Bloom – BLT ICO Decentralized Credit Scoring & Loan Risk Coin?

What Is Bloom?

Bloom is a protocol built on the Ethereum platform for assessing credit risk through verification of identity and for attesting creditworthiness or staking credit on the blockchain. It is a global decentralized credit scoring system.

‘Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom offers solutions to cross-border credit scoring and identity fraud while at the same time expanding credit globally to 3 billion new individuals and improving scoring methodology for all 7 billion people.'

The aim of the project is to address problems with the existing credit rating system such as risk of identity theft, a lack of global cross-border credit scoring and outdated conventional creditworthiness assessment system.

The Bloom Protocol provides allows any lender authorized by a borrower to safely and securely issue credit to that borrower. The three main components of the Bloom protocol are:

  • BloomID – for establishing identity and creditworthiness. Third parties are able to vouch for identity and creditworthiness, thereby earning revenue for their evaluation
  • BloomIQ – for managing credit history. It is a system for reporting and tracking debt obligations tied to a user’s BloomID
  • BloomScore – for calculating credit risk. A dynamic indicator of an individual’s likelihood to pay debts that adapts to the maturity of a user’s credit history

BloomToken(BLT) allows organizations to participate in evaluating user identities and creditworthiness. It also serves as the voting token to guide the evolution of the Bloom protocol.

Bloom Card, the protocol's native credit card will help build up your BloomScore.

The Bloom Team

Alain Meier – Co-founder and CEO of Cognito, an identity verification company serving various cryptocurrency exchanges, including Coinbase.

Jesse Leimgruber – CEO of NeoReach, a company providing influencer intelligence with customers including NBC, Walmart, Honda, Amazon, and others. Also Founder and Chairman of Rank Executives, an enterprise internet marketing and content agency. A recipient of the Thiel Fellowship.

John Backus – Co-founder and CTO of Cognito. A recipient of the Thiel Fellowship.

Ryan Faber – Founder and CEO of Flatiron Collective, a digital marketing company with $100 million ad spending a year. Also Founder & CEO of AdKick, a multi-platform performance marketing agency.

Bloom ICO Details

Below is the roadmap of the project:

  • Phase 1: Bloom Invitation System and Voting
  • Phase 2: Bloom Identity Matching (BloomID)
  • Phase 3: Credit Staking (Precursor to BloomScore)
  • Phase 4: Creditworthiness Assessment (BloomScore)
  • Phase 5: Bloom Credit Protocol Launch + BloomCard
  • Phase 6: Democratized Autonomous Credit Infrastructure

Bloom Verdict

The ambitious hard cap of $50 million is also on the steep side. While the project idea of decentralized credit scoring and lending platform is ostensibly great, the team has impeccable credentials and the white paper is thorough although, there is a lack of proof of concept.

The team is also seemingly working part-time on the project seeing that there is an unclear timeframe for the roadmap.

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