RCN is a global p2p lending protocol based on smart contracts and blockchain technology, which brings enhanced transparency and reliability in credit and lending. The protocol enables connections between lenders and borrowers located anywhere in the world, regardless of currency.
This repository contains the contracts that integrate the network, the current status of the project is alpha, and we are in the first stages of development.
Engines hosts the logic and the state of all the loans using them; they can implement any custom rules about interest, due times, cancelable timestamp, or more parameters. However, we recommend following a standard interface and specifications.
Oracles provide equivalencies between RCN and other currencies; they should implement the oracle.sol interface to be compatible with other members of the Network.
Maintaining a Oracle could be a relatively costly task, so it's a suggested practice add a little fee to deliver the rate.
An RCNB_ca NanoLoan is an RCN Loan whose entire principal value is paid all at once on the maturity date dueDate, as opposed to amortizing the bond over its lifetime.
The RCNB_ca lifetime is divided in two periods by a parameterizable date called cancelableAt. Before that date, the Borrower must pay the nominal value of the credit to cancel the obligation. After that date and until the expiration, the amount to be paid for redeem the obligation is composed of the principal value and interest accrued between the origination date and the due date.
From issuance to maturity, interest grows linearly at the "X" rate. After maturity, the balance continues to grow linearly but at the "YY" rate, which is expected to be higher.
The flow of the loan creation is the following:
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Any user in the network can create a new loan, setting the desired params: Cosigner, Oracle, Borrower, interest rates, expiration time and cancelable date.
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All members that are assuming a responsibility (Borrower & Cosigner) must call the method approve, showing that they comply with the terms of the loan.
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At this point in the lifecycle of the loan any member of the RCN network could become the lender, an RCN Holder calls the method lend of the engine; that transfers from the user to the borrower the amount request in RCN, and transform the user in the new lender.
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In any moment anyone can pay partially or entirely the debt, if the payment time is after the cancelableAt delta time, the payment discounts interests.
The BasicOracle implements a generic version of the Oracle interface, it allows the implementation of an arbitrary number of symbols. The owner has the responsibility of maintaining the rates updated.
The BasicCosigner is a sample that shows how cosigners can be implemented to the network. This sample defines the part of the loan covered and builds a liability. This means that, if the borrower defaults, the cosigner pays the compensation in exchange for the defaulted loan.
BasicCosigner.sol is only the first implementation on the role of a cosigner agent in RCN. The concept itself is flexible, which means that any combination of rules and conditions could be used to implement a cosigner.
We believe that the most transparent way of running a cosigner is to imprint that logic on a smart contract, but it's not required by the network.
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README :
- It contains the context of the project and raises the problem of the current system.
- An example is used to illustrate the problem and think about the solution
- RCN emerges as a possible solution. Its main agents and their interaction are described.
- It shows the operation of the network with a use case.
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Technical Guidelines : This document !
- It contains the general guidelines of the project and its status.
- Provides a explanation of the main smart contracts that will be developed and their purposes
- Inform the Ethereum address for those already deployed
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- Describe in detail each of the developed contracts and expose your Ethereum address and how to use them
- Describe the correct use of the RCN SDK for easy integration into the network