Jul 20, 2022
Christopher Brookins is the co-founder of RociFi, a new DeFi primitive for under-collateralized lending. In order to borrow on RociFi, users must mint an ERC-1155 token, NFCS (Non-Fungible Credit Score). The NFCS proves ownership of the address bundle that the borrower wishes to be credit scored. The NFCS operates as on-chain reputation and credit score.
Why you should listen
RociFi enables borrowers with clean EVM-compatible on-chain history and reputation to borrow with reduced or zero collateral while offering lenders a high, stable deposit yield. Initially, RociFi’s approved assets for lending and collateral will be USDC, DAI, USDT, ETH, and WBTC.
As the protocol grows in adoption, it will function similarly to a Layer 1 whereby DeFi and TradFi firms can build new capital markets services atop RociFi, thus creating a decentralized credit economy.
In order to borrow on RociFi, users must mint an ERC-1155 token, NFCS (Non-Fungible Credit Score). The NFCS proves ownership of the address bundle that the borrower wishes to be credit scored.
The need for a unique, non-transferable on-chain credential that unlocks greater utility and safety across Web3 has grown in interest since Vitalik Buterin’s recent post about “Soulbound” tokens.
RociFi’s NFCS was designed to be that and more by becoming Web3’s first, verified token for credit, reputation, and trust (CRT), i.e. proof of CRT.
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