Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 8. (Read 284487 times)

hodl on....

I don't mean a credit rating system for other lenders, like Wonga, or banks.

What I mean is this.

If I'm part of the BCR network and I want to lend money to people and along comes this guy that's never used the BCR network before, but he is happy to pay decent interest rates, rather than refuse him a loan until he builds up some trust on the BCR network....

....I'd be happy to lend him some cash after being on the BCR network for just 10 minutes, if he pays for a credit agency report to be made available to the BCR network.

In addition to the above....the BCR network can issue credit reports on BCR users to the credit checking agencies - just like any other lending organisation.

I can see the advantage in that, hopefully we can find ways to enable full interaction with other institutions.

Once i complete the basic work, I may write an analysis engine that will serve up recommendations to lenders to assist in their decision making.

On the merged mining issue.

Why not set an objective of becoming a bitcoin sidechain?

That's security of bitcoin and no mining footprint for BCR.

Good update on the roadmap.

The web interface is a good addition.

There will be people in the real world that can view the loans on offer and see people transacting with providing and taking loans.

To access loans, Joe public will then need to download a client. But the web interface is a great window into the network.

This is a good way to get growth in the user base.

What I would suggest as an add-on to this process is an interface with credit ratings agencies. If people want to skip the long leading period to gaining trust by the network, they should be able to buy their way up the trust ratings by paying for a credit ratings report to be linked to their profile.

This means that someone can Google 'loans'; find BCR as one of many providers; get a loan within 10 minutes.

Perhaps the amount of their first loan can be capped (the lenders will have to have a say in what that cap should be) and the interest rates can be higher to reflect the newbie risk status of the new customers.

Sounds good. 

If people think it's worthwhile I could port the scheduled bid code from my bidbot into the wallet so users can set up their daily bid without having to be online during the bid window.  (This needs users to have the Electrum BTC wallet installed.)

Dear Community

Many have raised concerns about my failure to communicate recently. This is in part due to my own RL problems , but also because i had nothing to report until i completed the design and crafting of BCR Phase 1 . (Lending Platform)

So allow me, to start by apologizing, and I promise to try my best to find something to say every now and then...

We have decided to implement the chain swap to v 2.0 on the 6th of June @ 00:00. Please ensure that your coins are in your local wallet and fully confirmed at this time or risk losing them during the balance import. This means also that Bittrex and Chainz will go offline as they also move to the new chain. And while we are on the subject of exchanges and services, I am counting on your support to push hard to get BCR V2.0 listed on other exchanges.

BCR V 2.0

I have decided to move away from momentum algorithm which has served us well but fails to meet the standards I have in mind for our future. As a result. we are going to sha256, with a view towards merged mining with other sha256 mining to make the most of our "green" commitment. Further, the initial assets integration has been sidelined in favour of a more comprehensive and user friendly implementation (more on this when specifics are finalized).

Money supply in v2.0 will be reduced from 210 Million to 50 Million. This is part of my idea to begin normalizing prices, as well as keeping sanity with regard to numbers and dust. Along the same lines I have acceded to the vote to keep Bidding as part of our system, however this will entail changes based on lessons learnt from v 1.0. Of particular concern was that some "bad" miners could at times make off with coins rightfully meant for bidders. To counter this a variety of measures are in the works, but mainly, i will be raising the minimum threshold of bids to 0.005 BTC, anything below will be ignored. Also, effectively users will have to bid in the first hour of the day , ie between 00:00 GMT and 00:59 at which point a hard file will be created for the days bids. By having this hard file and it's contents checked at every block, I can ensure that every coin goes where it is meant to. 
 
Thus far i have not yet settled on a voting model , our previous version was ineffective, and the Dash version...nope, i have to come up with one better and more suited to our requirements. Therefore we will have to wait until the lights come on in my mind and i implement a vote system that can adequately present the collective will of users.

As for the P2P FX Platform, out of the three proposed systems i have finally settled on the client-server-web design and am nearly done with it's implementation. An unpolished  Client-Side release candidate has already been made available for you to familiarize with and also point out any potential issues pre-launch.

As you know we had ported Masternode code with a view towards using it's structure, but ultimately, during development, i went balls deep and I have now written my own, far better suited to an expandable p2p financial instruments platform. This means we have a three tier network, clients, servers and websites. For an idea of how some aspects will work, If you look at the client side you will find that it has a loan manger module which acts as a clients way of accessing and using the system, the server side has loan manager and loan server module, with the web end having a loan monitor module.

The overall system works as follows :

new user joins network with new wallet, they will have zero trust , zero credit rating rating and zero balance .

They can either mine coins (highly inefficient ) or buy some.

The more they interact on the blockchain, by sendiing , receiving and accumulating,  their activity is logged and used to build a profile which then helps calculate their trust rating. While the are free to request a loan right from the start, noone is likely to lend to someone with zero trust. Eventually, their trust rating can get high enough that a lender may decide to lend them. If they return the loan on time and without hassle, they gain credit points. The more they repeat the process, the higher their trust and credit ratings.

Now, some users may decide that right off the start line they want a boost, so there is a option to register an address , a registered address starts with 10 trust points and 2 credit points. This allows serious users to immediately be able to attract potential lenders. The registration also acts as a barrier to entry against potential scammers who would just start a wallet, get a loan and abscond. The process of using a unregistered account to earn trust and credit to the point that lenders do not hesitate is intentionally time consuming and labour intensive to ensure that the amount of resources used in gaining those ratings will not be easily discarded , acting as another barrier to entry against fly by night scammers.

While users can access the loans DB from inside their wallet, the web interface will act as a more visually appealing and centralized overview of the loan book and general system health. The web interface will take a bit longer to complete , but  it will be done soon after i complete the server side.

Another thing to note is that i have decided to open source the client side only, server side and web interface will remain closed source until further notice.

Part of the Phase 2 will include addition of fiat processing in wallet, ie , in the near future, you can bid, or loan users fiat....

Anyway , more on that after a successful v 2.0 phase 1 launch.

Please feel free to ask questions.

~M

That will do the trick.

Thanks.

So guys really. i want to try the new wallet, where to get a win version,

thanks again, bitcreditscc looking really good.

great works.

Bitcredit 1.0 --> 2.0 swap will happen at 00:00 on the 6th of June.

Feel free to build and play around with the client side wallet and see the features. Please note that lending features will not work until server side wallets are active. This should occur in a few days.



~M

1st draft of the borrowing UI, based on the code I've seen:



Details will doubtless change but it should remain as simple as this.

Backend still being worked on so no UI just yet.

Can you try again? Should be working..

damn still remembering mining BCR on launch by my cpu

Looks good.

It's the lend section I'm looking to focus on. Anything on that?

Most of the proposed structural changes to the v2 wallet are in place and working on testnet. Basic Bitcoin Core funtionality right now as a lot of the advanced features haven't been ported over from the v1 wallet yet, and some of the v2 stuff isn't quite ready.

Note that this colour scheme is just what I'm using for development, I'm waiting on the website/design guys to finish their branding proposals so they can be voted on and the chosen scheme adopted. It's all in the stylesheet though so that's mostly a quick find/replace op.


So, WIP and subject to change but should give you a flavour:

didn't get any invite

It indeed is quiet here, but development is still ongoing!

Here's an auto-invite link to the OPEN/PUBLIC official BCR Slack channel: http://bcrofficial.herokuapp.com/ (No validation/confirmation required!)

Any screenshots of version 2.0 and the new wallet? I need to put together an elevator pitch document.

We need to figure a slack integration for the forum