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HashCredit is a big data trading network. In this network, people can generate their own Credit Assets with build-in open source big data processing tools and models and conduct "Self-Credit Rating". In this way, data providers can be involved in the data trading and applying process, and are more willing to submit or authorize the use of their personal Credit Assets. Data users can be saved from data monopoly and information silo.

Data are now functioning like “fuel” in most industries and are driving their development rapidly. As a result, customers’ data are considered as essential “Credit Assets” in most industries rather than simple “information fragments”.

Generally speaking, "Credit Assets" market is an at least multibillion dollar market. The standard business process in the traditional lending and financing scenario starts from data collecting, then data analyzing and modeling, credit rating, and ends with payment transactions. But the presenting centralized data trading and generating methods are criticized for its legal risk. People obtaining profits of more than 5000 from trading private information can be investigated for criminal responsibility. In practice, customers are not willing to submit or authorize the use of their personal Credit Assets because they can hardly be involved in the data trading and applying process.

To address this problem, we build a blockchain-based decentralized "Blockchain as a Service"(BAAS) platform to target Credit Assets collecting, processing, storage, and utilizing problems. The platform consists of a Data layer, a BaaS（Blockchain as a service） layer, and a Dapp layer. In the platform, customers have ownership of their "Credit Assets" and rights to know how their "Credit Assets will be used. In addition, customers get paid (token) by “Data Mining” and authorizing the use of their "Credit Assets".

In this platform, we will share open source data processing tools and models. With the help of professional tools, the system has the capacity of “Self-Credit Rating” and save users from data monopoly and information silo. And the usage of “Credit Assets” can also be limited into the authorized scope.

In addition, by adopting fingerprint recognition, voiceprint recognition, iris recognition, face recognition and other biological recognition technologies, people’s identity can be securely confirmed. Combined with the Internet of Things technology, everyone owns a "Hash Credit Account" that binds to his own biological characteristics. This way, people can use his own “Credit Assets” at any time and in any place.

1. Overview of "Credit Assets" Platform Framework

1.1 Structural Advantages of the Platform

The platform consists of data owners, users, tools developers, and smart contract maintenance party. The owners’ data are transformed into structured data, label portraits, model ratings and other "Credit Assets" with open source tools; users purchase "Credit Assets" and pay tokens. The revenues are distributed through "Credit Assets management models" (smart contracts).

1.2 The Production Process of “Credit Assets”
The owner's raw data are processed into "Credit Assets" by using the following open source tools

Data Hub Data Cleansing & Mining Kit

Data Hub is a data cleansing and mining toolkit that uses standard API interfaces including Data Cleaner, a data cleansing component, and Data Miner, a data mining component. It can be used to reduce, clean, and turn your raw data into usable structured data.

Label Portraits

Raw data are cleaned and parsed into structured data, and then generated detailed risk management reports with Label portrait tools. An anti-fraud knowledge map will be generated for each industry in this stage.

Data Modeling

Anti-fraud score is calculated using data modeling tools to rate the loan applicant's fraud risk. In addition, tool users can also customize the original model or use their own data to train the model. Further develop or upgrade model are also applicable in some user cases.

Application of AI Technology

In the example of debt collection, audio data is collected and analyzed, and telephone verification data and debt-collection data are generated. The model of verbal trick and debt-collection model is optimized continuously. Deep learning based intelligent telephone verification and smart debt-collection robot are developed to detect bad debts and identify fraud.

1.3 The Exchange Process Utilizing “Hash Credit Account"
The data owners provide “Credit Assets” via “Hash Credit Account” and get their fair share of profit. The profit distribution is decided by the rights and interests’ distribution model and the built-in algorithm.

The users purchase “Credit Assets” via Hash Credit Platform. The data owners, tools developers, and smart contract maintenance party can get their share of profit determined by the rights and interests distribution model and the built-in algorithm.

2. Hash Credit's Technical Framework

2.1 Mode of Operation

The data provider uploads the data through the client (Dapp), invokes the smart contract and generates “Credit Assets”. The smart contract includes: the provider's Credit Assets licensing contract, token incentive model for the Data Providers, smart contract maintenance party, and Tools Developers. The smart contract content for the Tools Developers also includes tools guide documents, source code, etc. When the "Credit Assets" transactions occurs, smart contracts will be executed, and the tokens will be distributed automatically.

