which the number of participants increases and activities in the network become more active and complex in creating value-add information products from the vast set of personal data available in MCC network. More and more information is stored in the web, and the current legal trend on privacy heads toward limiting the access of information to the information owner. Big data accessible in MyCreditChain will provide benefit to individuals and institutions.

2. Development

As mentioned above, MyCreditChain has already developed the key technologies, data scraping and data analysis, to carry out its business models. Seed-Networking has been tested for 5 years with approximately 150 employees Also, MyCreditChain started an industry-academia cooperation with the Industrial Mathematics Data Analysis Centre at Seoul National University to develop a mathematical model characteristic to MyCreditChain’s Seed Networking. Before the end of this year, we plan to build a mobile app, which will provide Seed Networking services. The App’s features include gift mechanism, trading seeds and MCC tokens, etc.

3. Enreching the Ecosystem through Partnerships / Listing on Exchanges

To ensure the sustainability of the ecosystem, to serve the interests of our participants, and to increase the project’s value, MyCreditChain will operate under the principles of collaboration and share commitment among other projects that envisions to make world a better place. MyCreditChain will build new partnerships and expand global networks. For instance, we are building partnership with one of the telecommunication conglomerates in South Korea. MCC Seed Networking will be adopted by AprtI, a South Korean mobile application that provides apartment-maintenance-fees-related services.

MyCreditChain’s vision is reaching the other side of the Globe. We are discussing ways to create massive synergy effects with public institutions, corporations and startup projects from Vietnam, Nigeria, Indonesia, France, etc. As of now, specific information regarding the cooperation cannot be disclosed due to confidentiality concerns. These institutions are expected to adopt or join the MCC platform to generate new businesses, enriching our ecosystem.

Also, we are having discussions with multiple exchanges. Having a project’s issuing tokens to get listed on a cryptocurrency exchange is an essential phase that every project must go through. Liquidity of tokens is one of the most vital factors that directly affects the token value, and the liquidity highly depends on an exchange. The higher the trading volume on a given exchange the more people think that the exchange is trustworthy enough. Hence, our team is currently having discussions with exchanges with high liquidity, which will be the venues for people(investors) to trade MCC tokens more conveniently.

We are certain that these partnerships will lead to a win-win situation. As each participant pursue their own benefit within the MCC ecosystem, it will also MyCreditChain’s vision and culture. By admitting new parties, the ecosystem will be injected new energy and perspectives. We believe that MyCreditChain will continue to advance with time and scale.

The three objectives mentioned above our priorities following the ICO. In the interest of creating an ecosystem that brings out the unprecedented value to its participants, we are truly excited about these initiatives as new journey is about to begin.

The blockchain technologies has given us an opportunity to create a business paradigm unseen before. With the post-ICO plans, we aim to shed more light on giving shape to our ideas, led by strategic partnership and actual use cases. We strongly believe that these new approaches will create massive synergy effects, enrich our ecosystem, and, most importantly, enable us to meet user’s expectations. Our team has always remained and will always remain committed to open communication. The chatroom will be managed in both English and Korean language. Please feel free to reach us at any time. We will provide you the best services and replies supported by facts and expertise.

Thank you once again for your trust and companionship.

Yours truly,

MyCreditChain Team


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