On Feb 21, 2018, Newsbtc, one of the top media in the coin community, referred to DCC as “one of the most noteworthy and promising one amongst many emerging blockchain projects” when reviewing the current blockchain market. DCC, the groundbreaking distributed banking public chain, has undoubtedly gained recognition for its intrinsic value and bright future from global developers, investors, and analysts.
DCC, A Great Undertaking in Breaking Credit Monopoly
“Credit is the key to currency, but its circulation has long been monopolized. The blockchain technology is capable of breaking the credit monopoly and decentralizing credit, so as to unblock the once restrained credit liquidity and social productivity”
—Stewie Zhu, Project Leader, DCC
DCC is a decentralized credit platform (also known as distributed banking) exactly in response to such concept. As the first distributed banking public chain in the world, DCC is a brand-new cooperative service relation among financial institutions on a decentralized blockchain.
The current market is dominated by a few financial institutions. They have a monopoly over almost all credit data and control the market liquidity, unequal advantages over small and medium-sized financial enterprises and individual users. Distributed banking breaks such monopoly and hands the control back to users. The financial market is then more fair and efficient, on the right track of healthy and steady growth.
DCC establishes a user account system based on the decentralized DCCID to ensure that the transactions and credit data cannot be tampered with nor denied. Individual credit data are stored in the cloud and the entire transmission process is securely encrypted, protecting the information from interception. With its intelligent framework of contractual interaction, blockchain transforms the personal data system from centralized to decentralized.
At the same time, DCC adopts an open-up strategy, which means each party involved can create smart contracts, develop Dapp and expand DCC’s ecological environment based on open standard protocols.
DCC Demonstrates Its Value Through Integration into Real-life Economic Activities
“Currently, the traditional financial industry is greatly affected by the blockchain technology, given that the blockchain technology has fully demonstrated its potential and boundless prospects”, said Charles Romine, Head of Information Technology Laboratory at NIST (National Institute of Standards and Technology), at a House of Representatives Hearing on blockchain technology.
Undoubtedly blockchain has exerted a positive impact on real-life economic activities. The entire financial industry is preparing for a transition to the blockchain-dominated future. As the first distributed banking public chain, DCC not only draws a magnificent blueprint for the decentralized financial market but also paves the way for financial escalation with advanced technology and operation pattern.
DCC is an open, fair, secure and decentralized platform for credit data transfer and financial trades. All financial institutions, enterprises, government departments, non-profit organizations, and individual user have equal access to DCC to exchange services with each other.
For example, an ordinary worker in Africa needs to renovate his house and he actually had a good credit history. However, due to the gap between credit development in various countries, he found the local interest rates for loans too high. Through DCC’s decentralized system of credit information sharing, a bank in North America can assess the risk and usage scenarios and then offer him loans at a lower interest rate.
Based on DCC’s contract sets, financial institutions can grant loans to users and store the credit information on the blockchain. Through the zero-knowledge proof and homomorphic encryption, financial institutions are able to determine whether overdraft of a specific consumption is allowed without disclosing each other’s transaction data, and the consumption records will be stored in the chain as users’ credit information to be ecologically used later on. Such DCC-based blockchain credit card can also easily combine the credit amount information of different institutions to allow combined consumption amount.
Distributed credit management strategy reduces the costs and risks of service providers, as well as the commission fees for users, ensuring that the entire credit card system will operate more healthily with lower bad debt ratio. Powered by the blockchain technology, DCC is expected to grow into the largest credit card group globally while issuing no credit cards of its own.
DCC aims to exploit the potential of blockchain technology to the full, as reflected in its role in digital asset trading, mortgage claims, ABS asset distribution and many more real-life financial trades. It drives the current business model to become more solid, efficient, mobile, affordable, and de-monopolized. Many unattainable business scenarios in the traditional financial system are now available in the DCC-dominated world.
During the transformation into the blockchain era, DCC not only plays a vital role in establishing a fair, efficient and decentralized market, but also brings rich profit to the traditional financial institutions, ordinary users, and political-related business sectors. Thanks to the great opportunity offered by DCC, a large number of competitive small and medium-sized financial institutions develop rapidly, thus providing users with more options to control their credit data. The long-suppressed market is released with more liquidity, saving the world economy from depression to the fast lane of rapid growth.
A Team of Passion and Dreams, Key to Success
“DCC creates a world of delayering, no credit monopoly and market liquidity. We aim to let everyone benefit from a decentralized and de-monopolized market.”
This is the shared vision of the entire DCC team, as well as the very concept that brings together the top academic experts, business elites, and top-notch investment institutions around the world.
DCC is a team full of experienced and renowned experts: Mr. Zhu, a behavioral economist and game theorist from Oxford and LSE, immersed in the blockchain industry for years; Mr. Lu, a Ph.D. in mathematics from Yale with rich executive experience in large investment banks and significant passion in the blockchain technology; Shi Fei, VP of JP Morgan, an expert in quantification, derivative pricing and quantitative risk analysis, with profound insights into the blockchain development; Yu Chen, a famous angel investor with countless successful cases, also an advocator of decentralization known as “Jiangnan Young Cynic” online; Yuhang Guo, founder of DIANRONG and chairman of Galaxy Capital (a blockchain investment company), one of the earliest blockchain investors.
These top-class, international academic experts and investment masters make concerted effort to develop the distributed banking system and to benefit billions of people from the blockchain finance. Professionalism, expertise, dreams, and passion are the keys to DCC’s success.
Several famous institutional investors from China, United States, Singapore amongst other countries chime in easily with DCC and have injected vitality into DCC to push forward the great development of distributed banking. Supported by the deluxe lineup and rich resources, DCC is on the fast track of steady progress, heading towards the prospective blockchain-dominated financial market.
As many professional media endorse the bright future of DCC, an increasing number of institutions and investors have also highly appreciated DCC’s value, many of which are pioneers in the blockchain market.
On February 21, DCC officially announced its strategic partnership with Decentralized AI-powered Trust Alliance (DATA), a blockchain based digital data authentication protocol powered by AI&P2P mobile storage infrastructure.
The cooperation between DCC and DATA will allow user connection between two blockchains. DCC users can choose to share their own data to DATA, and the data of DATA users can also be imported to DCC as a source of credit data. DATA will continue to improve their anti-fraud model and ability to deal with financial data, and ultimately become an important data and risk control system provider of DCC. Additionally, DCC will collaborate with DATA to further advance the DHC decentralized network by DATA to store users’ private data with user privacy securely ensured.
DCC, along with its users, supporters, and collaborators, will be a key driver of the history-making social progress, and will, therefore, receive generous returns in this uplifting financial transformation.
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