In short, Bloom is a universal, decentralized credit score system. Acting as an end-to-end protocol for identity attestation, risk assessment and credit scoring, entirely on the blockchain, they are able to help traditional and digital currency lenders to serve billions of people who currently cannot obtain a bank account or credit score. Let’s break this down a bit.
I think this company has flown under the radar because it isn’t in a sexy industry. Not everyone sits down at dinner with friends and immediately discuss how they can better their credit score. But if you truly think about it, our current credit system is incredibly broken. Here are a few examples how:
- Restricted: If I travel to another country, let’s say Mexico just a few miles south, my entire life’s credit score doesn’t follow me. In the world of crypto that aspires to become a truly universal currency, the current credit scoring system just doesn’t work cross-borders.
- Centralized: If you didn’t hear about the Equifax hack a few months ago, it was big. Millions of people’s personal information was compromised that could lead to identify theft and loss of assets. There is currently a monopoly on the industry from three major credit scoring systems with all our information. This isn’t safe.
- Scoring: I didn’t truly start building credit until I was 23 years old. Even though I never missed a payment on anything. Even though I did everything in my power to stay away from having debt, I was penalized for not having debt. How backwards is this?
These issues are true for millions across the world. To counter these problems, here are the three things Bloom is doing to fix the issues:
- BloomID: BloomID lets users establish a global, federated identity with independent third parties who publicly vouch for their identity information and legal status.
- BloomIQ: BloomIQ is a system for reporting and tracking current and historical debt obligations that are tied to a user’s BloomID.
- BloomScore: BloomScore is a dynamic and inclusive indicator of an individual’s likelihood to pay debts that adapts to the maturity of a user’s credit history.
Full disclaimer, I participated in the ICO so I could be somewhat biased on my positions here. That being said, I believe this is truly under the radar coin. Here are some interesting stats I found thanks to their reddit channel.
- Bloom’s 24 Hour Trading Volume is 101 ETH ($131,249 USD). This is the highest daily trading volume yet.
- Despite the ups and downs of the market, Bloom has held strong and kept up the pace of Ethereum.
- At the time of writing, buy orders are at $1.76 USD. The ICO opened at $0.67. The ending of the ICO was $1.15.
While Bloom is on CoinMarketCap.com, it has not been publicly listed on the “Recently Added” yet. I think this is an extremely sneaky coin to get before it hits the big markets.
Hold Time: 6+ Months
About: Universal, Decentralized Credit Scoring