“Good name in man or woman, dear my lord, is the immediate jewel of their souls.” Or so said Shakespeare, and I won’t try to argue with him. The great bard may have lived hundreds of years before Facebook, credit rating agencies or data protection laws, but our good name is still the currency we need most for many things, not least of which is obtaining credit.
Banks use credit ratings or credit scores to determine our creditworthiness, but there is a growing trend towards Peer-to-Peer (P2P) lending, the emergence of which antiquates the methodologies of the large credit rating platforms. Moreover, some of the largest of these agencies have been hacked in recent years leading to skepticism about so much information and power being left in the leaky hands of a few large corporations. My Credit Chain (MCC) is the latest in a line of ICOs that promises to use blockchain technology to disrupt the current credit model and bring power and protection back to the people and away from large rating agencies.
About My Credit Chain
MCC promises to bring together a community of people and enabling them to manage their own data while rewarding them for sharing it with financial institutions and other third parties. The encrypted information is stored safely on the blockchain and the MCC ecosystem airdrops tokens each day, which are divided up depending on the activities of the member. People are encouraged, through airdrops, to refer others into the programme by the airdropping of “seeds” which turn to “fruit” when sent to a new member. The fruit is then transferred to tokens for use in the ecosystem. Tokens can be confiscated from inactive users to promote usage and limit the number of tokens.
MCC in Figures
Token name – MCC
Total number of MCC’s issued – 1 Billion
Token price – 1 ETH = 10,000 MCC
Pre-sale (standard): 1st June – 30th June 2018 – 5% Bonus, minimum investment: .2 ETH
Pre-sale (VIP): 1st June – 30th June 2018 – Three Levels
Min investment 30 ETH = 20% Bonus
Min investment 50 ETH = 30% Bonus
Min investment 100 ETH = 40% Bonus
Main sale – Data TBA
Hard cap – 25,000 ETH
The MCC Token
The MCC Token is an ERC 20 Ethereum standard. It will be used for all transactions on the platform and is limited to 1 billion. According to the company’s whitepaper, enough tokens have been set aside to issue daily airdrops for the next 79 years. Tokens are used to reward users for supplying data, and financial institutions will use the token to pay to advertise credit on the platform and to pay for data.
Once created the MCC token will be distributed like this:
Investors/Founders – 23%
Token Sale – 35%
Daily Airdrop – 23%
Marketing etc.. – 19%
Social media presence and following
MCC will find itself in quite a crowded field, although there are endless variations in how the many P2P/credit platforms work. But with its focus purely on data, and its promise of airdrops, MCC will attract attention going forward. Many of the blockchain-based credit ecosystems either in development or already operational are more concerned with offering loans based on collateral, such as Salt or the recently launched MoneyToken. Others, such as Credito – which is still in production – offer credit ratings but are less concerned with collecting data directly from users.
If there is a guaranteed way of piquing the interest of investors, it is the promise of bounties and airdrops, and this may explain how MCC has grown its community in such a short period of time. There is little doubt that credit ratings are obsolete and in need of a radical overhaul, and this is a space where blockchain’s immutability and safety could come into its own. MCC has gathered an impressive array of partners and has an impressive team, which encourages one to believe that this is an ICO deserving of serious attention.