Perhaps, it is worth once again emphasizing the main advantage of the idea and developing it further.
Existing credit solutions work with collateral or are only suitable for exchanges. The scheme above is still seen as the closest to mimicking the traditional credit (without collateral) in centralized networks. The issued virtual money can be spent for specific products of the decentralized network: buy voting tokens, buy organization tokens, buy NFT-tokens, buy tokenized products in the future (books, videos, and so on). For example, in the case of tokenized products, the scheme may be as follows: the buyer is given a duplicate of the item (and the original is frozen), which can be destroyed if the buyer stops paying on the loan.
Such a loan is issued for a period of T, and each month the client is obliged to pay a monthly payment, if the client does not receive a monthly payment in the agreed period, the loan contract is terminated: virtual money is burned, frozen bank money is released (similarly, this applies to all other agents with the scheme of interaction with virtual money).
To improve the system, it makes sense to introduce a trust rating for each user, which will depend on the client’s past credit history.
For a client without a credit history, the rating will be set to 0, but the rating can be raised in several ways:
- due to its own provision of cryptocurrency;
- due to the provision of a co-borrower/supervisor, who contributes to the bank a certain part of the loan amount, which will be frozen for the duration of the loan;
- due to the social rating (in the future, when there will be decentralized social networks with a rating).
If the customer stops paying on the loan, then his rating decreases - for new customers it becomes negative, after which they lose the opportunity to receive a loan. A higher rating allows you to get a loan at a lower interest rate.
The client’s trust rating should be dynamic during the life of the loan: then it is possible to create conditions for the market of risk sharing. Anyone can come to this market and choose loans depending on the dynamics of the trust rating for support. Then such a person can expect to share with the bank the proceeds from the interest on the loans, committing to partially pay for the loans in case of default (depending on the amount invested).