◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[coins101]

On the merged mining issue.

Why not set an objective of becoming a bitcoin sidechain?

That's security of bitcoin and no mining footprint for BCR.

[LucD88]

To improve the readability of the recent post by bitcreditscc aimed towards the community I decided to add titles. In case you find any mistakes, let me know!

Dear Community

Communication & apology
Many have raised concerns about my failure to communicate recently. This is in part due to my own RL problems , but also because i had nothing to report until i completed the design and crafting of BCR Phase 1 . (Lending Platform)

So allow me, to start by apologizing, and I promise to try my best to find something to say every now and then...


Chain swap & new exchanges
We have decided to implement the chain swap to v 2.0 on the 6th of June @ 00:00. Please ensure that your coins are in your local wallet and fully confirmed at this time or risk losing them during the balance import. This means also that Bittrex and Chainz will go offline as they also move to the new chain. And while we are on the subject of exchanges and services, I am counting on your support to push hard to get BCR V2.0 listed on other exchanges.

BCR V 2.0


Change of algorithm
I have decided to move away from momentum algorithm which has served us well but fails to meet the standards I have in mind for our future. As a result. we are going to sha256, with a view towards merged mining with other sha256 mining to make the most of our "green" commitment. Further, the initial assets integration has been sidelined in favour of a more comprehensive and user friendly implementation (more on this when specifics are finalized).


Money supply reduction & bidding
Money supply in v2.0 will be reduced from 210 Million to 50 Million. This is part of my idea to begin normalizing prices, as well as keeping sanity with regard to numbers and dust. Along the same lines I have acceded to the vote to keep Bidding as part of our system, however this will entail changes based on lessons learnt from v 1.0. Of particular concern was that some "bad" miners could at times make off with coins rightfully meant for bidders. To counter this a variety of measures are in the works, but mainly, i will be raising the minimum threshold of bids to 0.005 BTC, anything below will be ignored. Also, effectively users will have to bid in the first hour of the day , ie between 00:00 GMT and 00:59 at which point a hard file will be created for the days bids. By having this hard file and it's contents checked at every block, I can ensure that every coin goes where it is meant to.  
 

Voting model
Thus far i have not yet settled on a voting model , our previous version was ineffective, and the Dash version...nope, i have to come up with one better and more suited to our requirements. Therefore we will have to wait until the lights come on in my mind and i implement a vote system that can adequately present the collective will of users.


P2P FX platform & release candidate
As for the P2P FX Platform, out of the three proposed systems i have finally settled on the client-server-web design and am nearly done with it's implementation. An unpolished  Client-Side release candidate has already been made available for you to familiarize with and also point out any potential issues pre-launch.


Masternodes & 3-Tier network
As you know we had ported Masternode code with a view towards using it's structure, but ultimately, during development, i went balls deep and I have now written my own, far better suited to an expandable p2p financial instruments platform. This means we have a three tier network, clients, servers and websites. For an idea of how some aspects will work, If you look at the client side you will find that it has a loan manger module which acts as a clients way of accessing and using the system, the server side has loan manager and loan server module, with the web end having a loan monitor module.


System workflow
The overall system works as follows :

new user joins network with new wallet, they will have zero trust , zero credit rating rating and zero balance .

They can either mine coins (highly inefficient ) or buy some.

The more they interact on the blockchain, by sendiing , receiving and accumulating,  their activity is logged and used to build a profile which then helps calculate their trust rating. While the are free to request a loan right from the start, noone is likely to lend to someone with zero trust. Eventually, their trust rating can get high enough that a lender may decide to lend them. If they return the loan on time and without hassle, they gain credit points. The more they repeat the process, the higher their trust and credit ratings.

Now, some users may decide that right off the start line they want a boost, so there is a option to register an address , a registered address starts with 10 trust points and 2 credit points. This allows serious users to immediately be able to attract potential lenders. The registration also acts as a barrier to entry against potential scammers who would just start a wallet, get a loan and abscond. The process of using a unregistered account to earn trust and credit to the point that lenders do not hesitate is intentionally time consuming and labour intensive to ensure that the amount of resources used in gaining those ratings will not be easily discarded , acting as another barrier to entry against fly by night scammers.

While users can access the loans DB from inside their wallet, the web interface will act as a more visually appealing and centralized overview of the loan book and general system health. The web interface will take a bit longer to complete , but  it will be done soon after i complete the server side.


Open source
Another thing to note is that i have decided to open source the client side only, server side and web interface will remain closed source until further notice.


Phase 2
Part of the Phase 2 will include addition of fiat processing in wallet, ie , in the near future, you can bid, or loan users fiat....

Anyway , more on that after a successful v 2.0 phase 1 launch.

Please feel free to ask questions.

~M

Things look really promising, very curious to see how this will unfold. It's been a rough ride the past year, but it seems the dev has finally found his way. Step by step great things can be achieved, congratulations! Now it's a matter of time, but you have my support.


Oh, before I forget.. Currently a lot of discussion is happening in the BCR Slack channel. For any newcomers or people interested, here's an auto-invite link to the OPEN/PUBLIC official BCR Slack channel: http://bcrofficial.herokuapp.com/ (No validation/confirmation required!)

[bitcreditscc]

Good update on the roadmap.

The web interface is a good addition.

There will be people in the real world that can view the loans on offer and see people transacting with providing and taking loans.

To access loans, Joe public will then need to download a client. But the web interface is a great window into the network.

This is a good way to get growth in the user base.

What I would suggest as an add-on to this process is an interface with credit ratings agencies. If people want to skip the long leading period to gaining trust by the network, they should be able to buy their way up the trust ratings by paying for a credit ratings report to be linked to their profile.

