Last week on RCN

OKLink alliance: from the Asian market to the World

Great news!

The Asian project OKLink has just partnered with RCN aiming to integrate their global payment services to our global credit network next year and leverage the existing international remittance corridors into cross-border lending corridors. OKLink will explore the RCN smart contract technology aiming to connect and expand RCN’s reach worldwide.

“Our goal is to partner with forward-thinking businesses internationally. We are proud to allie with RCN and also help them leverage their network, which is one of the most interesting and disrupting projects in the crypto ecosystem” — states Jason Lau (OKEx VP and OKLink Co-Founder).

Ahead of this alliance, the affiliate crypto exchange OKEx will list the RCN Token (necessary for all agents involved in the RCN network) in a few days, acting as a key liquidity provider for the network and allowing OKLink partners to integrate the RCN Technology.

Both companies will explore integration efforts in Q2 2018.

“This is a major partnership for RCN because it boosts our credit network worldwide, helping millions to get a real funding alternative for their projects, and -at the same time- provide the Token liquidity that our agents need.” — said RCN SPV and partner David Garcia.

Click here to watch the video announcement.

In the last couple of weeks, RCN has also partnered with several Asian-based crypto companies, such as the Exchange Union trading network, the crypto exchange Huobi, and the decentralized exchange Kyber Network.

Key RCN development updates: first Basic Cosigner, Coinfabrik audit and Directory implementation

We’re glad to announce that a Beta version of the first Cosigner smart contract has been developed (available at GitHub). This implementation is being audited by the blockchain development company Coinfabrik, and their results will be published shortly.

This will work as follows:

1. The wallet provider creates a loan in the NanoLoanEngine, defining an instance of the “BasicCosigner” as the loan’s cosigner.

2. The owner of this “BasicCosigner”, once agreed with the terms of the loan, accepts his role by calling “createLiability”.

Note: The Cosigner will be able to cancel the liability by calling “destroyLiability”, this function can only be called if the loan is not yet active, for it destroys the loan in the engine.

3. In case of a default, the lender of the NanoLoanEngine-located loan has to call the method “claim”. The ownership of the loan is then transferred to the Cosigner and the original lender receives his compensation.

In the the near future, RCN will deploy new smart contracts with different features and functionalities. New agents will be able to add new contracts according to their needs, at any time.

On the other hand, an RCN Directory was also developed. This directory is another smart contract which lists all network agents that comply with the good practices set by RCN and go through the onboarding process in compliance with RCN’s “Know Your Partner” (KYP) policy.