Chaos Breeds Creativity: The Origins of FreshCredit

May 1, 2023

“Every good thing is usually born of some disaster. Chaos breeds creativity.” – Devon Shigaki

In a world fraught with financial challenges and a broken credit system, chaos can be the catalyst for innovation. Such was the case when Devon Shigaki, a visionary entrepreneur, set out to build something that would fix the broken system that underpins the entire global economy. His journey began with a recognition of the long-term damage caused by poor regulation and the need for a solution that could empower individuals and revolutionize the credit landscape.

Devon has spent the last three years tirelessly developing what he foresaw as the next big move in digital assets. FreshCredit®, a seed round startup technology company, emerged as the embodiment of his vision. At its core, FreshCredit® aimed to build a financial passport—a blockchain-based credit report—that would enable users and lenders to engage in cross-border lending opportunities. But the aspirations of FreshCredit® extended far beyond individual borrowers; they sought to revolutionize the bond market itself through decentralization.

“Through credit reports and credit scores, we can help countries on a massive level as well as individual consumers on a personal level,” Devon explained. Currently, modern credit practices are utilized by a mere four percent of the world, primarily limited to the United States. This staggering statistic reveals an opportunity to unlock the potential of the remaining 96 percent of the world’s population that lacks access to credit. Recognizing the bond market as the key to our collective prosperity, Devon highlighted its vast size—300 times bigger than securities and derivatives—and emphasized the critical role it plays in our economic stability and evolution.

The traditional credit system, with its centralized and often outdated practices, failed to address the needs of a rapidly changing global economy. FreshCredit®’s groundbreaking approach distinguished itself from the prevailing decentralized finance (DeFi) models. While DeFi often relies on over-collateralized loans, sacrificing privacy and security, Devon recognized the need for a comprehensive credit system that would facilitate efficient and secure resource allocation while respecting users’ data and privacy. By implementing a credit score and a credit system, FreshCredit® aims to create pseudo-anonymous financial identities or financial passports. This innovation would empower individuals to remain in control of their data while lenders could confidently extend resources to people and businesses in need.

To bring this ambitious project to life, Devon and his team embarked on a journey that spanned numerous years. Two years were dedicated to private development and ensuring all legal aspects were in order. Protecting their intellectual property, FreshCredit® successfully patented their design, understanding the significance of establishing a robust legal structure from the outset. Devon’s previous encounters with financial regulators provided invaluable lessons, teaching him what to do and what not to do. Through these experiences, he became acutely aware of the circumstances that required collective attention and resolution.

The road to revolutionizing the credit landscape was not without its challenges. Devon acknowledged the need for individuals to become more aware of the circumstances we live in, as it is through this awareness that we can collectively solve problems. He expressed both nervousness and hope, underscoring the importance of raising awareness about the project’s significance and its potential to positively impact people’s lives.

FreshCredit®’s mission to transform the credit system and provide a decentralized credit platform was driven by the desire to fix the broken system that had plagued global economies for far too long. With chaos as the fuel for their creativity, Devon and his team have set out to reshape the financial landscape, empowering individuals and countries alike with greater financial freedom and access to resources.

In the upcoming stories, we will delve deeper into the technological advancements and societal implications of FreshCredit®’s innovative financial passport, exploring how it paves the way for a new era of inclusive and secure credit practices.

Reference:  Devon Shigaki, YouTube video