Bloom is a startup platform based in the Bay Area in San Francisco. The company announced its blockchain-based initiative to build a decentralized credit platform, known as the bloom protocol. The bloom protocol is a decentralized credit scoring powered by IPFS and the Ethereum blockchain. The protocol is used to identify verifications, risk assessment, and credit scoring. The platform can be used to facilitate lending between borrowers and lenders. The protocol has three components which include:
- BloomID: this is a global identity that allows borrowers to receive loans from financial institutions without having to expose their personal information.
- BloomIQ: the BloomIQ is a system of recording for the tracking and reporting of all debts. Obligations tied to a person.
- BloomScore: this system is similar to VantageScore or a FICO Score, but it uses a proprietary model.
All three help the Bloom protocol to provide solutions that allow lender who is authorized by a borrower to securely and safely issue a credit to the borrower.
Bloom protocol is powered by the Bloom token (BLT). BLT allows organizations to participate in evaluating is borrowers and creditworthy and their user identities. It also serves as the only voting token that guides the evolution of the Bloom protocol. What is the use case of the Bloom token?
Accrediting attesters: Lenders and provider need to submit proposals to the ecosystem. The proposal regards why they can be trusted and what their business does. They also need to show why their data should be included in the BloomScore and much more. After all the information if given the attesters can be accredited.
Protocol voting: BLT serves as a voting mechanism for instituting changes in the phases and algorithms of the BloomScore.
Bloom invitation system: Users are required to put a certain amount of BLT as collaterals for the people who they invite on the platform.
Network currency: Risk assessors and identity attesters on the network are able to set prices and receive payment for their services. The payments are made using BLT.
Bloom Video Explanation
The Bloom Card
BloomCard was launched alongside the Bloom protocol. The card is the first projects that are based on the bloom credit infrastructure, it helps people to build you their BloomScore by spending responsibly.
Bloom team and advisors
Bloom team and advisors are led by Jesse Leimgruber. He studied computer science and he is an advisor to the Alchemist Accelerator. Other team members and advisor include Ryan Faber, Daniel Maren, Alain Meier, John Backus, Meg Nakumura and Joseph Urgo among others.