Cheyenne Journal

ICube Chain: Self Credit Will Subvert The Traditional Finance

ICube Chain: Self Credit Will Subvert The Traditional Finance

written by: Benjamin E. Chodroff (founder of iCube)

With over 12 years of technical team management, product development, project management, and the work experience of the Internet of things / DevOps. At IBM 4 years as a senior technical expert, it is responsible for research and development of technical strategies, and also responsible for the management of technical teams and research and development of advanced technology. As the CTO in Clearobject for 5 years, and is responsible for IBM architecture products R & D work won the 2016 “the best partner of IBM and IBM Watson excellent health solutions; strong business negotiation and team leadership skills, is a creative managers and technical experts IT. 

The development of block chain technology and artificial intelligence has made financial science and technology develop into a wider field. According to the data, it is expected that by 2020, China’s Internet financial core business will reach 12 trillion. With the continuous development of Internet finance, the limitations of traditional financial ecology are becoming more and more obvious. In this context, iCube emerges as the times require. Internet finance is born out of the Internet and big data. The pain of the core of the traditional large data service is that data can’t be shared safely and computing can’t protect privacy. In addition, Internet finance is still a centralization system and companies are operating under the premise of maximizing institutional interests. Individual interests will often be weakened, neglected and infringed. In the era of block chain development, it is possible for us to embody financial intelligence to every individual, so that each individual can enjoy his own intelligent economic services without threshold enjoyment. iCube is such a existence.

How financial intelligence can be assigned to individuals?

At present, Internet finance is still a centralization system and companies are operating. When they provide services for individuals, they often earn large spreads, while there is still a problem of privacy protection.

Everyone’s financial rights, like basic human rights, are innate, and everyone has the right to provide and enjoy full financial services. The limitations and disadvantages of the traditional Internet Financial Ecology for individuals can’t be ignored. The core content of finance is cross time and cross space value exchange, so technology that can shorten the time and shorten the sense of distance is easy to be accepted by the financial industry. The revolutionary concepts, such as the de centralization brought by the block chain, can be applied to the financial field and build a new financial ecosystem, which is iCube.

Based on the POW,iCube issuance of token ICUBE,which will be used to  propose the creation of a super intelligent self financial network. So what is self -finance? Self- finance refers to the natural person or organization individual as the super-financial body, starting from the individual value and interest, to carry out various business models of financial activities. So how to build a super smart self -financial network? What role does block chain technology play in it?

As we all know, the emergence of bitcoin and block chaining technology has introduced two revolutionary new concepts: one is centralization of point to point encryption of digital money, and the other two is block chain protocol based on workload proof. Bitcoins first realized self finance from the core currency level of finance. With the development of block chain technology, financial intermediation can be truly realized. The function of account management is beginning to be deconstructed. The disappearance of universal banking and the emergence of functional combined banks will become a reality. Based on block chain, self finance has the development basis. Each individual can provide and enjoy financial services from others like any bank, insurance and fund.

Now the so-called data exchange in the world is actually a pseudo concept. The data itself does not apply to centralization standards for trading. The emergence of the block chain solves this problem and can truly realize the financial ties between individuals and individuals around the world. For example, in the block chain network, the third party that provides all kinds of financial data only needs to provide data interface to insert into the block chain network. Block chain network does not store these data, only accepts these interfaces and extracts data, and then inputs data into the model. An output value is obtained through the model calculation, which is provided to banks and mutual gold institutions. In iCube, the data will not be stored and only provides a mechanism for data validation, ensuring that personal data is not stolen by other third parties. From this point of view, the block chain network is necessary.

How to change the traditional financial model in iCube?

To build financial network, we first need to understand three levels: the first level is KYC, that is, to know your customers; the second level is data, that is, data level, data records including personal information such as loans and investments; the third level is model, that is, the building model. In short, when banks or mutual funds acquire individual data, we need to build an individual model based on data, so as to determine the credit line for individuals. iCube has proposed the establishment of a self financial network and has three original concepts to solve the above three levels of problems.

