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RCN Partners with Decentraland to Offer Credit Loans on Virtual Real Estate

Cynthia Turcotte | Dec 21, 2017 | 12:30

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It has been a busy week for popular peer-to-peer lending platform RCN. From announcing new strategic partnerships to upgrading key systems on its platform, RCN is working hard to deliver the best possible services and features to its users.

RCN Announces Decentraland Partnership

Earlier this week, RCN announced their new partnership with Decentraland, the blockchain-based virtual reality platform where users can acquire virtual land to create and monetize their content.

In addition to exploring and interacting with Decetraland’s 3D virtual world, users can also purchase land as well, creating an immutable record of ownership on the Ethereum blockchain.

Decentraland’s unique VR platform has strong support among cryptocurrency enthusiasts, gamers, and real estate developers.

Under the new partnership, RCN will be able to integrate its credit protocol with the Decentraland platform. This will enable users who own plots of land, content, or businesses created in the 3D world to issue and receive loans. Development of this “virtual loans network” is expected to begin in Q2 2018.

Decentraland Project Lead Ariel Meilich spoke about the partnership, stating:

We’re really excited to work with the RCN team. Their project is one the most interesting ventures made on crypto and I believe that, once combined with ours, it will bring great value and open some really cool opportunities to the Decentraland ecosystem.

RCN Platform Upgrades

As you no doubt know, the Ethereum blockchain has been receiving an unusually high number of transactions over the last few weeks. This is due to a combination of the recent ETH price rally as well as the CryptoKitties phenomenon that has swept through the crypto community.

These significant delays resulted in some of the RCN credit loans not being funded. Previously, whenever certain lending transactions remained pending, all actions taken by the same lender would fail due to a larger nonce.

To address the issue, the RCN development team has made some improvements in the exchange transaction generation process, managing the nonce of all transactions, and adjusting the gas price setting model used by the platform. RCN believes that these upgrades will improve performance, speed up transactions, and reduce withdrawal and collection fail rates.

What do you think of RCN’s new partnership with Decentraland? What are the possible use case scenarios for the planned virtual lending network? Let us know in the comments below.

Images courtesy of Decentraland, Shutterstock