MoneyCircles.com, created by Outlier Ventures, Europe’s first dedicated blockchain incubator setup, is a decentralised peer-to-peer lending app built on Uphold (formerly Bitreserve) which allows circles of people to get together and mimic a credit union to save & lend with one another based on a ‘common bond’.
By using smart contracts this allows for total transparency and verifiability, a first in the financial services market. This is a groundbreaking publicly verifiable and decentralised peer-to-peer lending platform using fiat pegged crypto-currency and is the first publicly released proof-of-concept from Outlier Ventures.
The commercial ambition of MoneyCircles.com is to enable financial institutions like credit unions, challenger or traditional banks, as well as a constituted, MoneyCircles to lend to people who can’t access mainstream credit facilities with greater flexibility and on better terms for both savers and borrowers.
MoneyCircles.com believes the growing wealth divide across our societies is compounded by lack of access to affordable credit. In the UK alone there are 6 million people locked out and trapped in a permanent state of indebtedness and in the developing world half of households have no access to credit at all.
At the same time millions of savers have money trapped in low interest savings accounts with institutions that want to lend, but that are unable to. Savers desire better rates and want their money put to better use. By making money more socially active, not just an abstract concept, we hope to encourage the 9m Britons with no deposit accounts to also start saving.
MoneyCircles.com aims to reconcile these two parts of the market, by making saving and lending more socially based, to better deploy deposits which will help significant parts of society build a positive relationship with financial institutions. The aggregate effect would be ongoing stimulus to economic growth, fairer rates and reduced inequality in financial services.
The Status Quo
MoneyCircles.com believes most new ‘challenger’ fintech focuses simply on enhancing user experience and the growing p2p lending market, estimated to be worth $150bn by 2025, rather than improving lending parameters to actually reinforce outdated risk averse credit scoring. They believe none fundamentally create a fairer marketplace that borrowers see as part of a long-term solution to managing indebtedness rather than just another creditor.
The POC demonstrates how, by building a decentralised application (DApp) on Uphold (formerly Bitreserve) blockchain and API, its users can mimic a credit union through deployment of Ethereum smart contracts. This means users can form ‘money circles’ with friends, family or local communities of ‘common bond’ to save and lend with full control and flexibility on saving & lending terms without the need for a middleman.
MoneyCircles.com intends to build their own cross-circle ‘trust score’ based on positive relationships people have across the network of circles. Circles can be connected up to external data sets including social media or traditional credit scoring through the use of ‘oracles’, a method of giving smart contracts access to information in the outside world in a decentralised manner.
MoneyCircles.com intend to exploit the technology and findings through Money Circles Ltd initially targeting the $1 trillion credit union market and are actively seeking investment and partners including a submission to a leading fintech incubator.
Outlier Ventures Ltd was created by to seed, develop and launch a new startup every 3-6 months across a variety of sectors.
- Comcast’s Advanced Advertising Group And Participants Announce Blockchain-based Technology Platform - June 22, 2017
- Online Platform for Gamers to Release a Cryptocurrency for In-game Skins Trading; Launches an ICO - June 22, 2017
- Colu Launches Digital “Local Pound, East London” Currency to Empower Local Economies - June 21, 2017
- bitJob.io is Building a Student Employment Program on the Ethereum Blockchain – Launching ICO - June 21, 2017
- Blockchain Project Waves launches landmark USD gateway - June 21, 2017
- Status.im Raises $270m in Three Hours – Shattering Token Raise Record - June 21, 2017
