Last Stardust: Distributed Credit Chain

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Distributed Credit Chain (DCC) is the world’s first distributed banking public blockchain with a goal to establish a decentralized ecosystem for financial service providers around the world. By empowering credit with blockchain technology and returning ownership of data to individuals, DCC’s mission is to transform different financial scenarios and realize true inclusive finance.

Introduction

Accelerating digitalization, faster Internet transmission speeds, continuous accumulation of distributed computing resources, the application of mathematic and cryptographic technologies in the digital era: these are the factors that lead us to foresee that in the future, we will see an underlying public chain based on the features of Blockchain (including but not limited to: decentralization, openness, autonomy, irreversibility, and privacy protection). This underlying public chain will be utilized for distributed credit reporting, debt registration, wealth management, and asset transactions. It will enable business participants in different countries and regions around the world to provide financial services in a much more convenient way.
A new type of virtual agency based on blockchain technology-"Distributed Banking"- will emerge.
A Distributed Bank is not a traditional bank, but rather an integrated ecosystem of distributed financial services.
The Foundation will launch a main blockchain - Distributed Credit Chain (DCC) to establish business standards, reach consensus on the books, deploy business contracts, implement liquidation and settlement services, and so on, for a variety of distributed financial business.
The establishment of a distributed banking system will require a five- or even ten-year process. We hope that after a period of construction, the distributed bank can become an important node of new finance, and traditional businesses can enter the distributed business ecosystem through distributed banking.

How Distributed Credit Solves the Centralized Credit Problem

In DCC, each individual or institution has one DCCID generated through Public-Private Key Pair to form an address. This address acts just like a member ID in a traditional Internet system, identifying and associating various real-world attributes (such as real-name authentication, bank cards held, number of properties owned) and information on the credit chain—a loan request, loan, repayment, etc.

DCC will provide an open source personal credit data management framework-DCDMF (Distributed Credit Data Management Framework) which is supported by a specific cloud storage provider, and developers, are able to quickly rebuild users' personal credit reporting data using DCDMF based on their APP development needs. Users having a DCCID can exchange data in several APPs which use DCDMF by exporting their wallet addresses.

The Distributed Credit Chain entirely redefines the exchange process of personal credit. Individuals have ownership of the data through DIV (Distributed Identity Verification), and can determine the storage, presentation, and use of personal data. Data service institutions make profits by providing individuals with quality data services instead of storage and abuse
of data.

The DIV system protects data from falsification and deception by means of digital signatures and data digest in the circulation process. The DIV mechanism has the advantage that the data institution directly provides users with data authentication services, and the data would not be held by third parties. Such mechanism provides data sharing support to the institutions which were originally intended to provide data only to their own customers.

This all stems from decentralization, which transfers the center mastering data from

original data oligarchs to individuals, stores decentralized data in decentralized hands.

Distributed Credit Chain stores the nonrepudiable evidence proving the data’s generation

and accuracy, as shown below:

Personal data will be sent to the data institution for processing. The standard data

processed by the institution will be returned to the individual as a data report. The individual will save the data report as a personal data asset locally or in the cloud, applies to the data verification smart contract of DCC system for verification after hash summary of the report, while initiating chain vertification with the original verifying institution. After the verifying institution confirms the hash as consistent after verifying the original report, the data is labeled as authenticated and recorded within a limited period of time on the chain.

Economic Ecosystem Model

DCC is the credential used to pay for jobs in the Distributed Credit Chain. Any work in the DCC needs to be paid for with DCC. DCC balance is managed through DCC token contract to maintain a fixed total amount of DCC. As the financial service system in the DCC grows, more and more distributed business scenarios are embedded and used more frequently, which greatly increases the liquidity.

DCC's payment is handled based on the DCCpayment contract, which is responsible for the DCC payment rules for multi-payer participation.

Benefits of Ecosystem Contribution
Use of DCC in Distributed Credit Chain
Reconstructing Credit Cost with DCC

Token Allocation

Distribution Plan

The Cyber Sheng Foundation plans to issue a total of 10,000,000,000 tokens of the

encrypted digital currency DCC. In the private round , famous qualified investors in the fields of credit and banking will be invited for the investment, with the fundraising percentage no more than 18%, and the investment amount of single investor no less than 100ETH. At this stage, DCCs will be locked, with 25% of the total to be unlocked before the opening of exchange, and another 25% to be unlocked every two months, with the full amount to be unlocked in 6 months.

In ICO round, 200,000,000 DCCs will be issued to Non-Chinese and American investors. All these will be directly circulated. DCC token will be exchanged by ETH.

The contributions in the token sale will be held by the Distributor (or its affiliate) after the token sale, and contributors will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale.

To the extent a secondary market or exchange for trading DCC does develop, it would be run and operated wholly independently of the Foundation, the Distributor, the sale of DCC and Distributed Credit Chain. Neither the Foundation nor the Distributor will create such secondary markets nor will either entity act as anunlocked in 6 months.

Other allocation details of DCCs are as follows: