Ripio Credit Network Coin is defined as a cryptocurrency running on the ETH platform. In this article, as Kriptokoin.com, “What is Ripio Credit Network?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Ripio Credit Network? What does RCN do?
To create transparent and unlimited debt markets behind the platform; It is an open source global lending network that connects lenders, borrowers and lenders on Blockchain. RCN uses blockchain technology to bridge the supply and demand for credit across borders in an increasingly globalized world.
What are its features?
- Blockchain technology creates a seamless, transparent and completely borderless alternative to traditional debt markets. This allows the RCN network to outperform existing loan solutions in particular.
- In particular, the network improves efficiency throughout the lending process by reducing fees and removing barriers to entry.
- Ripio smart contracts ensure that all funds are kept unattended and every transaction is fully auditable.
- The network can seamlessly connect debtors and creditors from all over the world.
What is the purpose of the project?
RCN consists of a number of key DeFi service providers that interact with each other through an open-source ETH smart contract set to connect the supply and demand of debt markets and enable their seamless lending use.
How does it work?
Loans are backed by the Originator to better protect the Creditors. In particular, Cosigner-backed loans are first claimed by a Borrower to the Originator. Later, the Creditor publishes them in the decentralized market to finance them.
In the absence of a resource owner, the borrower offers the cryptocurrency as collateral. It can request loans with different periods, interest and LTV rates, and amortization schedules directly in the decentralized market. Collateralized funds are stored in a non-custodial escrow smart contract that guarantees their safety until the loan is repaid.
What is Ripio Credit Network? How to buy RCN?
Exchanges that can be traded with RCN; Binance is Gate.io, Huobi Global, HitBTC, Folgory and Bancor Network. To purchase coins, these steps are followed:
First of all, access the web/mobile application of the exchange that lists the RCN you have chosen as the first step. Then complete the account opening steps of the exchange. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, select the RCN Coin with the balance you want and create a purchase order. Store it in your trusted accounts.
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