Creditcoin update: CTC Live price, price chart, news and markets

The CTC price update as of now is $1.33. In the previous 24 hours, its trading volume was $379,559,012, and its value has increased by 6.57%. As of now, CTC's live market cap is $548,759,669, and it is ranked as the #148 on the Coincu. CTC has a circulating supply of 599,999,996 and a maximum supply of 599,999,996.

What is Creditcoin (CTC)?

Creditcoin (CTC) is the underlying asset of the Creditcoin blockchain platform, which aims to facilitate lending and credit retention. Launched on April 4, 2019, by a team from the USA, Canada, Korea, Nigeria, and Estonia, Creditcoin addresses the issue faced by those who do not have access to the banking system and have to borrow from non-banks. However, credit histories at non-banks are not accepted by banks due to a lack of trust in the data. The project aims to solve this problem by objectively recording the history of credit transactions on the public blockchain.

The History of Creditcoin

The Creditcoin network was initially proposed by Tae-Lim Oh, the founder of Gluwa, a Silicon Valley company established in 2012 with the objective of providing financial services to low-income individuals in developing countries.

The development of the Creditcoin blockchain was funded through an initial investment round involving 500 startups and other private investors, including Steve Chen.

On April 4, 2019, the Creditcoin blockchain was launched in partnership with Aella, a Nigerian financial technology company that provides loans to over one million active users in Nigeria.

In 2019, Gluwa agreed to utilize Creditcoin blockchain technology in collaboration with other institutions to expand lending financial services to challenging markets in Myanmar.

How Creditcoin Works?

• Offer: Fundraisers (borrowers) post ads seeking a lump sum with interest and collateral. The borrower also includes some Creditcoin in the offer.
• Risk Assessment: When fundraising and investment proposals align, the investor assesses the risk of the opportunity based on the borrower's credit history on the Creditcoin blockchain.
• Transaction Execution: The system verifies the completion of the transaction by confirming the exchange of collateral and investments. After verification, the system sends the investor credits tied to the investment.
• Close the Transaction: When the borrower is ready to make a payment, they transfer the payment amount to the lender. Lenders can conclude the loan cycle by confirming repayment.

The Technology of Creditcoin

Technologically, Creditcoin is an open-source blockchain software project developed by Gluwa and built on Ethereum using the Hyperledger Sawtooth 2.0 architecture. Creditcoin utilizes the Proof-of-Work consensus mechanism.

Creditcoins (CTC) is an Ethereum-based ERC20 token used on the Creditcoin platform. Smart contracts are employed by Creditcoin to record and facilitate cryptocurrency credit transactions, including loans, payments, and bond transactions, on its blockchain.

According to Creditcoin founder Tae-Lim Oh, creating an objective register of credit transactions can help facilitate the creation of an international investment market that connects countries with high capital but low interest rates and countries with no capital but high interest rates.

Roadmap

Updating...