This means that someone can Google 'loans'; find BCR as one of many providers; get a loan within 10 minutes.

Perhaps the amount of their first loan can be capped (the lenders will have to have a say in what that cap should be) and the interest rates can be higher to reflect the newbie risk status of the new customers.

I can see the advantage in that, hopefully we can find ways to enable full interaction with other institutions.

Once i complete the basic work, I may write an analysis engine that will serve up recommendations to lenders to assist in their decision making.

[coins101]

Good update on the roadmap.

The web interface is a good addition.

There will be people in the real world that can view the loans on offer and see people transacting with providing and taking loans.

To access loans, Joe public will then need to download a client. But the web interface is a great window into the network.

This is a good way to get growth in the user base.

What I would suggest as an add-on to this process is an interface with credit ratings agencies. If people want to skip the long leading period to gaining trust by the network, they should be able to buy their way up the trust ratings by paying for a credit ratings report to be linked to their profile.

This means that someone can Google 'loans'; find BCR as one of many providers; get a loan within 10 minutes.

Perhaps the amount of their first loan can be capped (the lenders will have to have a say in what that cap should be) and the interest rates can be higher to reflect the newbie risk status of the new customers.

I can see the advantage in that, hopefully we can find ways to enable full interaction with other institutions.

Once i complete the basic work, I may write an analysis engine that will serve up recommendations to lenders to assist in their decision making.

hodl on....

I don't mean a credit rating system for other lenders, like Wonga, or banks.

What I mean is this.

If I'm part of the BCR network and I want to lend money to people and along comes this guy that's never used the BCR network before, but he is happy to pay decent interest rates, rather than refuse him a loan until he builds up some trust on the BCR network....

....I'd be happy to lend him some cash after being on the BCR network for just 10 minutes, if he pays for a credit agency report to be made available to the BCR network.

In addition to the above....the BCR network can issue credit reports on BCR users to the credit checking agencies - just like any other lending organisation.

[stonehedge]

I can't sync past block 370752.  Reconsiderblock won't work.  Any suggestions?

[bitcreditscc]

I can't sync past block 370752.  Reconsiderblock won't work.  Any suggestions?

check if it's the peers holding you back or not.

Meanwhile, i think people would get on faster with a bootstrap, i'll upload one shortly . Check here in ten minutes


https://mega.nz/#!M5gAAQ5B!PuFWA84379MF9677GtDLppKB2HNj82Xa_7LbhLBQ4FM

[bitcreditscc]

Windows users who wish to take a look at the wallet we will be using for v 2.0 can download the client side wallet here :- Bitcredit v2.0 Client (Lending Platform)

[coins101]

I can't sync past block 370752.  Reconsiderblock won't work.  Any suggestions?

https://bitcointalk.org/index.php?topic=896133.msg14413678#msg14413678

[BarTeam]

I can't sync past block 370752.  Reconsiderblock won't work.  Any suggestions?

https://bitcointalk.org/index.php?topic=896133.msg14413678#msg14413678

Bootstrap is the essential part. The rest is just "procedure" in case you don't know what you are doing.

[tommyj1]

who's the dude that bought 1.5 mil BCR the past few days

[thelonecrouton]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

[bitcoinwonders010]

who's the dude that bought 1.5 mil BCR the past few days

6million was recently ico'd at 350sats

[bitcoinwonders010]

good project but dont see interest here so sitting back until ico guys dump whenever they do

[coins101]

...
The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....

These are some key stats and reports that we will need to generate from the Blockchain or the loan books in order to meet several regulatory hurdles.  With these, we can join various peer-to-peer organisations.  This is important because, well, see towards the end  

Bad Debts:



Returns:



Most of this we should be able to generate on demand, although we need to submit these stats once a year.

There are a few sticking points:

1. KYC.  We need to have a way to verify users. I'm thinking that we can make this part of the application process and users will have to get verified by a notary or lawyer.  The lawyer can then submit a verification code which we can hash into the blockchain.

We'll need to deal with this carefully as KYC covers both lenders and borrowers.  We might be able to get around some of this if we just go after penny loans, but the real money is in the big loans. So we'll have to deal with KYC somehow.

2. Chasing bad debts. We've got a strategy for that (legal kneecapping).

So, OP. The data we need to provide should be something we can get from the blockchain?

Why this is important to get right:



The market 5 years ago when I first looked at it hardly mattered. £1m in revenues. In the last year, revenues went from £2bn to £4bn. That's a sign of explosive growth happening. Consumers and businesses have got the message and they are opting for peer-to-peer finance.

This is, as they say, the ground floor of a new financial sector being born right before our eyes.

BCR can expand on this in so many ways. For example, using BTC, we can syndicate loans all over the world. Link BTC to fiat and an investor in California can join with an investor from France and lend money to someone building a house in China or India.

bump

[stonehedge]

I can't sync past block 370752.  Reconsiderblock won't work.  Any suggestions?

check if it's the peers holding you back or not.

Meanwhile, i think people would get on faster with a bootstrap, i'll upload one shortly . Check here in ten minutes


https://mega.nz/#!M5gAAQ5B!PuFWA84379MF9677GtDLppKB2HNj82Xa_7LbhLBQ4FM

Perfect, thanks.

[stonehedge]

who's the dude that bought 1.5 mil BCR the past few days

Me. I've been watching BCR closely for the last 6 months or so and decided to grow my bag.

[jasemoney]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

[coins101]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

[WastedLTC]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

[coins101]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

Why not 30m?