DCC: Change the Existing Model of Traditional Financial System with Distributed Credit Chain

cryptocoinews (54)in #bitcoin • 7 years ago

With the advancement of technology, blockchain technology can be invented. And after that, there is also coming to the new type of virtual agency of financial system that based on this blockchain technology or can be called as “Distributed Banking System”.

We can define this distributed banking as a system that will break the monopoly from the existing traditional financial institutions through some actions and solutions.

Introducing DCC

Like what has been said before, distributed banking service has the intention to change the model of traditional financial institutions and one of the actions that be done is with implemented distributed service with the centralized credit service, which it will become the foundation of DCC or Distributed Credit Chain.

Distributed Credit Chain will be running on decentralized blockchain system to serving its credit business. With blockchain technology, DCC will able to get some features such as: can eliminating monopoly and profiteering, can protecting privacy reasonably, can eliminating data monopolies, can improve data validation efficiency and reducing data use costs, can create data marketplace, can controlling the fraud by AI risk control, disclosing the lending behaviors, and can get positive data feedback.

Distributed Data Chain (DCC) integrating those features with Blockchain technology in real time business scenarios and developing a new super credit ecosystem that benefits the world.

An identification system in DCC

The identification system is necessary for any user account. In DCC, every individual or even institution has one of DCCID (Distributed Credit Chain ID) that will be generated through the Public-Private Key Pair to form an address. This address will act just like member ID in traditional internet system, identifying, and associating with various real-world attributes and information on the credit chain (loan request, loan, payments, and repayments).

As a distributed credit chain that used blockchain technology, DCCID will also be implemented it on their ID. DCCID is a decentralized account system that means does not depend on any individual DCC node. Any person, organizations, or institutions can be generating this DCCID offline.

DCC also using the digital signature technology which means every step of data exchange will be fully guaranteed by non-repudiation of individual chain or institutions-chain interaction of data.

Meet the DCC token

Like the other platform in the crypto world, DCC will also need the presence of the medium of exchange or token that will be used to make all of the transactions and payment within DCC platform. The token of DCC can be known as DCC token.

DCC token will be handling every transactions and payment that occur within DCC platform. Besides that, the company of DCC also creating a smart contract to always maintaining a total fixed amount of DCC token. In ICO round of DCC token, 200.000.000 DCC token will be issued to non-Chinese and American investors. And this issued will be directly circulated.

The users that want to use DCC can be purchasing it on ETH. The contributions in the ICO will be held by the Distributor of DCC, and after the ICO is over, they will have no economic or legal right over or beneficial interest in DCC token.