Ripio Credit Network (RCN) is a blockchain based credit network that connects lenders and borrowers all over the world. RCN uses smart contracts for the transactions that are performed on its network, which are catered through its own RCN tokens.
Launched in 2016, the platform is based upon Ethereum. As such, the RCN token is an ERC-20 token.
The RCN token has slowly inched upward over the first half of 2019.
What Does Ripio Credit Network Aim to Do?
Ripio aims to cut through the middlemen and the costs that are associated with them in the lending world. By facilitating transactions between lenders and borrowers directly, the platform aims to minimize transaction processing times as well as the costs associated with loan applications.
Ripio Credit Network achieves the objectives in a simple manner due to its overall systems and processes being based upon co-signed smart contracts. This makes sure that the processing time and fees are minimized, with lenders and borrowers having complete control over the approval of any transaction.
The firm is based out of Argentina, and aims to expand the use of cryptocurrency throughout Latin America. It is currently functional in select territories in the region.
Ripio came about in 2016 and was revealed at TechCrunch Disrupt but has been around for a while now.
What Has Ripio Credit Network Been Up To?
The RCN team implemented core changes to their RCN Protocol, adding an Oracle to the system. The team launched their RCN dApp which allows individuals to lend and borrow in a simple manner while also adding the feature of using ETH as the currency in each transaction.
The RCN team partnered with Decentraland to provide Decentraland users with a simple way to obtain on-chain mortgages for the acquisition of virtual LAND parcels.
The RCN team also focused on community development and other aspects in regard to building their visibility within the larger blockchain ecosystem.
Over the Course of 2019 So Far
The team has been hard at work launching their latest changes to the RCN Engine, “Diaspore” is said to be in the latest stages of completion and will allow for borrowing and paying back via installments.
The Marmo SDK is “the first open-source tool” presented by the RCN team for the Ethereum ecosystem. Marmo is a system which will allow for the simple integration of Ethereum based applications into traditional systems.
The team states that this toolkit would allow for the abstraction of a few of key traits of the Ethereum network without compromising on the aspects of decentralization and security.
The team continues to update the overall user flow and interaction capability with the RCN dApp.
The RCN token has been listed on the growing Messari Registry database to improve transparency within the crypto ecosystem.