Ripio Credit Network (RCN)

$0.042943 (2.91%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
337 $21,832,500.00 $251,368.00 508,405,000 RCN -- 2.91% 2.65% -$1.25

Exchange Pair Volume (24h) Price
Binance RCN/BTC 106,223.00 0.0000033000
Huobi Global RCN/BTC 19,936.88 0.0000032977
Emirex RCN/BTC 639.86 0.0000033200
Gate.io RCN/USDT 1,047.02 0.0419000000
VCC Exchange RCN/BTC 28,236.00 0.0000033200
C2CX RCN/BTC 1,916.58 0.0000032900
Bittrex RCN/BTC 1,033.67 0.0000033100
DragonEx RCN/USDT 76,240.00 0.0425000000
Bancor Network RCN/BNT 4,754.94 0.0465878485
Uniswap (v2) 0XF970B8E36E23F7FC3FD752EEA86F8BE8D83375A6/ETH 16,462.56 0.0001085165
HitBTC RCN/BTC 17.51 0.0000033320
Upbit RCN/BTC 269.48 0.0000030400
Gate.io RCN/ETH 387.04 0.0001025900
Bitfinex RCN/USD 4.67 0.0490000000
HitBTC RCN/ETH 1.61 0.0001110790
Ethfinex RCN/USD 6.21 0.0392750000
HitBTC RCN/USD 0.49 0.0489988000
Upbit Indonesia RCN/BTC 1,768.39 0.0000030400
Huobi Korea RCN/BTC 2.42 0.0000032588

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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