A hint of the Dapp to come

The RCN Dapp is about to go live: check the full details below

Since the released of the RCN Engine V2, we have been working on a fully-fledged app to interact with the engine; we aim to give full access to all RCN users to operate as Borrowers and Lenders, and also to explore and observe the activity on the network.

The platform summarises all types of loans within the RCN Protocol, not just the ones created by Ripio, but also fully decentralized loans with crypto assets as collateral.

Lending is the main feature of the RCN dapp. This feature allows you to search through loan requests and then choose the loans that suit better to your profile.

Once you click Lend, you must sign the transaction that transfers the RCN tokens to the borrower account. At the same time, an ERC721 token is generated thus entiling the lender for the future payment.

We perform this operation in a fully decentralized manner, all your private keys stay in your wallet, and you are not obliged to keep using the dapp to operate.

In the Loans tab you can see your overall activity as a lender, the current status of each loan and the accrued interest, the limit date for each payment plus detailed information on the cosigner. If you are entitled to a cosigner compensation in a particular loan, you can also request that compensation directly from the dapp.

The loans are fully fledged ERC721 Tokens. By using the Transfer option in the Loan Detail tab you can transfer the ownership of the debt to a hardware wallet or else “sell” the payment rights if you are looking to make a withdraw from the investment.

Cosigner details

Some loans have cosigner options; these cosigners provide an additional layer of security to the loans.

In case of a default, cosigners can cover (partially or entirely) the borrower debt, in a fully decentralized manner, providing insurance to the lenders.

When requesting a loan with a cosigner, the dapp displays all the information regarding the insurance and the conditions of the cosigner, and if you own a loan with a cosigner and the Borrower defaults, you should see a Claim option in the Cosigner Detail. This action generates a transaction executing the liability on the cosigner contract.

Next steps

We are currently testing the dapp in the Ropsten network; the test is working great! Ripio and Decentraland, among other teams, are live testing their integrations using the dapp.

We are adding some features, primarily the ability to request loans directly from the site, using decentralized identity providers and crypto assets as collateral. Also, we are adding the ability to lend and pay loans using ETH, using on-chain decentralized exchanges.

Mainnet launch

The dApp is almost ready to launch; we are coordinating a synced launch including Ripio and Decentraland, adding the ability to request loans from the site. We are putting our efforts to deliver a polished experience both in mobile and desktop.

In the meantime, we invite the community to participate and give us feedback on the current status of the dapp:

The progress can be followed through our Github page. We’d love to get your comments directly on the repo!