Openness, transparency, and accessibility are the three pillars on which Creditcoin thrives. Its ultimate goal is to build a better future for the finance sector based on these ideologies.
However, it is a tough nut to crack and Creditcoin has, therefore, partnered with Flow to achieve the shared vision of having an inclusive global economy. The announcement was published through a blog post by Creditcoin and it laid a lot of focus on the NFT segment.
Background
Metaverse, NFT, and decentralized apps are the upcoming technologies that seek tremendous support from the global community. Flow, for one, has come forward to extend a helping hand. The objective, especially for decentralized apps, is to ensure scalability in the consumer market.
In a broader perspective, Flow has been designed to act as a foundational base for Web3. It is a blockchain that is powered by Cadence to empower developers to go beyond the defined boundaries of Web3.
Flow carries a team of experienced professionals who have a great record. The list includes CryptoKitties, NBA Top Shot, and Dapper.
Creditcoin has mastered the creation of a public ledger to match and record credit transactions. It acts as a foundational Layer 1 blockchain that has also been designed to keep track of the loan performance while ensuring the rise of next-generation interoperable cross-chain credit markets.
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Creditcoin looks to partner with firms only if there is a benefit for the community as a whole. For instance, it partnered with Aella, a fintech lender, to secure capital financing, facilitate trust for millions of customers, and build credit history.
All the operations of Creditcoin are based on the principle of openness.
Creditcoin x Flow
Finance, as of now, is in the hands of centralized authorities. The future holds decentralization close to its heart, with Creditcoin leaving no stone unturned to make it a possibility.
It recently announced its partnership with, or rather an integration of, Flow. Both partners share the vision of working towards an inclusive global economy based on openness, transparency, and accessibility to every individual irrespective of their background.
Creditcoin’s partnership will be built on Flow to connect to its vibrant and ever-growing ecosystem of non-fungible tokens. Through this partnership, Creditcoin will enable credit-based NFT transactions.
Flow was chosen because of its energy-efficiency approach by adopting the proof-of-stake model for its network. The blockchain has been architected to allow wide accessibility, easy scalability, and unmatched security.
The integration of Creditcoin and Flow took a hint from Flow, emphasizing heavily on sustainability.
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The integration aims to give both partners a step closer to achieving a global economy that is fairer as compared to the one that already exists.
NFTs played a crucial role in entering the partnership. There are certain aspects that are yet to be explored by the major players. Financial products like credit systems based on NFT and NFT investment DAOs are constantly evolving.
