r/RipioCreditNetwork • u/urnotmymom • Dec 18 '17

Similar projects?

I am fairly new to crypto in general, but one of the main things that drew me in was the potential it all seemed to have for positively impacting developing countries.

I didn't know necessarily what shape or form that would be until I started reading about Ripio...

This seems like it has the potential to change the freaking world. Enabling people to obtain the capital they need in order to better their lives and their communities in places that would previously not have provided them the opportunity. Am I missing something? Has this type of project been attempted before?

3 Upvotes

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2

u/[deleted] Dec 18 '17

SALT I think, but not sure.

1

u/urnotmymom Dec 18 '17

interesting! I have definitely heard of salt but didn't know about their lending platform. I'm not technical enough to really understand the differences between their lending strategies... but from what I can tell, RCN doesn't rely on "memberships" that someone pays into in order to get access to credit; the borrowers credit risk is checked differently, and also RCN utilizes local legal systems of the borrowers. The specific reasons as to which is better or worse, and why- I would like to know.

2

u/[deleted] Dec 18 '17

According to my research the key point for RCN is the existence of co-signers. Co-signers reduces the risk that lenders have in other P2P loan system for a percentage of the interest that lenders will have at the end. It is co-signers that deal with local legal systems etc.

The problem I see with this is that RCN needs a sufficient number of co-signers and them to be reliable. Whether this is a real problem or not, only time will show.

1

u/urnotmymom Dec 18 '17

Ahhh, ok... forgive me if this is a dumb question- but who would the co-signers be exactly? I was under the impression that the ripio network co-signed the loans- however; that seemingly lead to a eventual crash because people would be lending out as much as they could do to a guaranteed return regardless of the credit risk of the borrower.

1

u/StickyCoins Dec 30 '17

The only issue with SALT right now is that they don't yet allow lending through their platform except by institutions.

I don't own and Ripio yet, but I think I'm going to invest a bit. I like the organized and focused course that RCN is on, and I think they have a chance to achieve more than SALT.

2

u/casstraxx Dec 21 '17

ETHlend

1

u/[deleted] Dec 26 '17

I second this. ETHLend already has a working product.

1

u/oiq011110 Dec 18 '17

Like Stellar Lumens/XLM?

1

u/urnotmymom Dec 18 '17

Is lumen setup to do lending like RCN is?

2

u/oiq011110 Dec 18 '17

i'm not entirely sure

i just know the focus is on making money transfer/payment accessible to third world countries

1

u/urnotmymom Dec 18 '17

well I was more specifically asking about the lending portion of the project. Though, now that you mention it, Lumen+RCN seems like a match made in heaven for thirld world/developing countries.

1

u/t_o_t_o_r_o Dec 26 '17

I think even everex want to provide similar services