Bright Network Challenge: Is It Possible To Bridge Micro Businesses With Creditors Using Blockchain?

The Bright team got festive, participated in Christmas Jumper Day and enjoyed an afternoon of bonding. Source : http://tiny.cc/a9by1y

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Hi friends, how are you?
Back with me to talk about Bright Network https://brightnetwork.io/

Before, please read my previous article about Bright here http://tiny.cc/kl9x1y and here http://tiny.cc/vi9x1y

Now, we will talk more technically about Bright Network.

Alright. First, Bright's presence in the blockchain industry was caused by a major factor; credit gap in micro businesses and SMEs. What does it mean? There is a gap between loans that can be absorbed by micro-businesses and SMEs with large industries.

At least, based on Bright's data and analysis results with AMPP Group, that micro-businesses and SMEs in the country developing experiencing a loan shortage of at least 1.2 trillions of dollars.

This is where Bright actually is. Bright analyzes what is needed by micro-businesses and SMEs, related to how each of them has structured and reliable data, so that it can be used by prospective creditors and other funders. Then brightly process it and accommodate it through a platform or dApps that is independent, built on an open autonomous data sharing protocol. It combines cryptographically secure Data Vaults with an open ecosystem of services. Through Data Vaults, anyone can build on top of the Bright Protocol to access trusted data and data services.

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The following is a technical description about Technology : protocol, data vault, token and MVP of Bright Network, source from
http://tiny.cc/wmby1y , http://tiny.cc/wnby1y , http://tiny.cc/qoby1y, http://tiny.cc/vpby1y

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Technology

A. Protocol
Bright Network is built on an open Autonomous Data sharing protocol. It combines cryptographically secure Data Vaults with an open ecosystem of services to enable the creation of disruptive new data sharing economies.
Bright Network is being developed to be independent of use-case, so anyone can build on top of the Bright Protocol to access trusted data and data services through Data Vaults.
Bright Labs is the team responsible for building the first services and dApps on the network. By leading the way, Bright Labs will help bootstrap a developer ecosystem and provide guidance on how Bright open protocol can be used to build a new generation of financial services.

A.1. Powered by the Blockchain
By using blockchain technology, access to Bright Network is not constrained to a central arbitrating authority. Fees for consuming data or services are governed by Bright's Open Protocol, allowing new markets and economies to emerge.

A.2. Privacy-first Machine Learning
By opening up new sources of data to FinTechs, NeoBanks and other financial service providers, new modelling techniques can create powerful new tools. Bright Network is designed to facilitate machine learning on private data. Bright Labs is already pioneering research in this field.

A.3. Fees & Rewards
Bright Network empowers businesses to earn money for the use of their data and empowers service providers to sell their data services to the network. All payments in the network use smart contracts to automate fee collection and distribution. By tokenising network usage and taking a small fee per interaction, the network is able to pay for its ongoing development which is owned and operated decentrally.

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B. Token
B.1. BRT

Ticker : BRT
Token Type : ERC20
Token Role : Utility
Total Supply : 5 Billion

Payment
BRT is the native token of Bright Network and used to pay for transactions and operations at the protocol layer.

Governance
BRT holders will be able to influence the direction and development of Bright Network.

Staking
Financial Services providers compete on a BRT stake weighted basis for access to data vaults relative to marketplace demand-supply dynamics.

Discovery
Service and data discovery will utilise BRT to regulate marketplace visibility.

Network Development
BRT will be used to incentivise actions beneficial to the growth and operation of the network, and create disincentives for detrimental, malicious or fraudulent actions.

B.2. BRTX

Ticker : BRTX
Token Type : ERC20
Token Role : Security
Total Supply : 1 Billion

Revenue Share of Bright Network
All network usage fees collected by Bright Network, denominated in BRT, will be distributed amongst BRTX holders on a periodic basis. These revenues will be distributed via smart contracts in perpetuity.

Governance
BRTX holders will be able to influence the direction and development of Bright Network.

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C. Data Vaults

Data Vaults allow users to store data in a private, secure way that they truly own. Bright call data stored in a vault on the network Autonomous Data

C.1. True Data Ownership
Vaults are secured by cryptographic keys that are owned by the creator of the vault. All network interactions require these keys in order to verify data ownership.

C.2. End-to-end Encryption
Bright protocol ensures that all interactions with vaults use encrypted data. Neither Bright nor any intermediate services on the network can understand this encrypted data.

C.3. Permissioned Data Access
Vault owners must allow access to third parties to view data in their vault. The data to be shared can be specified, and is only viewable by the approved counterparty. Privately sharing data with service providers powers the Bright Network data ecosystem.

C.4. Trusted data
All data is secured according to ubiquitous, trusted cryptographic methodologies

C.4.1. Signature Verification
All data is signed by its author, making its origins verifiable by any other user on the network. In this way, data is verifiably tamper-resistant.

C.4.2. Linked Data
Vault entries can be linked to each other to represent relationships between data and users. These relationships can be used in a wide-array of different scenarios, including the ability for one user to attest a claim made by another user.

C.4.3. Web of Trust
Linked attestations between user’s data and services creates a web of claims that can be analysed. Such a web of trust can be used build trust and reputation around users and services on the network. This is a powerful tool for analysing risk and fraud.

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MVP

Lending by Bright Labs
Access business loans through your data
With better credit assessment and smarter lending, Bright can offer fairer rates and lower fees for small business loans.

More choice of lenders and rates
Through Bright's lending marketplace, comparing loan terms has never been easier.

Lenders can make accurate lending decisions instantly, there is no delay in accessing the credit your small business needs.

Unlock the power of your data
Link banking data to your Data Vault using Open Banking APIs, or alternative sources such as social data from Twitter or Facebook, and discover a new fairer way to assess credit risk.

Bright use machine learning to measure user credit risk from the data uploaded. The more data added to user vault, the more accurate user credit rating.

Privacy-first Platform
By utilising blockchain and decentralised technologies with Bright cryptographically secure Data Vault, user data can never be viewed without user permission, not even by Bright. Retain ownership of user data, secured by the blockchain.

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Bounty Program

Hey, while there is still time guys :)
There are several programs from Bright Bounty that are still available to following :

Writing Content
Creating Video Content
Referring to Bright to Your Friends
Promote Bright Content
and Subscribe to YouTube Channel.
Don't miss it. Take the opportunity to join the best bounty ever. Best bounty and best opportunity for best project ever
Please register here : https://brightnetwork.io/bounty?code=Y36JYN
All instructions of bounty program is there.

Please don't forget too for join the Bright telegram group https://t.me/brightnetwork to get information direct and more about this program.

Enjoy and Good luck !!