Credible Network (PESA) ICO review
Credible is the only global distributed ledger to store business credit data on the blockchain in a way that disrupts the incumbent credit bureaus and inefficient loan processes. And we’re doing this to solve the $5.2 trillion funding gap suffered by SMEs each year who struggle to gain credit because of a lack of trustworthy data.
How does it work?
Credible democratizes credit data ownership, putting it back into the hands of businesses. It’s credit data built to be open and accessible.
1) Data Collection - Businesses own their own data. They are incentivized to build strong credit histories as they share their business credit data on the blockchain.
2) Data Usage - Our ecosystem connects lenders, data providers, credit scorers, researchers & enterprises to contribute, verify and consume credit data.
3) Financial Marketplace - The Credible marketplace is open to purchase raw data, value added credit reports and loan provision facilitated by Trusted Escrow Agents (TEAs).
Credible has its own infrastructure, a blockchain network for public access, querying and data contribution. It is multi-country and will comprise a large number of nodes, each a Trusted Escrow Agent (TEA):
- Credible uses blockchain in a novel way to store cryptographically secured data
- Tendermint validators ensure Byzantine-fault tolerance across all nodes
- We adopt MongoDB as our storage layer in a noSQL database for large datasets
- Flexible JSON data models for hierarchy, classification and querying across credit data
Our code and design is and will always be open source and is shared on Github. We encourage collaboration and welcome suggestions to improve the design and flow of Credible.
SmartPesa is the team behind Credible. It is an experienced payments and agency banking FinTech which has been powering transactions for over 8,000 business owners in 5 countries since 2014. SmartPesa’s regulatory and standards compliant platform-as-a-service provides a range of financial services across the last mile in Emerging Markets. It can be deployed on-premises or in the cloud and supports international and local cards, wallets, APIs as well as cryptocurrencies.
Credible is the SmartPesa’s team 3rd Blockchain project after successfully rolling out CryptoPayments and CryptoATM which are part of the SmartPesa product suite. We see our role as developing the first wave of Credible, helping to add data and becoming the first TEA.
The PESA token is at the heart of the Credible Network:
- All transactions across Credible take place in PESA
- Merchants receive PESAs from 3rd parties for accessing their data
- Merchants pay PESAs to Verifiers for verification services
- Merchants can pledge PESAs as collateral for loans
- Purchasers can Buy and Sell PESAs through SmartPesa CryptoATM
- Customers can make payments in PESA for good and services