7Seconds ICO (CRET Token): Blockchain AI Scoring Credit Marketplace?
Introducing a Blockchain-based Credit Market Trading Place Grounded On AI Slashing
7seconds is a totally functional credit bazaar that makes it possible for borrowers to instantaneously choose credit offerings with the best interest rates and repayment terms. The credit offerings are made available by banks that have partnered with the 7seconds platform. The ecosystem actively makes use of neural networking technologies and artificial intelligence to make this a possibility.
Issues Being Experienced at the Moment
The main problem right now involves the high-interest rates that are being charged by banks on the advances taken by borrowers. These high-interest rates tend to have a negative effect on education, trade, culture, and economy across the globe. The main reason why banks charge these exorbitant rates is because they want to hedge against potential risks.
Solution Being Proposed by 7seconds
As seen above, the reliance on an inefficient scoring system by the banks is what is contributing to these high-interest rates. 7seconds hopes to do away with this inefficiency by collecting up-to-date borrowing information on all their clients. The borrowing information is to be purchased from the CHBs (credit history bureaus) before being captured in a distributed ledger.
The implementation and use of blockchain technology means that the distributed ledger cannot be interfered with, either by 7seconds or other ecosystem participants. This is crucial as it means that the data will remain relevant, trustworthy, and valuable to all the financial institutions. In the long run, banks will not have to spend a lot of money on scoring.
How Does 7seconds Work?
7seconds is currently the first blockchain-based credit marketplace that is making use of artificial intelligence scoring. The scoring is expected to help the borrowers and lenders get the best possible deals. It works as follows:
Whenever a client applies for a credit offering on this platform, 7seconds immediately forwards it to its partner lenders. The available lenders then communicate their offers to their customers. The client gets to review all the terms and interest rates quoted before picking the most appealing one.
Risk Management Program that Is Based on the CRET Token
Every time a client gets issued with a loan, a number of CRET tokens gets reserved for them. Once the customer has repaid their loans in full, and in compliance with the terms and conditions of the loan, they get to receive the tokens as a reward.
If the customer fails to meet the loan conditions, the lender gets to earn the tokens. This is meant to help them partially compensate any losses that they may have incurred.
Factors that May Affect the CRET Token’s Value
- The growth of the POS market—average is around 30% per year
- Working business
- Risk management program
- The popularization of the CRET Token
- Holding period
The business model being used by 7seconds is commission-based, where the company gets to earn a commission from every new deal that is initiated on its platform. The commission is automatically deducted from the transactions being initiated by the platform users.
CRET Tokens will be sold in two stages: Stage 1 (Private sale is currently ongoing) with a date for Stage 2 (Public sale) set to be announced later.
|Soft cap:||$ 3,000,000|
|Hard cap:||$ 45,000,000|
|Token price:||1 CRET = 0.1 $|
|Total supply (maximum):||611,000,000|