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Bloom (BLT)

ICO

Last updated: Sep 10, 2019

Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom presents a novel approach to credit risk assessment allowing both traditional fiat lenders and digital asset lenders to issue
compliant loans on the blockchain while increasing competition to lower fees and improve borrower experience at every layer of the credit issuance process.

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Overview

Project industry	Finance Services & Banking
Product type	Platform
Founded	United States
Whitepaper	Open

What is Bloom

The Bloom protocol presents solutions to the following problems:

Cross-Border Credit Scoring: Credit histories are not portable across countries, forcing individuals to re-establish their credit track records from scratch when they relocate.

Backward-Looking Creditworthiness Assessment: Credit systems rely on historical debt repayment information and therefore cannot easily accommodate users who are new to credit. This is especially prevalent among minorities, the underbanked, and the youth.

Lenders Have Limited Ability to Expand and Offer Loans Globally: Borrowers in markets with less developed financial and regulatory infrastructure struggle to access credit as lenders have limited identity and scoring data to base credit decisions.

High Risk of Identity Theft: Borrowers must expose all of their personal information when applying for a loan - the same info an attacker can use to open new lines of credit.

Uncompetitive Credit Scoring Ecosystem: Credit data is centralized. In most markets, a single provider scores credit, resulting in an uncompetitive ecosystem for evaluating credit risk. FICO was checked on 90% of all U.S. Loans.

There are three main systems which comprise the Bloom protocol:

BloomID (Identity Attestation): BloomID creates a global secure identity, allowing lenders to offer compliant loans globally, without forcing borrowers to expose personal information.

BloomIQ (Credit Registry): BloomIQ is a system for reporting and tracking current and historical debt obligations that are tied to a user’s BloomID.

BloomScore (Credit Scoring): The BloomScore is a metric of consumers’ creditworthiness. This decentralized score is similar to FICO or VantageScore score, but with updated models.

The Bloom protocol improves the current credit ecosystem by creating a globally portable and inclusive credit profile, reducing the need for traditional banking infrastructure and opaque, proprietary credit scores. This means both traditional fiat lenders and digital asset lenders will be able to also securely serve the 3 billion people who currently cannot obtain a bank account or credit score.

Bloom decentralizes the credit industry while lowering rates and increasing security. Bloom makes it easy for lenders to transition to the blockchain by offering a new, compliant way for them to access new markets.

Details

Public sales: Nov 30, 2017 - Jan 01, 2018
Token supply: 150,000,000 BLT
Hard cap: 50,000,000 USD
Raised: 40,000,000 USD

Legal

Blockchain Platform: Ethereum

Token info

Ticker: BLT
Type: Utility-token
Token standard: ERC20
Accepted currencies: ETH

Bloom Roadmap

Phase 1: Bloom Invitation System and Voting

Phase 1 will allow for users to use BLT to invite their friends and colleagues to seed the initial network securely. Users with BLT will be able to vote on early development-related proposals for the future of the network.

Phase 2: Bloom Identity Matching (BloomID)

Phase 2 will deploy an application allowing users to verify their identity and get matched with their BloomID. During this phase, users will be able to confirm identity information as well as add additional information which will be reflected in their score.

Phase 3: Credit Staking (Precursor to BloomScore)

Peer to Peer staking modules will be built first, followed by organizational staking.

Phase 4: Creditworthiness Assessment (BloomScore)

Phase 4 will allow users to check their score, as well as open up a developer ecosystem for additional decentralized lenders to check a given users BloomScore, providing sufficient privileges are granted from the loan recipient.

Phase 5: Bloom Credit Protocol Launch + BloomCard

Once the risk assessment and scoring protocol is complete, Bloom will launch the BloomCard. The BloomCard will serve as the first full credit card on the blockchain, offering credit services to the nearly three billion individuals who are currently not able to participate in the global credit ecosystem.

Phase 6: Democratized Autonomous Credit Infrastructure

BLT flows through the network. Lenders, data attestation providers, and borrowers all own Bloom Token and their amount acquired will correlate to their influence on the network. As a result, there is an even distribution of BLT relative to a given players influence in the ecosystem. Assigning the ability to propose and vote on scoring-level improvements and accrediting actors within the network to these tokens creates a fair and democratized setup.