Answering the Forbes Challenge

Forbes released an article entitled “Hollow ICOs: Five Ways to Tell if a Crypto Token Has Merit” wherein the author asks some probing questions for ICOs to answer — we’re taking on that challenge. Original article is linked here.

1: Who’s the team behind the coin?

What had the team built?
Do they have developers have the necessary knowledge?
Does the team have integrity?

The team behind Credible is the SmartPesa team that has developed from scratch an omni-channel payments and agency banking platform including all the protocol and security layers integral in managed money and integrating with modern banking networks.

Not only is the development team capable in designing and building production ready systems, the management team has taken the product to market across 5 countries and thousands of merchants.

With customers, partners and alliances including major banks, payment processors and international standards bodies, the team has successfully passed numerous due diligences both technical and commercial, including pen testing, lab testing and legal compliance testing.

2: Read the white paper and ask what problem the coin is trying to solve

Is the token required?
Can it not just run on Ethereum?

The Credible white paper is here. The project aims to reduce the annual funding gap of $5.2 trillion suffered by businesses in emerging markets caused mainly by an information asymmetry, ie a lack of trustworthy credit data. It is a decentralised credit bureau for SMEs in emerging markets.

Credible allows the rapid purchasing of data and/or credit reports (computed from the underlying data) both vertically (deep dive on a single business) and horizontally (scanning for businesses meeting some set of criteria). Individual records can be very small and so transacting only with Ether would make Credible prohibitively expensive in terms of gas fees.

Furthermore, the database needs to be searchable, indexed, large and rapid; and purchases should be near instantaneous. This means Credible is its own blockchain, designed from the outset to be a modern decentralised database with its own token, the PESA.

3 & 4. When was the token launched? Could the crypto platform run on Ether instead of its own token?

Was Ether being used first and only later an ICO launched?
Is the token necessary for the project or just as an excuse to ICO?

The PESA token is integral to the entire Credible project. It would be economically infeasible to have the functionality designed using only Ether, not to mention problems with transaction speed. The token is launched at the same time as the project itself.

Credible uses BigChainDB for functionality, Mongo DB for scale and Tendermint for BFT. It’s far more than simply a DApp on top of Ethereum and needs to be given its vast scope.

5. Look at the Github repository

What is the quality and the stars for code stored in Github?

Our Github code can be found here.

In summary, we at Credible believe we have the team, both managerial and technical, to design, build and launch this ambitious project — a fully decentralised data and credit scoring platform for businesses in emerging markets.

For a comprehensive write-up on Credible’s envisioned marketplace, download our White Paper.

Questions? Comments? Do reach out to us on one of our channels.

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