Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Ripio Credit Network (RCN) and Virtual Reality Real-Estate Platform ‘Decentraland’ have come together to create a new decentralized ecosystem on Ethereum blockchain.
While commenting on this development, Ariel Meilich, Decentraland’s Project Lead, said:
“We’re really excited to work with the RCN team. Their project is one the most interesting ventures made on crypto and I believe that, once combined with ours, it will bring great value and open some really cool opportunities to the Decentraland ecosystem.”
RCN is a smart contract-based global p2p credit protocol that connects lenders and borrowers located anywhere in the world (on any currency) guaranteeing transparency and reliability in the lending. By reducing traditional banking brokerage costs and management fees, RCN provides better conditions for both sides. RCN leads the road towards credit democratization, offering a solution to traditional banking system alternatives.
Within the Decentraland’s public virtual world users can purchase real-estate and land through the Ethereum blockchain. By creating their own private property, users also create new records of ownership. This project already boasts strong response and backing from gamers, crypto enthusiasts and real estate developers.
With this partnership agreement, RCN will implement its credit protocol to Decentraland, allowing users to take and receive loans for owning plots of lands, as well as for the content and institutions created within the virtual space.
In the past few weeks, the Ethereum blockchain network has been subject to some unusual traffic and large amount of transactions, which were most likely caused by the launch of CryptoKitties game – a game, which allows users to trade digital tokens in exchange for Ether tokens. Soon after its launch, this game gained immense popularity within the users on Ethereum network causing a huge rush, which led to network congestion. Problem of the same character could be seen within RCN as well.
In order to avoid such problems in the future, the project’s team has introduced a few changes. These changes bring some improvements in the RCN exchange transaction generation process which manages the nonce of all transactions while on the other hand also calibrates the gas price setting model used until now. This has considerably improved the RCN exchange performance by reducing the transactions, withdrawals and collecting fail rates.
Recently, RCN has raised $40 million in token sales to democratize digital economy through increasing credit access for borrowers, neutralizing default risk for lenders, and reducing asymmetric information between network agents.
In its intention to attract more high-profile experts, RCN welcomed former architect and co-creator of the Ethereum network – Steven Nerayoff in its advisory board. Also, earlier this year, in an attempt to expand its global credit network worldwide, RCN partnered with the Exchange Union.