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MyCreditChain (MyCreditChain) ICO Review

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MyCreditChain is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameMyCreditChain
Token SymbolMyCreditChain
WhitepaperView Whitepaper
Website LinkHome
Price1 MyCreditChain = 0.1 ETH
PlatformEthereum
Minimum investment0.2 ETH
CountrySingapore

More about MyCreditChain (MyCreditChain) ICO:

The MCC platform consists of blockchains consisting of Ethereum-based Smart Contracts. Data is encrypted and stored in IPFS. More details are as follows. MCC Token is an encrypted currency that mediates exchange of information in the MCC ecosystem. Individuals participating in the MCC platform will receive three seeds every day, and these seeds have no value, but when it is given to someone else, it is turned into token value in proportions. It can be spent on collecting personal information and can be received as the reward for providing the information. MCC plans to bring the ownership of credit data back to individuals so that they can have a full control over their own information, thus building a more equal society. It brings about a major innovation in credit information that a person’s credit data will become an asset for himself/herself.

Credit is a Basic Right.

Blockchain based Credit Ecosystem, MyCreditChain.

MCC platform will enable a new relationship among people, which will further develop new form of financial activities. It brings about a major innovation in credit information that a person’s credit data will become an asset for himself/herself. 

MCC plans to bring the ownership of credit data back to individuals so that they can have a full control over their own information, thus building a more equal society.

Data is at heart of the economy : It is transforming the world. Personal data is an important asset in today’s data-driven society. Based on personal data of customers, companies design their products, implement their marketing strategy, and target their customers. Credit data, with which a credit bureau evaluates individuals through its own evaluation criteria, is the basis for economic interaction among people in a society. Financial institutions manage the risk of their loan products and price the risk premium for insurances. With the application of big data, personal and credit data is the driving energy of an economy in the era of Fourth Industrial Revolution.
Personal data is owned and used by major corporations, and these corporations are making huge money on it. Credit data is stored in the servers of a few credit bureaus and financial institutions. Individuals, who generate the bulk of the data, and are its rightful owners, however, do not receive fair compensation. More often than not, individuals do not have a choice but to accept that they hand over their personal data in exchange for the service to be delivered.
Although corporations/traditional credit bureaus have been the greatest beneficiaries from these market circumstances, their increasing needs for most up-to-data and accurate consumer data are not currently being met. There is no platform in which a company can get access to massive web of personal information, thus meeting customer’s changing demands and securing its market share, without the risk of legal liability and reputation.
The market for personal and credit data is growing explosively. And yet, there is a limit to how the data is collected, processed and disseminated, and how its value is shared. Prominent issues that need to be considered in this phenomenon are the value of data from different perspectives, that of an individual and a company, and how the understanding of these perspectives can contribute toward the social progress and the economic development of a society.

MyCreditChain aims to produce Trust Data, with which the issues raised in the current data market will be tackled. Individuals will have the full ownership and control over their Trust Data and get reward for the consent they provide for their data. By joining the MyCreditChain ecosystem, corporations can get access to comprehensive and quality potential customer data and add value to the data, thereby creating new opportunities.
Trust Data will be used in various institutions, including the financial sector. It will also be used to measure and provide credit for those who do not have enough data to evaluate their credit scores by the existing credit bureaus, providing benefits for many people without proper access to finance.
In this regard, MyCreditChain is a game-changer. With Trust Data, MyCreditChain plans to build a win-win data marketplace, for both individuals and corporations. MyCreditChain can play a significant role as a decentralized economy is an inevitable trend in the current market situation. The alliance between the existing companies and MyCreditChain will create a massive synergy effect, and individuals will get direct benefits.

Business Background


Over the years, a number of sources have indicated the rise of data market. How businesses of all shapes and sizes succeed heavily depends on how they leverage the data in decision making.
The relevance of collecting, analyzing, and using data lies at the heart of the Fourth Industrial Revolution. Data is the source of power and wealth. The value of MyCreditChain can be seen from the two main perspectives, that of an individual and a company.
MyCreditChain democratizes the accessibility to personal and credit data for individuals by enabling their ownership of the data. Within the MyCreditChain ecosystem, individuals can manage and make profit out of their own data. The MyCreditChain ecosystem will be a level-ground for companies from various sectors. Any company can come into the ecosystem and use the data to guide marketing, product development, and sales of all sorts. MyCreditChain will build an ecosystem that connects businesses and people around the world.

The current credit rating method provides only a partial picture of an individual.

Credit scores based on the current evaluation method are mostly used in the financial sector, and, sometime, do not reflect an accurate picture of an individual. The credit evaluation is entirely based on the rating agency’s criteria. As a result, the credit score of an individual may vary depending on which credit bureau assesses his/her credit rating.


The unbanked and thin-filers

Despite the strong growth in the financial sector, there are still numbers of people who do not have access to finance. The existing credit rating methods rely on a narrow set of data, and have a limited reliability, and/or are not insufficient, to evaluate an individual’s credit worthiness. Under these circumstances, 59% of the world’s population (about 4.5 billion people) are the unbanked1), adults do not have enough data to evaluate their credit scores, and thin-filers, people with little credit information, are alienated from the proper accesses to finance. These people, without or lack of the traditional credit data, are deprived of financial benefits, and end up living in a circle of poverty.


• Relying on a narrow set of data

Major factors used in the traditional credit rating method are annual income, years of working, level of wealth, etc. Although these factors are important criteria that can demonstrate one’s creditworthiness, they are not sufficient enough to provide a multidimensional depiction of a person. In addition, the data mainly used in the current credit rating method is outdated. There is a limit to evaluating an individual based on narrow and past set of data. The application of big data has called for the market environment where there is an increasing demand for utilization of multi-layered data. The credit information generated from the current mechanism solely will not be able to fulfill the needs


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