SmartCredit - AI-driven self-custodial neobank

Right now anyone who interested can Tried SmartCredit Release 1.1 Beta and report about defects or send your suggestions

Quote from: no2kuzmy on March 19, 2021, 01:42:15 PM

Right now anyone who interested can Tried SmartCredit Release 1.1 Beta and report about defects or send your suggestions

... and have a chance of earning some smartcredit tokens I would add Wink

Anyway be prepared for next AMA session with SmartCredit oriject founders that will be held tomorrow at 18 UTC .

Feel free to drop your questions below if you won't be able to attend it, or simply you are not a telegram user, and I will ask them for you and post the answers here.

Quote from: hopenotlate on March 19, 2021, 03:15:36 PM

Quote from: no2kuzmy on March 19, 2021, 01:42:15 PM

Right now anyone who interested can Tried SmartCredit Release 1.1 Beta and report about defects or send your suggestions

... and have a chance of earning some smartcredit tokens I would add Wink

Anyway be prepared for next AMA session with SmartCredit oriject founders that will be held tomorrow at 18 UTC .

Feel free to drop your questions below if you won't be able to attend it, or simply you are not a telegram user, and I will ask them for you and post the answers here.

Thanks for sharing, it's good to know that the team are open in terms of customers / participants

suggestions, with this new beta wallet it's providing opportunities for potential users to see all

those functions and navigate,'

Good thing too that you can also ask any questions that you have in mind or if you wanted to
share your views you can ask the Founder.

Here is a summary of Saturday 20^th March 2021 AMA .

Martin Ploom : Let's start with our general updates:
- We just launched the Beta in the Ropsten network
- And we transferred to all Beta participants a lot of test tokens too
- Beta users will see quite some changes compared to the last version!

Question : When will it be possible to use Walletconnect with the Smartcredit app?
Martin Ploom : It will be definitively included in the Release 1.2. Currently our application is not fully mobile friendly - we have to redesign some screens to make it more suitable for the mobile. So, Release 1.2 will bring more mobile friendliness and the support for WalletConnect.
Question : Elrond?
Martin Ploom : This could be an option. However, we think more about the PolkaDot as a means to solve the cross-chain-collateral issues. The long term solution is not to move liquidity from one chain to other (i.e. from ETH to BNB), the long term solution will be more what PolkaDot will offer.

Question : Hi Martin and Tarmo. Do you plan to ever swap ERC-20 SmartCredit token to some native blockchain of your own ?
Martin Ploom : No, we don't plan this - our competence is in finance and not in native blockchains. There will be good teams to build core blockchains; and there will be teams to build applications on the blockchain - we will do the later one!
But yes, the Compound is trying the approach with his own blockchain. We think using PolkaDot or other cross-chain-solutions will be more effective

Question : 1) what is your opinion on rinkeby testnet? Did we got the expected output and what is the expectation of ropsten?
2) In what way Smartcredit holders get benefited short term and long term?
3) Can we have a nice article on Fixed Rate vs Fixed Interest Rate bye rest and what are the challenges with fixed rate?
4) is there a way we can use NFT assets in Smartcredit platform?
Martin Ploom : 1) We are very happy about the Beta Testing in Rinkeby - we found some defects and Beta users see as well how many User Interface changes we did - all triggered by the Beta feedbacks!
2) We do not speculate about the price of SMARTCREDIT, but we say - the price follows the user numbers. We think with the Release 1.1 we have created very unique USP for the DeFi sector and this will attract many new users
Additionally we will add the staking feature into the Release 1.2 and it will be based on the FIF's and we add other utility benefits. So, it will be both utility of the tokens AND the user numbers of the platform
3) Yes, we will write this and will put this into medium! People need to understand that there is VERY big difference between the Fixed Rate and Fixed Interest Rate:
- The first one is a trading strategy (Well, let's think on the Deutsche Bank here and others who never succeeded to manage this conversion)
- The second one is plain good old borrowing and lending
But let me say here the main challenges:
- fixed rate cannot be implemented with the money-market-funds, a fully new approach is required there
- fixed rate will need the yield curve (i.e. interest per duration curve)
- fixed rate will need credit-risk-rating
So, it will require quite some redesigning of existing solutions AND some financial know how.
4) NFT's - not yet. But later - definitively. Let's think on this example of company A with his receivables. A could package the receivables into a NFT and this NFT could be used as collateral in the lending by the A.
In case you can propose other use cases for the NFT's - please let us know!

