RSK, the smart contract platform powered by the Bitcoin network, has partnered with RCN, the global credit network supported by the crypto company Ripio, to enable new digital economy solutions in emerging markets, such as Latin America, Asia and Africa, where a large percentage of the population is currently restricted from the traditional financial system.
RSK is the first open source platform that allows the implementation of Ethereum-style smart contracts over the Bitcoin network. On the other hand, RCN has built a global peer-to-peer credit protocol, connecting lenders and borrowers all over the world through cosigned smart contracts.
“We’re very excited to partner with RCN as we share their vision of building a more inclusive financial system by putting Blockchain technology at the service of social transformation. Having RCN over RSK technology will allow billions of people currently unbanked to have access to a cheaper and more democratic credit network.” – stated Henry Sraigman (RSK Head of Business of Development).
As members of the brand-new RSK Federation, RCN will enable their smart contracts to run on the RSK “federated sidechain”, joining a collective of more than 20 Blockchain-based companies who will collectively secure the sidechain funds. The RSK-RCN partnership has the potential to create disruptive and more efficient global lending solutions and grant faster payments and higher scalability.
“The RSK team and our team have been building up Latin America’s crypto ecosystem side by side from many years, so it’s really inspiring to be working with them in this new endeavor towards real financial and social transformation.” – expressed David Garcia (RCN SPV and partner).
The RCN project raised 122,000 ETH (+$100M USD at current Ether / USD rate) in its two-step token sale last year, while RSK has recently unleashed the Genesis block that kicks off their MainNet network.
This alliance is a major step towards a more efficient option to the traditional financial system and a secure alternative to most peer-to-peer lending platforms.
RCN is a global credit network protocol based on cosigned smart contracts that connects lenders and borrowers located anywhere in the world and on any currency. The RCN smart contracts connect agents with information on the borrower’s identity to agents that analyze the borrower’s credit risk impartially, thus standardizing credit lending through blockchain technology. By reducing the traditional banking brokerage costs and management fees, RCN aims to allow better conditions for both sides.
Website: ripiocredit.network | Twitter: @RCN_token
RSK Labs is the company behind the Project codenamed RootStock, a smart contract platform with a 2-way peg to the Bitcoin Blockchain. RSK founders have been actively involved in the Bitcoin ecosystem and smart contract development since early 2013. The company was founded in 2015 and its initial white paper was later published on December 2015.