March’s over! Last month saw the integration with Proof of Humanity, and advances in the Multi-chain adoption paradigm with Binance Smart Chain. Here are the latest news!
Proof of Humanity
This month RCN rapidly integrated Proof of Humanity as its first decentralized identity provider allowing users to verify each other’s identity without leaving the platform, establishing the first building block for the development of Undercollateralized Loans.
Once Proof of Humanity was released by Cooperative Kleros and the Democracy Earth Foundation. RCN started to study it immediately, noticing that this Decentralized identity (DID) truly aligns with an open, robust, and user-friendly interface solution, being very difficult to duplicate or fake identities. Where those with suspicious profiles can be challenged by any user, starting a process of compliant dispute resolution using Kleros.
In this integration, users who have profiles in POH and at the same time enter the Credit Marketplace to borrow or lend will have their profile visible to anyone, improving the trust to each other. Also, their wallet will be linked to their accounts when they decide to use the services. If you want to know more about this new feature and how it works, read the blog post below.
Multi-chain Adoption with BSC
During last month RCN team also has been working on the integration with Binance Smart Chain. Boosting the synergies with other blockchains and easing the switch between the Ethereum Network and BSC. Where users will enjoy lower gas fees, high transaction speed and cross-chain operability where users of BTC, ETH, LTC, XRP and BCH will be able to transfer their tokens through the Binance Bridge. This makes RCN more agnostic, open and inclusive for everyone.
Binance Smart Chain was chosen for this first approach mainly because of these five advantages: high compatibility with the Ethereum Virtual Machine (EVM), faster transactions, lower costs, significant activity leverage by their community and the projects developed there. However, RCN hasn’t lost sight to make other integrations with scaling solutions. In this manner, RCN keeps going with the tests on Polygon, formerly know as Matic.
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