Question : Any marketing plans?
Martin Ploom : We are preparing a marketing plan for the product launch, it will have multiple elements. But we will not publish them at the moment, let it all be a surprise

Question : Martin, the idea behind smartcredit is great, the team as well. We have 1.1 coming and 1.2 after that. Marketing strategy is in plan as well as there is a vision behind smartcredit. My question is what do you think are points in the project that could be improved on?
Tarmo Ploom : More
1. customer feedback
2. community feedback
3. Beta testers feedback
To take maximum of every feedback given. This gives best result to the SmartCredit.io. I believe into Swarm Intelligence, that a Swarm (Community) is always more clever/smarter then just one person.
Martin Ploom :Very good question! I think we have to scale faster than we have anticipated. We have to find more partners and we have to integrate with more partners too. At the end it's about gaining users into the platform (via features, partnerships and marketing).

Question : Hi Martin and Tarmo, question on timeline that you are allocating for each release. What lessons learned in the v1.1 implementation and do you see any deviation? Is there any ways we can utilize well on 4 month timeline for release?
Martin Ploom : Include as much community feedback as possible and include it almost before beta start. It is unbelievable how much SmartCredit.io R1.1 has improved thanks to the Beta community feedback!
We have to get better in the timebox development. We want to keep our 4 months cycles. In the current Beta we took a lot of very good feedback from the Beta Community and we implemented it. Otherwise it would be weird - we would receive the feedback and then we would just ignore it ...
For the Release 1.2 we have to do the same as Release 1.1:
- The Beta start after the Internal Testing is completed
- But we have to figure out what we do with all the ideas about the User Interface
- Perhaps we have to plan in some additional User Interface sub-Releases
But we have to get better and to aim for the 4 month cycles

Question : Is there any reason why late implementing holder benefits like staking or mining or bonus because we still could not see any benefit before v1.2 ?
Martin Ploom : Good question. Our way of thinking is - let's add first the features and then later the rewards. Let's get real usage to the platform and then let's add the rewards. In the same style as Uniswap did this. Otherwise we would be yet another system adding rewards and staking to the users, but with NIL functionality.
Question : On a note, do we have any rewards for the users who are using the actual app? That could be a better idea too
Tarmo Ploom : We plan to send our staking/rewards approach to the Beta community for the review. It will have several components. We will ask You for Your feedback.
Martin Ploom : Yes, Very good idea - we should implement similar approach as Uniswap did this - we should make un-announced thank-you-drops to the current users!

Question : How long it takes in robsten before deploy to production? Do you have release timetable estimate?
Tarmo Ploom : Probably we need for beta ca 3 weeks. Lets see how it proceeds with more real congestion issues like in ETH Mainnet
Martin Ploom : We need to do full tests in Ropsten, then let's have some stability and then we can launch the mainnet. It will take some weeks. Everything will depend now on the next week - how many issues / side--effects will be be found
Question :Most of the functionality is tested already. So are we targeting to any specific test cases like stress testing/performance testing? Real use cases etc..
Martin Ploom : In my eyes there are two focus areas:
- It's the ETH congestion issues, delayed transactions - all the hard stuff what is happening on the Ethereum.
- And let's try to break the system - somehow?
Tarmo Ploom : Yes, focus will be on timeouts, loads, stability in the Beta Ropsten Phase.
Martin Ploom : Let's calculate with 3 weeks at the moment. But as this is software - everything will depend on the first week in the Ropsten now

Question : When Binance?
Tarmo Ploom : There are many issues to consider:
1. How to reduce gas costs?
2. In which blockchain are assets (collaterals)?
3. If there is asset transfer between blockchain how much time does it take in both directions?
And there are several architectural solutions to solve these questions

Question : Is smartcontract audit started already? Is it one vendor or multiple vendors?
Martin Ploom : We have the initial results from the audit and we are just adding our comments to the findings. And then it will become a publicly available report. We used one vendor. Not one of with many sales people, but one with very good tech guys.

