MyCreditChain is a blockchain based credit ecosystem. MCC plans to bring the ownership of credit data back to individuals so that they can have a full control over their own information, thus building a more equal society. It brings about a major innovation in credit information that a person’s credit data will become an asset for himself/herself.
The MCC platform consists of blockchains consisting of Ethereum-based Smart Contracts. Data is encrypted and stored in IPFS, which is a distributed storage method and controlled by DAC (Data Access Control). The 3rd party participants can receive services through various APIs provided by MCC and consumers who have personal and credit information can receive services through MCC App to be provided at Application Layer.
MCC provides automatic real time collection of data, which is then encrypted and stored in a distributed storage. Information in that storage can only be accessed by the owner with the PKI or by others with the owner's approval.
The platform's credit rating method is based on daily airdrops of 10000 tokens. All participants in MCC network get three seeds every day. The seeds have no value unless they are given to some else. The 10,000 tokens are, then, shared among the seed receivers in proportion to all seeds received in the network. Airdrop can be used to analyze the trust between individuals in a his/her group. MCC is a P2P network that can be used to generate personal credits, such as reliability measurement using the network structure of trust couples and trust unions that share credit among network participants, and the information provide analysis on behavior patterns with conjunction with offline based data (address book, IoT, location information, etc.).
MCC platform can be linked with 3rd parties and can be ported to other blockchain networks.
Along with traditional credit ratings, such as annual income, years of working, position, and level of wealth, MCC collects information such as information stored in public institutions, financial transaction history, consumption behavior, personal big data from analysis of SNS activities and communication data and interpersonal confidence index generated in the MCC airdrop. Information is gathered using Scrapping and DRM Parsing solution.
Attention. There is a risk that unverified members are not actually members of the team
$7 852 400
$30 000 000
The MyCreditChain project has the following advantages: Product is relevant and in demand; Strong and large team. The disadvantages of the project are the following: Lack of business plan and marketing strategy; Lack of market and competitive environment research.
My Credit Chain attempts to solve one of the most pressing issues that plague the financial services industry today: the centralization of private, consumer data. By leveraging blockchain technology, My Credit Chain could help give the power back to the individual instead of over-leveraged financial institutions that are known to abuse their position in the market for personal gain.
In summary, the project has scalability potential and it could be integrated into the Korean banking system and market research industry at an early stage. The project also has favorable development timeframe and ICO parameters. Negative factors include the questionable premises for token use and non-homogeneous factors for market expansion, i.e. it will be problematic to introduce the ecosystem to the loan market straightaway.
The Multiversum project is at an early development stage; this becomes clear from the documentation’s quality, which still has some issues and lacunae. It is most likely that the project has been recently revised. There is no other explanation for the fact the WP and the site have different team descriptions.
The project’s risks are mainly associated with the large number of services envisaged. Such an ambitious project and its blockchain 4.0 status imply some pressure, requiring a sufficient amount of effort from the team. The project is under the spotlight, and the community will treat any negative news with great suspicion.
The competitive risks are also substantial. Such fundamental projects do not have a specific niche, unlike many utility tokens. Any such protocol adopted by the community as a standard could close the doors for its competitors.
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