RCN Partnership with Coinomi, Upcoming Protocol Version 2 Highlights & Token2049 Sponsorship

A — Coinomi Integration

We are really happy to announce our partnership with Coinomi! Coinomi, a multi-asset wallet for Bitcoin, Altcoins & Tokens, provides a robust and secure solution to store different digital assets making it a great option for RCN token holders.

As the first step of the integration, Coinomi has already listed the RCN token within their wallet and both companies are working together to test the integration of the RCN’s protocol. First Coinomi pilot loans are expected to be announced during Q2 or Q3 of 2018. With more than one million active users, Coinomi users will be able to request and fill out loans using the RCN protocol once the integration is finished.

Let´s go over an example to clarify how this integration will work:

Use Case: Wallet Users Acting as Borrowers & Lenders

The user requests a credit through the wallet. The wallet shares information about the application, the user’s profile and their transactional information, so that the Scoring Agent can assess their creditworthiness (wallet could develop its own score risk models). The Scoring Agent feeds the Wallet with the risk score associated with the borrower. The Wallet informs a Cosigner the conditions of the credit requested together with the score and the Scoring Agent that calculated it (the Wallet could develop its own Cosigner). The Cosigner evaluates the credit risk involved in the operation and asks for the borrower’s guaranteed deposit for the loan (0% to 100%) The Borrower provides a secure deposit for the term of the loan. The deposits are immobilized through the Cosigner and the Borrower will not be able to dispose of them until the Cosigner authorizes it or cancels the credit. The Wallet transmits the credit request in RCN so that the lenders can finance it. The broadcasted request includes the conditions of the loan (amount, term, rate) and the conditions agreed with the Cosigner (event of default,% of risk assumed by the Lender). The Lender accepts the conditions and provides the funds.

* Initially the Cosigner and Scoring services will be developed and provided by RCN until a 3rd party would like to take these agents roles.

“Overdrafting on the blockchain, which is distributed and trustless by definition, is one of the toughest problems to solve to date. RCN is combining multisig-like smart contracts and a well defined risk assessment process that is guaranteed to minimize risk for the lending parties and establish a world-class credit network that casts existing peer-to-peer loan solutions obsolete and makes banking issued loans look like a bad joke. We couldn’t resist being part of this revolution and allow our users to earn money by acting as lenders to the RCN network or even borrow money to start their own venture.” said George Kimionis, Coinomi CEO.

“RCN was designed to allow global peer-to-peer lending using cosigned smart contracts and blockchain technology. We believe Coinomi fits perfectly as an strategic partner allowing thousands of users around the world to request and fill out loans without intermediaries. We are really excited about this integration.” stated David Garcia, managing director of RCN.

B — Protocol Version 2 Highlights

As we´ve recently announced in our AMA Video, we are about to release version 2 of the RCN protocol. Here is a summary of some of the improvements that were added:

1 — RCN loans are now compatible with the new ERC-721 standard, enabling RCN loans to be treated as a non-fungible token. This allows the Lender to actually become the original owner of the loan and is the only one who can make the transfer. This represents a breakthrough in the protocol since loans can now be integrated by other contracts or exchanges that accept ERC-721.

In addition, the fact that the loans can be explicitly treated as non-expendable, clears the way for the development of new functionalities foreseen for RCN. From the management of collections by the cosigner to the conclusion of contracts N to N.

2 — Another notable change is that in version 2, the “Cosigner” was removed from the CreateLoan() method and included in the Lent() event. This relates to a much more efficient business logic in which the Lender evaluates different conditions offered off-chain by one or more of a Cosigner and then, in the same method ( “lend” ), the credit is made at the same time as the agreement between the parts is published. This means that in the same transaction, the agreement code is published in the blockchain in an unequivocal and totally transparent manner.

3 — The interaction with Oracle, which becomes a free utility within the network, also had notable improvements that will have an impact on greater stability and security of transactions.

The improvements are many and important. We will accompany the release of v2 with a changelog on our github where developers will be able to follow up and analyze all changes. Additionally, we will migrate the RCN exchange into the exchange that already exists within Ripio at exchange.ripio.com.

C — Token2049 Sponsorhip

TOKEN2049 is the largest digital asset event in Asia, drawing 1,000+ participants including hundreds of CEOs and founders from across the global token-based ecosystem. We are platinum sponsors at this event. If you happen to attend, make sure to reach out to our booth. We are looking forward to meeting you all at this great event!