- World’s First Mobile Data Exchange DENT Seeks to Disrupt Telco Market with Blockchain - June 20, 2017
- Financial Inclusion Company Everex Takes Home RemTECH Award For Ethereum Apps - June 18, 2017
- SONM Raises $42 Million in Token Raise - June 18, 2017
- WISeKey partners with the Blockchain Interface company RIDDLE&CODE to develop innovative solutions for securing IoT via Blockchain technology and crypto-hardware - June 17, 2017
- Bancor Announces $153 Million Raise, Largest Token Generation Event in History - June 17, 2017
- CORION Announces Final Coin Sale Details to Build its Revolutionary Platform & Stable-Rate Currency - June 17, 2017
- Enhancing the value of history with ZenDao – ICO announcement - June 16, 2017
- FunFair Announces Token Creation Event on June 22 for World’s Fastest Blockchain Casino Platform - June 15, 2017
- Blockchain Technology Venture Nimiq Announces Token Sale - June 14, 2017
- Outlier Ventures Makes Multi-Million Dollar Investment in Distributed IoT Marketplace ‘IOTA’ Through Major Token Purchase - June 14, 2017
- Bancor Token Allocation Event Smashes Record – Raises over $150 Million - June 13, 2017
- Consensys Introduces Omega One - June 12, 2017
- MetaX and DMA Join Forces to Launch adChain: a Blockchain Solution to Digital Advertising Fraud - June 12, 2017
- Aeternity Raises $24 million Over Phase Two of Token Sale - June 12, 2017
- HyperChain Capital announces Collaboration and Investment in CoinDash - June 12, 2017
- Community-Driven Cryptocurrency Credits Announces First Public Release - June 12, 2017
- Bancor Protocol Foundation Announces New Partners Before Upcoming Token Allocation Event - June 12, 2017
- Investors from Russia are launching a venture fund formed on blockchain - June 12, 2017
- Bancor Adds Heavyweight Advisory Team to their Foundation – Token Allocation Event Kicks off Today - June 12, 2017
- Bancor Protocol Foundation Adds Author and Euro Designer Bernard Lietaer as Chief Monetary Architect - June 10, 2017
- Russian Billionaire Announces Business Incubator on Waves Platform - June 9, 2017
- Bancor Launches Crowdfunding Valuation And Promotion Via Wings Dao On Ethereum - June 9, 2017
- Coinsilium invests in Indorse.io Decentralised Professional Network - June 8, 2017
- Cofound.it Breaks Pre-Sale Record, Selling Out With Priority Pass Before Public Token Sale - June 7, 2017
- Cofound.it Token Pre-Sale Reaches $5 Million Threshold Within Three Hours, Announces First Three Projects - June 5, 2017
- Blockchain Startup DECENT Testnet #2 Launched! - June 4, 2017
- Blockchain Challenge Dubai Announces Winners- Awarded $45,000 - June 4, 2017
- Waves Ceo Sasha Ivanov: Blockchain Will Lead To Rapid Progress Not Only In State Administration, But Also In Business - June 4, 2017
- Exscudo ICO Successfully Concluded – $5M Dollars Raised - June 1, 2017
- Aventus launches Ethereum-based Event Ticketing Solution - June 1, 2017
- Brave Token Sale Blasts Records With $35 Million in 30 Seconds - June 1, 2017
- Japanese Blockchain Startup releases VALU – Social Media Value That Can Be Traded - May 31, 2017
- MetaX and ConsenSys Announce adToken Sale June 26, 2017 - May 31, 2017
- Blockchain Indy Production Start Up to make a TV Series about the Bitcoin Revolution. Fans invest to help tell the story! - May 31, 2017
- Chat Platform Kik to Integrate Kin Token as First Mainstream Adoption of Cryptocurrency - May 31, 2017
- VPN Blockchain Startup Mysterium Network Raises 68,629 ETH ($14,358,975 USD) in under 45 minutes - May 30, 2017
- XinFin Introduces Blockchain-based Institutional Financing Marketplace Alongside Pre-ICO Token Sale - May 30, 2017
- European Energy Companies to Test Peer-to-Peer Trading Over The Blockchain - May 30, 2017
- Everex Announces Mobile Blockchain-powered Microfinance And Fiat Transfer Platform - May 28, 2017
- $3.7 Million Collected in ICO on the Waves Blockchain Platform for Construction of Production Facility in Russia - May 28, 2017
- Blockchain Startup Aeternity to Launch Phase Two of Contribution Campaign on May 29th, 2017 - May 28, 2017
- Founder and CEO of eToro, Yoni Assia, Joins Bancor Protocol Advisory Board - May 25, 2017
- Blockchain Startup Exscudo Rolls Out EON Source Code On GitHub - May 24, 2017
- Blockchain Startup Binded Raises $950k in Seed Round to Democratize Copyright - May 24, 2017