Hi i have made a new channel for aion price talk ...can I post the link here for every body who wants to join ?
I imagine they're still collecting data. No sense in releasing numbers so early, particularly before any of the loans come to maturity. They're also making adjustments to the product offering based on user feedback to achieve the best product-market fit.
You bet, interesting concept. Im always impressed with Matt on how he presents things.
Their first offering was the $2500 one with no repayment for 12 weeks (there wouldn't be any default rate data available yet), now they're offering a $500 one, and seems like the next one will be a variable amount. Zeroing in on what works best over time, basically. And given the lending industry is such a competitive market, they may not release much info before they're ready to release a final product, just to avoid others copying their "secret sauce" so to speak
The Moves team. Since they don't look at conventional credit scores, instead they look at the bank account info they pull through Plaid. So if you have a lot of non-sufficient fund transactions, or don't carry a sufficient day-to-day balance to cover the eventual repayments, they would consider it a bad risk and not make the loan in the first place
I think they're also considering data from the gig platforms, like number of rides/deliveries, customer rating, etc
And presumably as the loans come to maturity, they can correlate the bank info to default rates to further refine their risk algorithm
In other words, when some of these loans reach maturity, they can look back and say "these folks defaulted, and here's what's they have in common so we can avoid lending to folks with these characteristics in the future" or "these folks paid everything back on time, and here's what they had in common, so we can allow tools with these patterns to take out larger loans"
It meets a need for gig workers, but it's also not a charity. They want as few people defaulting as possible so they get as much revenue from interest as possible. And a big part of that is collecting data and having a fine-tuned risk algorithm
The biggest difference is they're taking a fresh look at it, particularly with gig workers who have multiple income sources and more fluctuating income, rather than relying on the existing credit rating system which has a number of factors that aren't as relevant
Rather than relying on what other creditors report second-hand, they're looking directly at the bank account
So someone who hasn't had as much of an opportunity to establish a credit history, who is underserved by the existing system, but has the financial ability to take on debt and repay it now has an option
First, is putting a number to the risk via smart contracts. This not only allows them to track loan events (disbursement date, amount, terms, on-time payments, late payments, and defaults), and have a custom-designed number to look at to make lending decisions, but since it will be hosted on a public blockchain other lenders and other products can take advantage of the data
Second, they're looking at was to collateralize these loans with AION in the future, similar to MakerDAO
Hi Mitja. Is the issue still present? There was an issue till few mins ago.
It's possible. The gig/freelance economy is probably an ideal place to start though. There are statistics out there that suggest that 35% of workers make money through gig/freelance work already, and that number is expected to grow in the coming years. Given the fact that this group is underserved by the current banking/finance system as well, they're an ideal target audience
They will want to get to know this audience and the platforms they work through intimately to perfect product market fit
Not sure what you mean by proprietary firm. They're a registered Canadian company. But yes, their final design will depend on The OAN main net for the security of the data and transactions. In particular, the Java smart contracts, metatransactions, and hybrid POW/POS security you can't find elsewhere.
AFAIK there's been several EIPs for meta transactions pending for Ethereum for months, but it's still not implemented and seemingly hasn't been prioritized. Also unclear when they will introduce staking. And of course, they don't have a Java VM
In my mind they're very different protocols, not much sense in comparing them. Apples and oranges.
the whitepaper is describing a consensus mechanism and says nothing about cross chain cmmunication
The white paper is from almost 3 years ago. I'd recommend the wiki for more current info. Cross-chain communication is not a priority right now.
I believe I just said that's not a current priority and not in active development. The OAN's focus right now is on mainstream adoption.
If you're interested in what they've accomplished in the past, they used a token bride to facilitate their token swap from Ethereum to The OAN mainnet a couple years ago:github.com/aionnetwork/token_bridgeAnd they also published code for two-way arbitrary data transfer:github.com/aionnetwork/transwarp_conduitBut they have been focused on other oriorities since then. Namely, implementing a Java-compliant virtual machine (aion.theoan.com/blog/aion-virtual-machine-avm-why-java-and-the-jvm), hybrid POW/POS consensus (aion.theoan.com/blog/unity-consensus-zero-to-hero), and now building a blockchain-based application for non-crypto consumer users (getMovesApp.com)
We use technology we don't understand every single day, and yet blockchain technology has yet to break into the mainstream. There are a few blockchain applications that are targeting a mainstream audience - will they be the ones who bring blockchain technology into the mainstream consciousness?
And how do you see things work out with other development by third-partys...Vivopago, "infamous Apollo
I'm optimistic. Matt said Velocia, VivoPago, and BulletID are still in active development in the last AMA:youtu.be/wDA9Ee8rg_Y?t=1189But you also have to realize that all of them are third-party entities that have their own funding, resources, and timelines independent of what's going on internally with The OAN. The blockchain infrastructure is there to be used, but it's up to each of them to build a successful business on top of it. It's not a storefront landowner's responsibility to ensure that a business that leases space there has a good business model.
He acknowledged that hasn't heard from MetaMe and Metalyfe in a while, I personally don't know what they're up to.
I agree completely. I just hope that some good projects do come through...And some so called open app
I'm interested to hear more about how the "100 days of code" is going in India and what that might bring to the network.
Akshay is doing an AMA about it this week:reddit.com/r/AionNetwork/comments/gp90nx
guys does anyone have Aion? I buy them privately at a higher price than the market because I am a minor and my exchange does not make me buy them and I believe in the potential of this currency!
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