Until now, it was only possible to move money on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, and Ethereum democratized the creation and storage of monetary contracts. With the Credit Protocol, BlockMason has taken the next logical step in the decentralized economy: democratizing currency creation through permanently recorded debt and credit obligations between parties.
BCPT produces transaction capacity that can be spent on the Credit Protocol. BCPTs, when staked to applications built atop the protocol, provide transaction capacity allowing those apps to run. Without the token, the application would not have write access.
BlockMason will release the first consumer mobile application built on the Blockchain and the first dapp built atop the Credit Protocol: Lndr (pronounced "lender" - www.lndr.io). Lndr combines full wallet spot settlement features with the ability to keep debts outstanding by using the Credit Protocol. Users can create, track and manage casual debts. When ready, users can then settle with major crypto currencies.
With the Credit Protocol, it is entirely possible to imagine a future in which debts and credits recorded on the blockchain could exceed the total market capitalization of all cryptocurrencies combined.
Anthony Di Lorio, Ethereum Co-Founder and CEO of the Jaxx wallet, is an advisor to Blockmason.