So if the coin has working anon, instant tranactions, we assume the adoption will start and then maybe someone will want to borrow some coins from a bank node, right? How is that going to work? Am I going to give you my personal details before you give me the loan? Just trying to get my head around this.
very interesting, thanks for switching to more important concepts.
ok...so you want a loan in the brick and mortar world , you go to your bank, they know you, your income and your debts. They know your age and how long you will likely be employed. using this and other factors like # of beneficiaries and health, they can judge how likely a good candidate you are.
I figured out a way to do it using the blockchain. Your income, is equivalent to the number of incoming coins/ period of activity.
Your Age is how long you have been using the blockchain.
Your spending habits are == number of incoming tx/outgoing tx
Your save ratio is Current balance/total income. Spend ratio is also used.
your tx frequency is the number of transactions / overall chain transactions
i can extract this and more from your activity on the chain, this is how we calculate your trust score, later your credit score will use this and extra data gained from how you relate and work with Bank nodes.
this data is used and then figures are presented to the BN owner
1) your trust rating
2) your credit rating
3) suggested maximums of Loan/insurance
4) recommended action.
like isaid , it's all very rudimentary but with time, i will perfect it.
