RCN is a global credit network based on cosigned smart contracts that connects lenders and borrowers located anywhere in the world and on any currency. The smart contracts connect agents with information on the borrower’s identity to agents that analyze the borrower’s credit risk impartially, thus standardizing credit lending through blockchain technology. A cosigner acts as a reinsurer that distributes and reduces the lender’s risk and, at the same time, helps to improve the contract conditions by retaining access to the borrower’s local legal system.
Reasons for being bullish:-
Ready product: This is rare to come by in today's crypto market. Look at what happened to POWR. Ripio has a userbase of 130k+ and are growing at 20% monthly as confirmed by the team in their AMA. Their credit offering bussiness is up since a month and they will first transfer their existing loanbook to the Credit Exchange.
Funding: Funded by Tim Draper, Fenbushi Capital, Pantera Capital, etc. They had a no bonus/discount policy for their ICO. They have been receiving funding by VCs since as early as 2014. VCs never fund a declining company.
Competition: Closest product by similarity is SALT but cannot be considered as direct competition as they give crypto backed loans. Borrower needs to have collateral and is restricted to cryptoland. Ripio is Fiat to Fiat lending and borrowing where the risk is taken by the cosigner (read: Financial company)
Major Exchanges: Bittrex, Binance, Huobi, EtherDelta. Haven't heard of a project which got listed this fast on big exchanges within a week of the ICO.
Real use case: P2P lending is not a new concept and the market for the same has been growing exponentially. Ripio is aiming to enter the market in emerging countries where penetration of banking is low. This is not one of those projects with a revolutionary product which can change the world blah blah blah.
Decent Team: Team is decent with a lot of experience and they have been delivering everything on time with reference to their road map.
https://techcrunch.com/2017/09/20/ripio-credit-network-launches-aiming-to-attack-bank-loan-fees-in-emerging-markets/https://www.coindesk.com/ripio-credit-network-37-million/https://thenextweb.com/contributors/2017/09/25/three-companies-shaking-traditional-markets-thanks-blockchain/?utm_content=61068875&utm_medium=social&utm_source=twitter#.tnw_m2vU4SSzInvest before its spotted by everyone. We have a possible 10x on our hands.