Question : Martin&Tarmo, feel free to skip this question because it's more of a personal nature and less related to the project itself, but I was wondering what do you think about the banking system vs. Bitcon/crypto now, knowing that you worked for years in traditional banking system.
How do you feel about both, working in blockchain business now and knowing that some portray it as an "enemy" to the traditional banking system?
Does it create any internal conflict of feelings, and what's your general stance on both systems?
Tarmo Ploom : Short answer is You cant stop innovation.
Banking today is in Web 1.0 technology
FinTechs are in Web 2.0 technology
DeFi is in Web 3.0 technology
FinTechs will eat Banks, and DeFi will eat FinTechs and Banks
The sooner Banks and FinTechs transferv over to Web 3.0 technology, the better it is for them.
However, banks havent managed even transformation to Web 2.0 technology. Based on my experience it is impossible. So they will fight DeFi
Martin Ploom : We would rather say that blockchain is the saver of the financial system and not the enemy of the system. Let's think that the Decentral Finance is 5'000 years old and it worked perfectly for 4'700 years.
But the last 100 years with the Central Banking system has been very special and have taken the full financial system to soon-arriving.collapse
The solution for the financial sector is to go back into the Pre-Central-Banking-era. But not only this. The solution is to go back even more in the time and to implement the year-thousands-old-concepts of Decentral Finance. But this time we don't need more "tally-sticks" or other Decentral-Finance artefacts. This time we can do this via blockchain
Tarmo Ploom : Good solution would be to transfer banks over to DeFi. However, imagine in the case of Credit Suisse a 300 million Line of Code software system which has maximum complexity possible. Only thing you can do is is to keep lights on. Its transformation to Web 2.0 is economically not feasible.
Banks cant transfer to Web 2.0 technology. What it means is that they cant continue with innovation.
Question : Interesting. What do you think why will traditional system collapse, due to unsustainable creation of unrepayable debt or because they're technically being run over by blockchain tech?
Martin Ploom : Let's think on the "tally-sticks" - the economy of United Kingdom was based on the tally-sticks for 500 years (till the Central Bank was created in London in 1660's). This decentral system empowered the middle class, it empowered the productive economy and not the financial sector. It created basis for the further industrial development of UK. It enabled UK (which had nothing) to become an empire.
But, if we go to Wikipedia - you will find just 2 paragraphs about this.
But this is just the example. Decentral Finance is not the concept which came with blockchain. Decentral Finance is thousands of years old concept.
The existing system will collapse, because of un-controlled-growth of the credit-money:
- central banks create the base-money
- commercial branks create the credit-money
The money on our bank accounts is actually credit-money - the money created via the lending
When we had gold based system, with the strict convertibility of credit-money into the gold, then the system had automatic breaks. One could not create too much credit money.
But today, there are no controls, no breaks in the system anymore. And this unlimited growth of the credit-money will just get into the next phase. And from this next phase the new monetary system will emerge - either Gold based (again) or Bitcoin based!
Tarmo Ploom : When bitcoin rises ca 25%, then its market cap will be higher than that of silver. Probably in next 4 years it will reach gold market cap. Then we will have de facto new base money (M0) in the world.
SmartCredit.io introduces also ccTokens. SmartCredit ccTokens + Bitcoin could basically form the new monetary system which has M0 (Bitcoin) and M1 (ccTokens).

