Ripio Credit Network (RCN)

$0.049078 (7.5%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
124 $24,992,400.00 $1,702,720.00 509,235,000 RCN 107 7.5% -2.35% -$3.68

Exchange Pair Volume (24h) Price
Binance RCN/BTC 113,106.00 0.0000056000
Bittrex RCN/BTC 1,970.66 0.0000056000
Binance RCN/BNB 4,603.12 0.0027390000
Binance RCN/ETH 18,497.72 0.0002873100
Bilaxy RCN/ETH 1,070,977.00 0.0002922300
XT RCN/USDT 739,993.00 0.0485150000
XT RCN/SXC 513,068.00 0.3314280000
HitBTC RCN/BTC 931.40 0.0000056028
VCC Exchange RCN/BTC 2,955.98 0.0000056200
C2CX RCN/BTC 3,494.62 0.0000056400
Huobi Global RCN/BTC 4,901.03 0.0000056040
CHAOEX RCN/ETH 354,919.00 0.0002889700
DragonEx RCN/USDT 112,319.00 0.0489000000
Huobi Global RCN/ETH 3,603.52 0.0002938920
Upbit RCN/BTC 384.37 0.0000045000
HitBTC RCN/ETH 49.41 0.0002959790
Uniswap RCN/ETH 719.80 0.0002980340
Bitrue RCN/XRP 1,766.20 0.2203579400
Bitrue RCN/BTC 535.83 0.0000058800
Bitfinex RCN/BTC 76.96 0.0000056200
Bitrue RCN/ETH 83.22 0.0003084300
Bitfinex RCN/USD 29.40 0.0490000000
Bitfinex RCN/ETH 7.27 0.0002830000
HitBTC RCN/USD 1.25 0.0498987000
Gate.io RCN/USDT 17.23 0.0509000000
ZB RCN/USDT 0.39 0.0360010000
Bancor Network RCN/BNT 1,475.01 0.2291209155
Upbit Indonesia RCN/BTC 761.85 0.0000045000
Huobi Korea RCN/ETH 192.81 0.0003044620
Huobi Korea RCN/BTC 15.68 0.0000059090

Background

Ripio Credit Network (RCN) is a project being developed by Ripio, a blockchain startup in Latin America which originally operated a bitcoin payment platform under the name BitPagos. In Jan. 2017 the company rebranded and took on Ripo, the name of its original wallet service, as the company name. In 2016 BitPagos introduced Ripio Credit which currently allows users to create installment loans using bitcoin. Unlike traditional loans, Ripio Credit does not require users to possess a credit card or bank account. RCN was created to decentralize the lending process by leveraging a series of smart contracts and the existing Ripio credit application. In the RCN network borrowers and lenders are matched through a custom smart contract. Third-party services are used to verify a borrowers identity and a credit score can be generated by a scoring agent. To ensure that lenders are protected in the case of a default co-signers are used to act as guarantors. Co-signers are responsible for collecting defaulted payments in accordance with local regulations. While loans can be denominated in local currencies the third-parties in the network like identity providers and scoring agents are required to use the RCN token for exchanging payments. A price oracle is built into the network to provide real-time price details for these agents. This means that in order to participate in the network it is necessary to own RCN tokens. Ripio Credit launched as the initial provider of all services, including wallet provider, scoring agent, id-verifier, co-signer, and credit provider for users in Argentina.

Technology

The RCN network provides the basic infrastructure for providing loans to users and matching them with lenders. Wallet providers, who wish to offer loans to their users, are able to create custom smart contracts that allow them to specify the terms of a loan, receive funds from lenders, and distribute them to borrowers. When a user provides their information to a wallet application a smart contract is created containing details such as the loan amount, rate, and repayment details before being broadcast to the network. The borrower's information is then verified by an identity provider and a credit score is created by a scoring agent. Co-signers are responsible for establishing the terms under which repayment will be collected and if they sign off on a loan are responsible for collecting defaulted payments. After a loan has been verified and signed by a co-signer it is listed on a credit exchange for lenders to review. Lenders then have the ability to select loans that they wish to fund. Because multiple types of currencies will be used within the network Ripio has created an oracle service to provide price information to the smart contracts.



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