Colendi (COD) Launches New Blockchain Credit Scoring And Microcredit Protocol App
Colendi is a company focused on micro-financing and credit scoring solutions for unbanked or underbanked people. Today, this company has just released the first version of its app for smartphones.
The protocol is based on the blockchain technology and you can use it for P2P lending, microcredit transactions and even installment shopping. With a modern look and clean interface, the app has fraud detection software and is designed to solve problems that affect most of the population.
About The Colendi App And Ecosystem
The ecosystem created by Colendi is made up of three very important components: the Colendi Score, Colendi ID and the Colendi Wallet, each one having a vital function for the whole process to work.
The Colendi Score is a digital score that is used for credit. Each user has one and it is created based on information that is collected from transactions, smartphone, social media and more than 1,000 pieces of information that the company can find about you.
Looks pretty invasive, that’s for sure, but the algorithm creates this score using an Ethereum smart contract that is created specially to be very accurate, so it is a good way to get you credit if you do not have access to formal credit.
Colendi ID is the digital identity that you can use to connect with the platform. It allows you to share your profile and to privately secure your data without any of it being exposed to the lender, as the only thing that the lender needs is the score. Finally, there is the Colendi Wallet, which is basically a digital wallet for you to keep your Colendi Tokens (COD).
A Platform For An Easy Credit Score
The main advantage of using this platform is that the credit system of Colendi is completely decentralized and focused on offering the unbanked solutions for their credit problems. The protocol that the company uses is based on artificial intelligence and it has calculated more than 1 million credit scores of users at this point.
It is easy to connect Colendi to social media and to use your personal information on your profile. The more information you use, the more probably you will receive a good credit score on the platform. At the moment, the credit scores are moved to the Ethereum network, but the company is already working on its MainNet and they will probably be stored there in the future.
The CEO of Colendi, Bülent Tekmen, has affirmed that the company is very proud to launch the app and to help the unbanked and financial institutions. With a strong focus on helping the unbanked, the company intends to revolutionize the credit system that is being used for the better.
In the near future, the company intends to offer the ability to oversee transactions, as well as multiple financing options for the clients. You can download the app right now at iOS or Android.