Hash Credit's technology development consists two phases:

2.2 Phase One: Structure Development

The platform consists of a Data layer, a BaaS（Blockchain as a service） layer, and a Dapp layer.

Data layer: The Data layer will be developed based on the Ethereum.

BaaS（Blockchain as a service） layer: The BaaS layer is composed of standard API interfaces and a built-in smart contracts. Users can fill in information through Dapp or WEB page. The background process automatically generates a smart contract that implements the specific business logic;

Dapp: The Dapp is a collection of wallet and app features that users can use to bind their accounts by fingerprint or iris plus password. The data provider uploads data with the client (Dapp) and then invokes the smart contract. The data will be cleaned and then converted into "Credit Assets". The provider will receive token for compensation. Key features of Dapp include registering, creating a new wallet, importing an account, backing up a wallet, exporting an account, submitting data, updating data, sending and receiving tokens, browsing My Assets, and browsing the history of transactions.   
 
Smart contracts: Including "Credit Assets" authorization contract, tokens incentive models, open source tool kits;

Data storage: The platform supports 3 methods to query information: API port, WEB and mobile terminal. The data are stored and encrypted through the IPFS. Users need to decrypt the data after acquiring the data.

At this stage, the data is processed and validated by the data cleansing tools to generate identifiable and clean "Credit Assets." Motivated by the Token incentive mechanism, data providers are willing to continuously upload the data and keep the "Credit Assets" up to date. In the same time, with the assistance of big data tools, "Credit Assets" is accurately priced.

2.3 Phase Two: Business Scenes of “Hash Credit Account”
 
When customers want to pawn goods, Pawnshops can identify their customers with any biometric combination of face, iris, fingerprint, or voiceprint and check their "Credit Assets" and get access to their credit history and the electronic invoice of the goods, and then pays Token to the customers' "Hash Credit Account" according to the value of the pawn. When clients want to buy back the goods, they pay HCT through the Cloud account and get the goods back.
 
When a customer rent a car, the leasing company identifies the customer’s identity by using a biometric combination of face, iris, fingerprint, or voiceprint and obtains its credit rating through the customer’s "Hash Credit Account" and quotes the leasing service according to his credit rating. Based on the "Hash Credit Account" solution, customers can select their favored cars online, verify biometric identity, pay with tokens and go straight to the nearest garage to get a "Cloud Rental Car." And leasing companies can also achieve "Cloud Garage" to save operating costs.

3. Token Offer Plans
3.1 The Purpose for the Offer
Through the offer of HCT, Hash Credit will raise funds to cover the operational cost of the project. The proceeds from the crowdfunding will be devoted to product development, team expansion, community operations, marketing and so on. As the project progresses, the team will gradually release the reserved tokens to invite and motivate high-level blockchain developers to join the community.

3.2 Necessity for Token Offer
HCT is used as a payment tool for all parties in the Platform when "Credit Assets" are traded;
HCT is used as compensation to data providers and "data miners";
HCT is used as compensation paid to developers of open source tools for their work.
HCT is used as incentive for all the participants.

3.3 Token Allocation Plans

10% for the core team. 5% of this portion will be released after 6 months. After the completion of framework development, 40% of this portion will be released. The foundation will then releases 8.75% every 6 months in 24 months. ;

5% for the Angel investors. When the token can be traded in the exchange, the first 20% of this portion will be released. The remaining portion will be locked for six months, and unlock one-sixth of them each month.

25% for the Private Sale institutions. When the token can be traded in the exchange, the first 40% of this portion will be released. The remaining portion will be locked for six months, and unlock one-sixth of them each month.

40% for the community development. 3% of this portion will be used for trial subsidies for certified companies. Another 3% will be rewarded to users who make real-name certification. 2% will be used

to reward code contribution. The lock-up period of the above part will be 1 year. After 1 year, those part will be released within 6 months. The remaining part will be allocated to the foundation for community development and user incentives

20% for the Hash Credit Foundation which will be used to maintain project sustainability

The official website of the project is www.hashcredit.io
Telegram group of the project is t.me/HashCredit