The first level is “self credit” — focusing on the cost of the financial network. For example, what is the standard loan process? Usually the bank evaluates the credit score of an individual or an enterprise to determine whether or not it is a loan. In the process of this letter, the cost is huge. In iCube, the user performs a self-trust action, and the user has an authorization message with its own fingerprint. Because the block chain has no tamperability, the user’s personal information is true and reliable. Therefore, when the user’s credit information is invoked in the financial scenario, the user can participate in the financial scene of the network through the authorization of the fingerprint, which greatly saves the credit cost of the participants.

In view of the data model level, iCube proposes SMPC (secure multiparty Computing) to protect personal data privacy. For example, before the occurrence of financial lending, we need to combine all data together to calculate a score that can be used by banks and mutual funds to decide whether an individual is trustworthy, so as to decide whether to lend to him or not. This decision is based on the need to get all the data in the early stage. However, personal data is private and should be protected. A lot of data providers or individuals, in fact, are not willing to keep their information on any network node.

From this perspective, iCube proposed SMPC (SMC), and developed a set of combined calculation can support and protect the participants private agreement, and the agreement will be added to the bottom of the blockchain, to ensure that all nodes in the premise of information privacy protection, data sharing joint calculation function.

It is worth noting that iCube has originally proposed the concept of “DAI”, that is, distributed artificial intelligence. The “DAI” is complementary to secure multiparty computing, focusing on how to use personalized data to model. The traditional AI is a standardized data model, and in fact each person’s dataset has a different dimension. In iCube, each model of personalized data provided by the user has its own adaptive performance. For example, in the lending scenario, many users’ personalized needs and capabilities are not recognized. In iCube, users’ unique needs and values can be reflected accordingly.

iCube is Building a new digital economy ecology

In the future, iCube has the following application scenarios: users can support various kinds of credit behavior service applications through credit reporting, such as travel, accommodation, reading, gathering, shopping, lending, entertainment and so on. At the same time, relying on SMPC, iCube can form a new digital economic ecosystem with self maintenance, self development and self running by supporting secure multi-party distributed computing technology and personal oriented AI engine. In addition, based on iCube, data scientists, financial services providers or individuals with financial modeling capabilities can develop various financial intelligence loan applications, intelligent financial applications, public funding services, investment services and digital assets trading services.

iCube is actually a subversion of traditional finance. As an example of financial lending, iCube has turned the original closed lending behavior into an open type of lending. Previous banks, mutual gold organizations, and so on need to have their own teams to collect and model the data. In iCube networks, data is provided by a large number of nodes, and iCube will add a large number of third party data to provide modeling support. In terms of these two aspects, all investors who access to the network need not reserve their own technology team and data team. They only need to choose the right data and models on the network, which has been subverting the whole financial use scenario.

The current situation about the project landing: iCube wallet test has been completed, is expected by the end of January the purse line. The team is currently testing the iCube global public chain, and the main task is to launch a variety of smart contracts based on financial application scenarios. It is expected in mid February that tokens ICUBE will live on the world’s major exchanges. It is understood that there are 8 nodes in the iCube global public chain.

The future business model of iCube

As a non-profit public chain, iCube enables users who access iCube network, whether investors, participants or third party providing data, can get good returns and benefits. It is worth noting that in general iCube using mining mechanism issued token ICUBE, will also introduce other tokens. At present, the use of the token ICUBE scene is more of the maintenance and operation of the network.

Cryptocurrency currency management of ICUBE

Nowadays, iCube has completed early financing, and has strict volume time control table for team share. Currency value will not affect project development even short-term fluctuation. In the financial field, there are a large number of potential users with capital demand, and the iCube project will be able to achieve a smooth development in the future.

Media Contact
Company Name: Icube
Contact Person: Lukas
Email: [email protected]
Country: Singapore