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Crypto platform Sikoba has partnered with blockchain provider Horizen to power its peer-to-peer credit system.
Sikoba aims to formalize the promissory note and the informal credit market by allowing users to create networks that can lend money to each other and record and track debt on the blockchain.
Alex Kampa, founder of Sikoba, said debts and credits registered on the blockchain must remain private, but Horizen allows him to provide a public space to verify and generate proof of transactions.
It will use Horizen’s Zendoo technology that provides a secure public network so users can gain legal certainty to establish credit histories and verify financial transactions securely.
Read more: Special functionality of the blockchain
“Due to the nature of Sikoba’s financial data, its blockchain system must be fully reliable for data management – Horizen is excited to partner with Sikoba to provide this and to help its users gain transaction certainty and establish a credit history via blockchain “Rob Viglione, co-founder of Horizen, said.
“Horizen’s partnership with Sikoba is a great initial use case for Horizen’s sidechain technology, Zendoo, as it shows one of many traditional adaptations for interoperable and transparent sidechain technology.”
Sikoba is currently looking to sell up to 15 million Sikoba (SKO) Ethereum tokens through an initial exchange offering, which is a form of initial coin offering, so that it can complete its proposal development and launch by end of 2020.
Read more: Is Cryptocurrency Gaining Momentum in P2P?
