Review on Creditcoin by Pedro O. Alvino M.
Blockchain-based financial benefits
Carrying out a bank benefit can generate certain papers and required documentation and with high interest rates, since for those with documentation problems it may be difficult to acquire a loan through a bank, therefore after the creation of Creditcoin it tries to carry out these services to this type of people.
A platform that connects both the investors who are the ones who lend the money in the Creditcoin network in cryptocurrencies that in this case would be in Bitcoin and Ethereum, and there are the fundraisers who are the ones that require an additional balance to be able to make a payment or a short or medium term investment. According to the architecture of Creditcoin this story with a decentralized model that shows a complete credit history and that offers certain parameters for investors so that they can protect themselves against various risk models in the ecosystem, although Creditcoin severely punishes those fundraisers who fail to meet platform requirements
Through the placing of an order it shows a fee to be paid with CTC which is the currency of the platform, which both Creditcoin investors and fundraisers will serve as a means to eliminate intermediaries, a better interaction between provider and the collector .
Pros
- Allows blockchain-based loan transactions.
- Investors can lend any cryptocurrency that is supported by Creditcoin.
- Its provision and fundraising system is established on the Creditcoin blockchain.
- The rates that the platform has are really low when generating an order.
- Ideal for foreign users with bank documentation problems.
Cons
- Currently only supports Bitcoin and Ethereum as a loan medium.
- It is not the only platform that has these services based on the blockchain.
- The CTC currency with no utility outside the Creditcoin ecosystem.
