SmartCred

SmartCred imagines a future where credit history and the algorithms with which credit score and interest rates are calculated for each borrower is stored on the chain so that these calculations are transparent and fair. If these algorithms are put up to a DAO, lesser power will be given to credit bureaus for predatory pricing of interest rates and unexplained bad credit scores.

We use solidity to create the smart contract and expose the APIs to store transaction data, generate the credit score and interest rates and view them. In our calculations, we incorporate federal interest rates through the Midpoint sponsor API and also incorporate general market sentiment through the UMA Optimistic Oracle sponsor API.