About

Bloom is a decentralized end-to-end protocol for identity attestation, risk assessment and credit scoring.

History

Bloom is attempting to build a decentralized credit system called the Bloom protocol. The team plans to create an entire credit system including identity, credit scores, and credit cards for unbanked individuals and regions that lack robust credit infrastructure.

The platform is designed for any lender, whether it be digital assets or fiat currencies, to evaluate the creditworthiness of borrowers without traditional credit scores. Bloom is creating own credit score for the platform called a Bloom score.

Bloom plans to incorporate an identity attestation system where the participants of the network manage identity creation. A user’s identity can be verified by existing providers, like a credit bureau or identity service, or by peers, such as friends or family. Bloom token holders will be able to invite new users to the platform and vouch for their identity or character by “staking” their reputation. If a user vouches for someone that ultimately defaults on a debt that user will see their Bloom score decline. Likewise, if users stake individuals that pay back debts on time they will see an increase in their score. In addition, the platform will provide a credit registry to track repayment of debts and a credit scoring system.