What Is MyCreditChain?
My Credit Chain (MCC) is a blockchain-based credit ecosystem that claims to help create a new relationship better relationship between creditors and lenders, which may help to stimulate new financial activities. My Credit Chain helps to bring about an innovation in credit information for people to maintain their credit information for themselves.
My Credit Chain helps people to own their credit information so they can have complete control over their information, which may lead to a more balanced society.
My Credit Chian helps to empower individuals through the protection and ownership of their personal credit information, taking the power away from large banks and other financial institutions and putting the power back to the individuals.
THE MCC platform is comprised of blockchains consisting of Ethereum-based smart contracts. The data is stored in an IPFS, which is a distributed ledger controlled by DAC (Data Access Control). This lets third parties to send and receive services through its various APIs provided by MCC and consumers who have their personal and credit information through the MCC App to be provided at its application layer.
MyCreditChain MCC Token ICO Details
Like other initial coin offerings (ICOs), My Credit Chain will launch an initial coin offering to raise revenue for its project. MCC will issue what are called MCC ERC-20 tokens as a means of exchange and will be used in all exchange activities within the ecosystem.
The total number of MCC Tokens minted will be 1 billion, and there will be no further tokens minted. As part of the total tokens, the tokens for P2P Daily Airdrop management are set for over 79 years and will be stored in the MCC foundation after use.
MCC Tokens will be paid to network operators in the form of an Airdrop each day. The tokens will be used for updating personal information, purchase data and attracting node operations. Once a request for information have been received ,the tokens will be used for rewards for information suppliers, allowing financial institutions to advertise their financial services in the MCC network through the use of tokens. Also, people can provide product recommendations and also attract loan applications.
MCC Token Distribution
MCC will designate 29% of all tokens for air drop and for the launch of the ecosystem. 42% of the tokens will be set aside for token sales, and 23% for initial investment and private sales, and 6% for system research and marketing. Unsold tokens at the token sale will be converted to the Airdrop.
- Founders – 23%
- Research – 1%
- Business Development – 3%
- Marketing – 2%
- Tokens Sales – 42%
- Daily Airdrop – 29%
My Credit Chain attempts to solve one of the most pressing issues that plague the financial services industry today: the centralization of private, consumer data. By leveraging blockchain technology, My Credit Chain could help give the power back to the individual instead of over-leveraged financial institutions that are known to abuse their position in the market for personal gain.
More details about the project can be read through its whitepaper and other sources.