Colendi: ConsenSys’ Digital Credit Score & Financial Lending ICO?

Colendi, found online at, offers decentralized credibility and microcredit over blockchain technology. Find out how it works today in our review.

What is Colendi?

Colendi is a blockchain-based credibility evaluation and global identity platform for the sharing economy.

The company made headlines in early March 2018 for partnering with ConsenSys. Colendi, an Instabul-based startup, was founded in January 2017.

The main goal of Colendi is to create a digital credit score that works outside of traditional banking infrastructure. It will include features like a decentralized credit scoring protocol as well as a bank-free risk assessment.

A token sale for Colendi tokens is scheduled to take place in the near future.

How Does Colendi Work?

Colendi provides decentralized credit scoring services through a mobile app. When launched, you’ll be able to download Colendi through the iOS or Android mobile app.

Here’s the basic process by which Colendi works:

Step 1)

Sign up to Colendi through the mobile application or the API integrated merchant applications. The platform will verify your identity, then match it in each blockchain node via the hashed identity parameter set.

Step 2)

The Decentralized Scoring Engine located in each data providing node will evaluate node data on top of machine learning and adaptive algorithms to create node scores.

Step 3)

All node credibility scores for a user are brought together with an IPFS-based Scorefile in the blockchain, with each credibility score attached to a unique user ID. Each node’s data is isolated, with no data shared in the blockchain.

Step 4)

Adaptive algorithms process the Scorefile of each user to reveal the overall credibility score and to create the global “Financial Passport”. The passport explains details of each score, including the various factors involved in the score and the user’s overall credit worthiness.

Colendi Features

Colendi aims to provide blockchain-based credibility, credit scoring, and global identity verification. The goal is to help verified borrowers get access to the credit they deserve at a fair rate, while also helping lenders enjoy a safer lending experience to qualified borrowers.

Here are some of the core functions that will allow Colendi to accomplish that goal:

Decentralized Scoring Protocol:

Colendi will evaluate distributed data in an isolated way using the Colendi Decentralized Scoring Engine and Colendi Protocol using data-integrated blockchain nodes. No data is collected from a node or shared in the network. Final scoring results are brought together to create the global Colendi Financial Passport.

Bank-free Risk Assessment:

Colendi will take into account “real life data” instead of the data collected by banks and today’s credit scoring companies. The Colendi whitepaper mentions things like smartphone data, shopping activity, merchant transactions, telecommunication bills, financial history, social media activity, and more. All of this data is scored independently and securely in closed data nodes to create a real and comprehensive digital credit score for any individual beyond just their financial history.

Global Credibility Identity:

Today, your credit score isn’t global. You might have one credit score in your home country, but you struggle to access credit abroad because creditors in that country don’t know anything about you. Colendi seeks to solve that problem by creating a “global credibility identity”. That identity depends on no country or central bureau. Your ID is yours only, and your score is mobile and valid globally using the Colendi blockchain network.

ML-based Credibility:

Intelligence will be the core of the Colendi Decentralized Scoring engine. Data from each node is evaluated continuously on top of machine learning algorithms. Both scoring and fraud detection is dynamic and learning-based. This assures that the overall financial passport always indicates the real credibility of a user.

Enhanced Fraud Protection:

The Colendi’s Decentralized Scoring Engine covers fraud mechanisms as well as scoring. Both real-time and historical data are processed using algorithms from each node. Unlireable users – or fraudulent users – are detected instantly by the system, leading to better overall security and reliability of the platform.

Colendi Use Cases

Some of the proposed use cases for Colendi include all of the following:

P2P Financing: Colendi provides permission-based credibility and credit score checking, making it the ideal solution for P2P financing.

Instalment Shopping: Want to buy products in installments? Colendi can be used to secure products in installments. Merchants can determine their own credibility score base limit, then users with sufficient scores can access financing through the retailer.

Microcredit: Colendi’s financial passport serves as a global microcredit eligibility certification, making it ideal for “microcredit” solutions offered by banks.

Who’s Behind Colendi?

Colendi is led co-founders Bulent Tekmen, M. Serkan Omerbeyoglu, and Furkan Kamaci (CTO). The trio founded Colendi in January 2017. The company is based in Istanbul, Turkey. Tekman is a graduate of Harvard Business School who has founded several companies over the years.

Colendi made headlines in March 2018 for partnering with ConsenSys, one of the world’s leading blockchain technology companies.

How Do Colendi Tokens Work?

Token economics will play a key role in how Colendi operates. There will be two types of tokens:

  • Asset Tokens: These tokens will be available on crypto exchanges.
  • Utility Tokens: These tokens will be used for scoring operations within the network.

There will be a smart conversion mechanism between these tokens to maintain sustainable growth in the Colendi economy.

Details of the Colendi token sale are expected to be released in the near future.

Colendi Conclusion

Colendi is a global credit scoring platform preparing to launch on a decentralized platform in the near future. The platform is in development by a Turkey-based team of entrepreneurs. That team recently partnered with ConsenSys to bring the platform to life.

To learn more about Colendi and its upcoming token sale, visit online today at

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