Quote from: hopenotlate on March 22, 2021, 11:29:55 AM

Martin Ploom : We are preparing a marketing plan for the product launch, it will have multiple elements. But we will not publish them at the moment, let it all be a surprise

Of course, I understood the answer and understand that marketing details will not be released at this moment.
However, I have read tokenomics and I can see that the marketing part is locked. I would like to ask if anyway there is chance to launch a bounty campaign on Bitcointalk, so that users here can help with the promotion and at the same time get some SMARTCREDIT tokens?

Quote from: LordShanken on March 22, 2021, 02:23:11 PM

Quote from: hopenotlate on March 22, 2021, 11:29:55 AM

Martin Ploom : We are preparing a marketing plan for the product launch, it will have multiple elements. But we will not publish them at the moment, let it all be a surprise

Smartcredit team has ran or better say Yahoo62278 ran a signature campaign here on Smartcredit behalf that lasted a month but the payout was in BTC but pegged to fiat value; you can see details here : https://bitcointalk.org/index.php?topic=5319146.0.

As far as I can see team is quite jealous of SMARTCREDIT tokens : if you want you can ask this specific questionin next AMA session that will be held next Saturday at 18:00 UTC here https://t.me/SmartCredit_Community and if you won't be able to join it just let me know and I will ask it for you ( just put a #AMA tag next to it for ease of use).
As you can see lately am making it a habit to post a summary of weekly AMA session here.

I think Crypto Loans become pretty popular thing in our days as it is not too hard to do it and faster than in real life. SmartCredit provides good options in this direction

(image source from their telegram)

v1.1 Fixed Income Funds will be released after full tests in Ropsten (v1.1 beta 2nd phase) next month, this year gonna be awesome for SmartCredit.
What I like about this project is we can talk with the co-founders every day, not only on weekly AMA.
It shows that they really care about the project and they focus on the product, not the hype only to raise the price. Why would we need 10%-100% profits (short) while SmartCredit has the potential of more than x100.

Slowly but steadily this project am following is progressing either in development and in popularity ( still a big word to say but am confident it will increase) in decentralized finance sector : they have been added to the portfolio of this new decentralized investment fund https://polka.ventures/

Don't miss to join the regular SmartCredit AMA together with CryptoTask on SmartCredit_Community telegram channel.
Saturday, March 27th 18:00 UTC https://twitter.com/smartcredit_io/status/1375140210976120832

(image source: twitter)

Great news from SmartCredit! Smarties, now you can earn more with SmartCredit Liquidity Mining on Loopring AMM.

Wow, I saw that SmartCredit already has more than 4000 registered users, pretty good result as for me

Hey guys, let's join Exclusive SmartCredit and Bull Crypto AMA (Ask Me Anything) this Sunday April 4th, 18:00 UTC.

Venue: https://t.me/BullCrypto_Team

Reward Pool: 100 SmartCredit bonus tokens for 5 AMA participants.

Requirement tasks, join and follow:

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https://twitter.com/smartcredit_io

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https://t.me/SmartCredit_Community

fffff

https://t.me/BullCrypto_Team

Seems like the rumor about Smartcredit begins to spread everyday more, adding to this the imminent release of V 1.1 am bullish on this project : market cap is still really low nothing compared to their potential imo.

Going to add some more to my long term bag.

Here is what has been discussed during Saturday 3^rd April 2021 AMA.

Martin Ploom : Let's start with general updates:
- Our next version of Beta will be deployed on Monday
- It will contain the Smart Contract adjustments based on the Security Audit too
- Our focus is now only on defects, and we are little bit reluctant to add more features into the Beta now
And we started with our Liquidity mining campaign in Loopring
We can see that the liquidity in the Loopring AMM is increased - there will be 1500 SMARTCREDIT benefits pro-rata between the liquidity providers.
Let's consider the high gas costs in the Uniswap - the Loopring offers there a very reasonable alternative - it's the 0-gas fee AMM's and 0-gas fee orderbook.. We have been discussing internally that we should relocate some liquidity from the Uniswap into the Loopring too.
Practically our community has now 3 alternatives:
- Uniswap (with high gas fees and a lot of liquidity)
- Loopring with 0-gas fees (and less liquidity than the Uniswap)
- Bittrex Global as a CEX (for non-US)
Btw, the Loopring token - LRC - is supported in the Release 1.1 too
OK - that's for general updates - please - ask us some questions!
Let me add more infos
Our Marketing Program for the Release 1.1 Launch is mainly prepared. We cannot go into the details, but it will be visible at the Release 1.1 launch

