BEIJING, April 27, 2018 /PRNewswire/ -- On April 26, Singapore-based startup We Credit Tag Limited announced that the company had formally launched its blockchain product Credit Tag Chain (CTC) for applications across the credit sector, while, at the same time, rolling out its main network-based wallet APP - WeCredit.
Credit Tag Chain (CTC) is a blockchain-based global credit asset value network, as well as a public chain based on an efficient Delegated Proof of Stake (DPoS) consensus mechanism. Serving more than 1 billion credit users and 10,000 credit firms, the product focuses on solving mortgage and warrant-related risk management issues for practitioners in the traditional credit sector and offering comprehensive solutions for credit verifications.
Credit Tag Chain (CTC)'s founders, most of whom previously worked in Southeast Asia and Silicon Valley, have strong financial, technological and commercial backgrounds. The project's co-founder Nigel Lim said, "CTC plans to leverage the general consensus on the increasing value of digital currencies and take advantage of the smart contract mechanism to control the liquidity of digital currencies when serving as collateral, establishing a fully trusted value network between borrowers and the credit application forms that need to be completed. The network will create a groundbreaking and innovative loan model."
Leading bond credit rating firm Moody's had earlier issued a report, predicting that blockchain technologies would reduce costs by between US$840 million and US$1.7 billion each year for the US mortgage and collateralized loan sector. According to Mr. Lim, the speed at which the project is progressing exceeds expectations. Several top credit firms in the Asia Pacific region have formally started their business operations on CTC's network, while several other financial institutions with global reach have expressed interest in the application and are in the process of working out the terms of a collaboration.
The simultaneously launched WeCredit is a mobile digital asset wallet, providing a mechanism for the storage and exchange of CTC and other mainstream digital currencies. The wallet's stability and security have been tested in many application scenarios. The mobile wallet also features a diamond mine game where profits are generated from mining. It is expected to play an important role in the ongoing transformation of CTC's community and ecosystem.
SOURCE Credit Tag Chain