How Moves Leverages Blockchain Technology

The initial launch of Moves was the first step toward building a self-sovereign worker identity on The OAN’s blockchain including work history, income capacity, and financial reputation. The OAN envisions a future where gig workers will own their financial data and carry it with them from job to job and place to place. Through this data, gig workers can access unique financial products designed for the way they earn income and enable a more free-flowing labor market.

The OAN is building an alternative credit model that uses unique data sets tailored to gig workers to calculate a score called the Verifiable Confidence Interval, or VCI. The VCI measures confidence in a person’s ability to manage debt capacity and is calculated through a smart contract on The OAN’s blockchain. One of the data points that feeds into the VCI comes from another smart contract called the Line Of Credit Execution, or LOCX. LOCX records every time a loan is generated through Moves, its terms, and every time a payment is made (or missed) by a user. The VCI connects user accounts on Moves to an address on The OAN’s blockchain, effectively creating a self-sovereign credit score that the user owns and controls with a private key.

The OAN is also researching how to monetize the VCI like how Equifax charges banks for credit checks. In The OAN’s model, a VCI score is calculated and stored on its blockchain, secured by miners and stakers, and controlled by the user. When a lender wants to check a VCI score, a fee will be required (paid in AION) to trigger the smart contract which may go directly to the user, the miners and stakers securing the network, or some combination of the two.

The OAN also plans to examine how to open access to the VCI smart contract to other FinTech products targeting the gig worker audience. This way other lenders can not only make decisions based on a user’s VCI score, but also contribute to the VCI data set for richer and more accurate scoring.

Is this a pivot away from The OAN and AION?

Moves will contribute to the use and value of The OAN’s blockchain and AION digital asset by bringing in more users, generating more transactions, creating more active addresses, storing more valuable data, creating more awareness, and — crucially — getting blockchain technology into the hands of a mainstream, non-crypto, consumer user base. Transactions through the VCI and LOCX smart contracts require AION to pay “nrg” costs (similar to gas on Ethereum), which go to the miners and stakers securing The OAN blockchain.

Although Moves is a top priority for The OAN, it can only reach its full potential through the strength and robustness of The OAN blockchain it is built on and the AION digital asset securing it. The OAN will continue to support third-party smart contracts and applications beyond Moves, LOCX, and the VCI, like Velocia.io, VivoPago.net, and BulletID. The OAN is also committed to growing awareness around the AION digital asset through integrations with third-party wallets and exchanges and working with larger institutional investors. The OAN plans to continue improving its mining pool code, in-house desktop wallet application, staking interface, and mainnet dashboard to improve accessibility of the coin.