Question : Is KYC required for getting crypto loans ?
Martin Ploom : KYC is optional on the platform, but it will improve the Borrower's credit rating

Question : Is there an exact release date of 1.1?
Martin Ploom : It will be after the Ethereum Mainnet Berlin upgrade on 14th of April - let's wait till the Mainnet stabilizes after the upgrade and we will Launch then!

Question : When audit results will be announced publicly?
Martin Ploom : The Auditor is preparing now the final report and we will share it in the community as soon as we have it. This should be in the next week.

Question : Will there be some special Ama tomorrow in Bull Crypto Team channel? I saw they were advertising it
Martin Ploom : Yes, we are doing tomorrow AMA on the Bull Crypto channel - we will post the twitter / ANN channel after our AMA (for avoiding confusions with our regular AMA). The Bull Crypto AMA will be in the BullCrypto channel tomorrow (Sunday 4th of April) , 18:00 UTC

Question : What is your next plan for Q2 and Q3 this year?
Martin Ploom : Our focus is going into the Release 1.2:
- Adding more benefits for the Borrower
- Adding rewards and staking of SMARTCREDIT
- Reducing gas costs
- And more integration options
Practically our todo-lists for the Release 1.2 are ready, we have to roll over the team into the Release 1.2 after the Launch of the Release 1.1
And additionally, our aim is to create public Crypto Credit Score Component.
There are just 2-3 companies, offering the Crypto Credit Score. Well, our advantage is that we have the Credit-Score module and we are using it too Wink

. The next step is to make it available to all (for some SMARTCREDIT as fees)

Question : Do you have a solid marketing plan after 1.1 is released? I see a lot of useless projects get a lot of hype but Smart is actually a useful tool and well worth the hype.
Martin Ploom : We have the Release 1.1 Marketing Plan prepared.
But let's say so - Our focus is not on hype but on product and users. Users deserve great DeFi experience. We are here for the long play and not for some volume pumping or token shilling or massive ad campaigns. We are here to get the users into the platform.

Question : I saw few comments concerning changes in Smartcredit team. Any comments?
Martin Ploom : We have had some internal repositionings. Our focus is and will be always on the delivery.

Question : Will there be a mobile friendly site if people don’t have the app?
Martin Ploom : Our new version will much more mobile friendly than the old one. However, we do not have yet the Wallet Connect integrated. This will come with the Release 1.2

Question : Is it useful to test betatesting anymore or do we wait defect fixing and release now?
Martin Ploom : We will publish next Beta version on Monday, let's run final tests, let's run the "happy flows", let's run the "less happy flows".
We updated User Interface for the Borrower - to make it more easier for the Borrower - let's test this too!

Question : What will you do to control dump token price? Because we already seen little dump and If price so much dump people loose their faith on that project.
Martin Ploom : Which dump? If we look on the CoinMarketCap, than we see this:

Let's take long term view. There are always some fluctuations up and down. The same applies on Bitcoin and Ethereum. The key is the utility to the end user - is there utility or is there just a token hype.

fffffJoin us today on SmartCredit AMA series

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https://twitter.com/smartcredit_io

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https://t.me/SmartCredit_Community

fffffRegular AMA Session with SmartCredit co-founders Martin and Tarmo Ploom.
fffffJoin SmartCredit Community on Telegram this Saturday, 17th April 18:00 UTC!

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https://twitter.com/smartcredit_io

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https://t.me/SmartCredit_Community