Decentralized credit scoring and microcredit platform Colendi have announced a new product: Alpha. Through this new product, which will come in app-form, the firm are extending its vision to provide funding to the massive number of people worldwide who are unbanked and underbanked. Colendi explain their overall goal as follows:
Colendi is revolutionizing the credit ecosystem by presenting an alternative credit score based on your data and attestations. Furthermore, on the Colendi application, users can access credits via their new credit scores and manage their purchases. Colendi is positioned to become the future of credit landscape with this credit scoring protocol and microcredit platform.
The Alpha product will comprise three distinct applications. Firstly, Colendi ID allows users to store necessary ID details for credit scoring and access to loans, but in a safe, secure manner. Unlike the traditional lending model, their data is protected, with the onus on the user to share the specific parts of their ID that lenders require, rather than lenders having automatic access.
Secondly, the credit scoring aspect of Alpa – known as Colendi Score. The algorithm is far broader than the limited and archaic protocols of traditional credit scoring, taking into account “social media data, smartphone data, transactional data, phone data and over 1,000 pieces of personal information”. You can use the Alpha app to connect to your social media profile and get your score, which then lives on the Ethereum testnet.
Finally, Colendi Wallet is the area where all transactions are monitored and controlled. Users have control over their COD (Colendi tokens) and can send and receive through the wallet, as well as there being an upcoming function to be able to see available merchants, and apply directly for credits.
Colendi are looking for a release this year. The company say: “In the coming months, we plan to release our next version, which will include a credit application and approval features. Users will then be able to log in to create their Colendi ID, have their Colendi Scores calculated and manage their accounts via the Colendi Wallet, enabling the ability to oversee transactions and access financing.”
Colendi are offering an early access offer for Alpha. For more information, click here.