CreditcoinCTC to CAD

What is Creditcoin (CTC)?

It is a blockchain-based cryptocurrency that facilitates borderless credit investment. In the year 2019 this network was launched by two people Tae Oh and Akin Jones. Tae Oh is the CEO of a well-known group of companies namely Gluwa, Vladimir Kouznetsov. On the other hand, Akin Jones heads Aella and Wale Akanbi as the chief operating officer. Gluwa and Aella are the two companies that developed this network. The main aim of this network is to solve the problem faced due to less credit systems in the unbanked sector. Those people who do not have access to the banking system, usually borrow from non-banks. But the credit records provided by non-banks are not accepted as the data provided by them is not secure. This network wants to solve this problem, it records credit transaction history indifferently on the public blockchain. 

How Does Creditcoin Work?

This network supports countless people who do not have access or with very less access to the banking system. Through this network they can also enjoy credit benefits which was remotely possible earlier. It stores the transaction details objectively on blockchains. This enables transaction parties to find out potential investments and audit risk. 

The working of the Creditcoin is broadly divided into four parts. The investors, lending pools, fundraisers and borrowers. Let us understand each of this part one by one: 

• Investors 

An individual person or a firm can be an investor.  They provide the liquidity to the market and in return earn fixed interest on pools of liquidity in fiat or cryptocurrency form. They add ‘Ask Order’ on the blockchain of this network.

• Lending Pools 

When the investors add ask orders on the network's blockchain Lending Pools are formed. 

• Fundraisers 

These are credit extending institutions like microfinance lenders, NHOs, Government agencies etc. These interested loan facilitators are those who want to help someone but do not have access to the banking system. Thus they use Credal technology to connect and transact with this coin's blockchain. 

• Borrowers 

Individuals outside the financial mainstream sources like banks and other financial systems are also in need of credit support. These people are provided with financial assistance and they create demand for liquid funds. 

Tokens of Credit Coin

This network has two unique tokens.  These two tokens are as follows: 

• CTC

The first token is CTC which is the main one of this network. The main work of this token is to record transactions on the network and to enable transactions between lenders and borrowers effortlessly and securely. 

• G-CRE

The other token is G-CRE which is based on the ERC-20 Ethereum network standard it is the trading a the vesting token of the network. 

How to  Buy Creditcoin CTC Token?

To buy CTC you need to follow the below mentioned steps. 

• Account Creation 

Create an account on a secured and reliable cryptocurrency exchange that supports this coin.

• Verification Process Completion 

Complete the verification process and deposit funds into your account to transact it with this coin. You can use fiat currency or other cryptocurrencies that support this token. 

• Place Purchase Order 

Search for this coin on the exchange and place your purchase order for the desired quantity of coins. 

• Verify Account Credited 

After your purchase order is verified the coins will get credited into your account. 

• Wallet Transfer 

Transfer the credited coins into safe wallets for avoiding any kind of malicious activities. 

What Are Some of the Challenges Faced by CTC Token?

There are some common challenges faced by every cryptocurrency in the ecosystem and CTC token is not an exception to that. Some of these challenges are unavoidable and some can be avoided. The risks mentioned below are the unavoidable ones: 

• Regulatory Uncertainty 

Cryptocurrency being a new concept in the financial market, the rules are still not implemented properly. This changing regulatory landscape affects the coin's future. 

• Volatility 

The investment market is mostly volatile. When it comes to Cryptocurrency the prices are constantly fluctuating. This constant price changes make it a risky investment. 

• Lack of Large-scale Adoption 

Being a new decentralized financial option, Cryptocurrency lacks trust from investors. As it is decentralized and does not have any interference from the centralized institutions. Therefore, It becomes hard to gain widespread adoption. 

Future of Creditcoin 

This network seems to be going strong in the coming years because of the following reasons: 

1. It has a good roadmap for its future growth. 
2. Its development team is working continuously to bring new features and technologies on board. 
3. This network is best for interoperability and cross-chain credit markets.  
4. Due to its partnerships with fintech lenders like Aella and other financial institutions this network has secured capital finance. 

Due to the above aspects, overall this can be a good investment decision.

Conclusion 

Every cryptocurrency has its advantages and disadvantages, so does this coin. If investors look for risks and challenges involved this can prove to be a good investment decision and a best place for lending and borrowing of digital assets and currencies. It has a good number of features and a strong technological foundation. Its aim of providing credit loans to users who do not have access to banking systems and recording the transaction history on its blockchain for future audit helps it to gain considerable amount of traction. However, the bottom line is do proper research on the merits and demerits of cryptocurrencies before investments.