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June 9, 2021   Uncategorized   No comments

Introducing ARCx Sapphire (v3)

ARCx | Jun 1, 2021

Arcx - Introducing ARCx Sapphire (v3)

Valuing on-chain identity. No Banks, No KYC, 100% Crypto Native.

ARCx Sapphire (v3) will allow the protocol to issue its DeFi Passport that incentivizes reputation-building and curates on-chain identity int DeFi. The essential elements of this new release are that the:

  • Protocol can assess on-chain activity and history to deliver the first ‘page’ of the DeFi passport as a ‘credit score’
  • The credit score is number (0-1000) that assesses credit risk in DeFi
  • Identities issued quantitatively ‘good’ credit scores will gain access to low-collateral loans and high-yield farms
  • Initial release will begin with a limited number of first edition DeFi Passports
  • Future issuance will be based on demand and will continue in limited batches
  • Performance of the DeFi Passport and credit score will be assessed and iterated to provide even more sophisticated relationships between on-chain activity and identity
  • DeFi Passport will be integrated with more DeFi protocols to provide new functionality and increased value
  • Project roadmap has been financed by a new $1.3M in fundraising round led by Dragonfly Capital, Scalar Capital and Ledger Prime bringing the total amount raised till date to over $8m

Overview

Reputation in DeFi is broken. Entities are encouraged to repeatedly abandon identity in pursuit of maximum risk, short-term reward, and pain to others. Protocols are left to treat every user the same, occasionally giving preferential consideration to wallet size, institutional backing, or restrictive KYC. ARCx Sapphire (v3) reevaluates reputation in crypto through the issuance of a new fundamental form of on-chain identity: the DeFi Passport

See:  Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform

As national passports are valued by entities and used by countries in the political world, the DeFi Passport incentivizes building on-chain identity and creates utility for decentralized protocols. As proof of the value proposition of the DeFi Passport, its first page will be an on-chain Credit Score. This first page incentivizes both individuals and protocols to value the reputation embodied by the DeFi Passport, and this immediately allows for greater risk-adjusted capital efficiency for borrowers and lenders. The Credit Score is just one of many metrics to be included in ARCx’s DeFi Passport, but it proves from the very first implementation that the DeFi Passport will restore value to reputation and identity on-chain.

This first implementation of the DeFi Passport will analyze an Ethereum address’ activity to assign the Credit Score. ARCx can then deliver unique borrowing opportunities consummate with the reputation and identity of that dynamic score in a given DeFi Passport. Specifically, this means the DeFi Passport will allow the ARCx protocol to pseudonymously profile identities in DeFi to enable hyper competitive collateral ratios (for example, 105%). Two of the most unique attributes of the ARCx DeFi Passport is that it (1) lives on-chain such that any protocol may point to it as a useful source of information and (2) embraces highly-valued standards of pseudonymity from an individual or a collective.

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NCFA Jan 2018 resize - Introducing ARCx Sapphire (v3) The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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