We are proud to announce the release of the Colendi alpha product to certain members of Colendi’s community. This product plays directly into our vision to make credit scoring accessible to all.
(More information about contributing to the Colendi project is listed below.)
Colendi is a credit scoring protocol and microcredit platform
Colendi was developed to create a financing alternative for the more than 3 billion people worldwide who are unbanked and underbanked. This means that they either have no access to traditional financial institutions or have limited access, making it difficult or impossible to secure credit on any level. Colendi offers a unique solution to this problem that affects more than 40 percent of the world’s population.
Colendi is revolutionizing the credit ecosystem by presenting an alternative credit score based on your data and attestations. Furthermore, on the Colendi application, users can access credits via their new credit scores and manage their purchases. Colendi is positioned to become the future of credit landscape with this credit scoring protocol and microcredit platform.
The alpha product and its elements
The Colendi alpha product greets its users with the following image, which opens to the registration and login pages. Once done logging in, users can have access to all that Colendi offers.
With the alpha product, Colendi presents three key elements.
- Colendi ID: Colendi ID is the self-sovereign digital identity that Colendi provides its users in order to include their relevant information in a private and protected model.
Colendi ID serves as a medium for users to connect their Colendi Score and their digital wallets. This allows customers to share their profile and reputation without being exposed to any lender, merchant, partner or company integrated in the Colendi platform. ColendiID is the element making sure that the user data is kept under users’ control in a private and secure way.
- Colendi Score: Colendi Score is a digital score that is uniquely calculated by our protocol for each user. The protocol is trained to calculate a Colendi Score with the social media data, smartphone data, transactional data, phone data and over 1,000 pieces of personal information. The algorithm then stores this score on the smart contracts of the Ethereum blockchain, meaning it becomes a decentralized Colendi Score.
In our alpha version, we can calculate your first Colendi score based on your social media attestations. Prior to this launch, we calculated 1 million users’ Colendi Scores and worked to develop our AI-based Colendi protocol. Now, for the first time, you can click to connect your social media accounts and your personal information to obtain your initial Colendi Score. This score is calculated in your application and Colendi moves your score to the Ethereum test network.
- Colendi Wallet: This is where users can manage their Colendi Tokens (CODs). With a Colendi Wallet, users can send and receive COD as well as oversee their transactions. On top of the existing features, users will soon be able to list the integrated merchants within the Colendi network and apply for microcredits.
The alpha version of the app serves to produce the Colendi ID, and connect the unique Colendi Score and the Colendi Wallet. In the coming months, we plan to release our next version, which will include a credit application and approval features. Users will then be able to log in to create their Colendi ID, have their Colendi Scores calculated and manage their accounts via the Colendi Wallet, enabling the ability to oversee transactions and access financing.
Interested in learning more about Colendi’s alpha project?
Would you like to contribute to Colendi Project by volunteering for the alpha product and helping us with QA testing? If so, click the link below and leave your contact information. Get in line to be one of the firsts to use the Colendi application and we will reach out and include you in our development process.
We look forward to hearing from you and changing the future of microcredit.