https://cdn-images-1.medium.com/max/800/1*W9TNbs9m6JaJrqrabEPj5Q.pngMicroMoney has joined forces with Oracles Network , the first Ethereum-based public network with Proof of Authority consensus, reached by independent validators. The new tandem will allow MicroMoney to utilize the Oracles’ smart contracts platform, which is cheaper and faster than POW predecessors. Micromoney will also be able to use their partner’s public network that combines speed, security, and cost efficiency, previously only available to private networks. MicroMoney hopes that this strategic alliance will help provide faster services for the unbanked around the world and accomplish the mission of financial inclusion — a chance for millions to get their first loan. Oracles is cheaper and faster than POW predecessors; it wants to become a decentralized hub for open networks based on PoA consensus. The team behind the startup sees Oracles Network as a first step towards realizing the vision of horizontal blockchains scalability by creating a swarm of blockchains with Proof of Authority consensus, connected by interledger protocols. Oracles Network is designed as a general application blockchain. I.e. what can be done on Ethereum network, can also be done on Oracles Network. Organizations can build their own networks with their own validators based on Oracles Network’s ceremony and governance. MicroMoney makes lending decisions using a proprietary, A.I. algorithms, machine learning, and Big Data based mobile scoring system. Its lending process doesn’t require any collateral or paper-based documentation. The company collects customers’ opt-in mobile phone data to establish potential borrowers’ credit score. After that, it uses the score to generate credit profiles, stored with MicroMoney Blockchain Credit Bureau, which in turn shares this data with financial institutions worldwide.
