Ripio Credit Network (RCN)

$0.015852 (10.41%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
290 $8,039,280.00 $228,892.00 507,139,000 RCN 90 10.41% 4.5% -$1.65

Exchange Pair Volume (24h) Price
Binance RCN/BTC 92,395.00 0.0000015200
Bittrex RCN/BTC 12,271.77 0.0000015400
Binance RCN/ETH 5,886.45 0.0000825900
Binance RCN/BNB 1,450.16 0.0005870000
Gate.io RCN/USDT 845.16 0.0156000000
Upbit RCN/BTC 12,260.50 0.0000015400
Huobi Korea RCN/BTC 684.56 0.0000015248
Huobi Global RCN/BTC 32,530.00 0.0000015248
C2CX RCN/BTC 5,738.40 0.0000015500
Huobi Korea RCN/ETH 0.55 0.0000820500
CHAOEX RCN/ETH 29,108.00 0.0000820100
Huobi Global RCN/ETH 4,350.79 0.0000817700
XT RCN/USDT 574,029.00 0.0158950000
XT RCN/SXC 526,046.00 0.1125300000
Bancor Network RCN/BNT 1,953.16 0.0407832979
Uniswap RCN/ETH 255.31 0.0000808517
Ethfinex RCN/BTC 2.93 0.0000015200
HitBTC RCN/BTC 225.92 0.0000014995
HitBTC RCN/ETH 0.28 0.0000779950
ZB RCN/USDT 0.07 0.0130110000
Ethfinex RCN/USD 207.73 0.0188350000
HitBTC RCN/USD 0.00 0.0142493000
Gate.io RCN/ETH 0.00 0.0000745900
C2CX RCN/USDT 0.00 0.0188000000
C2CX RCN/LONG 0.00 0.0013240000

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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