LedgerScore Credit Rating API, Lender Marketplace coming early 2024
LONDON — LedgerScore is continuing to build an ecosystem of products around decentralized credit ratings and is on track to meet key deliverables in 2022, 2023 and 2024.
Over-collateralized loans in decentralized finance (DeFi) remain one of the hardest problems in the industry. The average collateralization ratio across all lending platforms is 348%. At the same time, the meteoric growth in the DeFi Lending Market represents an unprecedented opportunity: The Total Value Locked in the DeFi lending market grew 88x year over year, from $1 Billion to $88 billion at its peak in May 2021.
Privacy in the form of anonymity is a fundamental construct of DeFi and a crucial instrument in eliminating bias. Conversely, In DeFi Lending, anonymity represents a lack of trust that necessitates loan over-collateralization. All three LedgerScore products are focused on systematically increasing the trust between lender and borrower, therefore, reducing the requirement for over-collateralization.
A Strong Start
In 2020 the LedgerScore development team began working on the primary components for the LedgerScore Dashboard MVP: LedgerScore Credit Rating and Ghost Identity. LedgerScore ratings are calculated by a proprietary scoring engine produced in collaboration with some of the largest DeFi lenders. LedgerScores are generated by a combination of deterministic and intelligent systems. Version 1.0 of the LedgerScore Credit Rating is based entirely on the deterministic layer. This layer incorporates a variety of on-chain behaviors to extrapolate key markers such as transactional activity, preferred token mix, combined balance across all wallets, and utilization. Ghost Identity by LedgerScore is a dynamic, portable, anonymous, associative construct representative of a user’s collective interactions across the entire DeFi landscape: wallet, loans, locked tokens, etc. In late April 2021, the LedgerScore Dashboard entered beta and a demo video of the working application was released.
In May 2021, LedgerScore closed its seed and private rounds. These rounds were 2x oversubscribed. In these rounds were industry heavyweights; Dext Force Ventures, Aussie Capital, Gains Associates, Fairum, Encrypt Club, Magnus Capital, H.G. Ventures, OIG, Dutch Crypto Investors, LVT Capital, and Moonwhale.
What’s Next
The next version of the LedgerScore Dashboard is scheduled for public release at the end of 2023 (early 2024). At the same time, the iOS and Android applications will enter private beta.
LedgerScore on Android and iOS is scheduled to be available in private beta in December (and early 2024).
Coming in 2024
The Lender Marketplace and corresponding Administration Dashboard are one of many long-term initiatives made possible by continued collaboration with our DeFi lender partners. The Lender Marketplace will allow users to post loan requests to our expanding Lender network and receive the guaranteed lowest rates. Lenders will then be able to maintain contact with users in active loan agreements via Ghost Identity on the Administration Dashboard. Users will be able to monitor how their interactions with active loans impact their scores in real time.
The LedgerScore Lender Marketplace is a complex undertaking that will require the precise coordination of several development initiatives, including; Extending the user dashboard to include functionality for requesting and receiving loans. Designing and developing a Lender/Bureau Credit rating API. Designing and developing the Lender Administration dashboard UI/UX for user/lender interactions. Launching the LedgerScore utility token (LED) marketplace. Developing an encrypted data processing and storage protocol for LedgerScore Ghost Signature. Developing an on-chain, proof-of-computation hash engine. Provisioning an Amazon Web Services (AWS) Nitros Secure Enclave compute layer for transactional processing. Designing and developing a smart contract for multi-signature anonymity protection and loan default mediation.
The LedgerScore Administration Dashboard will enter closed beta with Lender partners in November.
The LedgerScore Lender Marketplace and Administration Dashboard will enter private beta in 2024.
More About LedgerScore
LedgerScore is a platform that provides users with complete data on cryptocurrency transactions and comprehensive and credible credit scores with patent-pending technology. By creating a new golden standard, LedgerScore is aiming to bridge the gap between centralized (CeFi) and decentralized (DeFi) worlds, while complementing traditional credit scores.
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