Transparency without middlemen graphic

Transparency without middlemen

A lack of market transparency and large centralized points of failure - two of the leading causes of the 2008 financial crisis.

With XOR, our vision is to create a transparent, trustless, and intermediary-free credit protocol that can model any economic system from loans to futures.

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Openly investible credit markets and portfolios graphic

Openly investible credit markets & portfolios

We make traditional P2P lending obsolete by allowing investors/lenders to invest in risk-segregated markets in a syndicated fashion.

Diversification across various market risks and attributes can be achieved through portfolios, a weighted collection of different markets.

Through portfolio diversification and the creation of a many-to-many relationship between lenders and borrowers in each market, the default exposure for each lender is greatly reduced.

Programmable and democratic markets graphic

Programmable, democratic market making

XOR markets can be created by anyone and take on all shapes and sizes.

By introducing modular market components and parameters that are democratically chosen by actors in the system, we ensure that markets can be arbitrarily adapted to suit changing market circumstances and user needs.

The programmable elements of XOR markets are collectively referred to as the "Five Pillars":


Markets can choose to adopt vetted identity verification methods or vote on novel methods suited to specific geographic regions or credit purposes

Risk Mitigation

Markets decide how funds are distributed between lenders and borrowers to best minimize default exposure for each lender

Social Vouching

Markets can adopt different algorithms for social vouching - allowing existing users to stake credibility to enable credit access for new users


Stakeholders are empowered to determine the governance structure of the markets themselves, giving users control over options such as external identity verification methods

Trust Score

Transparent & programmable algorithms for calculating borrower trustworthiness, eliminating the need to adopt third-party black-box credit-scoring solutions


We have completed and published an early-stage loan protocol on the Ropsten testnet to illustrate XOR's vision and core features. We will continue iterating and adding new features as time goes on.

Features include:

  • Basic identity management using UPort
  • Market creation with initial customizable parameters & programmable Trust Score
  • Syndicated loans & risk mitigation
  • Transparent methods of calculating borrower-specific risk & interest rates from programmable Trust Score
  • Repayment / collection of principal & interest by borrowers / lenders

The Founding Team Team

Matthew Black
Matthew Black
Lead Blockchain Engineer
Matthew Black

Matthew Black

Lead Blockchain Engineer

Matthew is an experienced software and blockchain engineer, and co-founder of StarSpeak, a machine learning startup. He has led and advised development teams at companies at the corporate and startup level. Additionally, he managed cryptocurrency portfolios back in 2014, and has been involved in multiple blockchain projects such as pharmaceutical management on blockchain, and proof of location.

Tony Cai
Tony Cai
Blockchain Engineer
Tony Cai

Tony Cai

Blockchain Engineer

Tony is an experienced software and blockchain engineer, with a specialization in the financial development space. His experience at Manulife gives him a unique perspective on the challenges within the current financial system. He has been involved with multiple blockchain research and development projects such as CryptoGo, a decentralized rideshare and shipping protocol.

Naresh Anadkat
Naresh Anadkat
Cryptoeconomics Research
Naresh Anadkat

Naresh Anadkat

Cryptoeconomics Research

Naresh has a background in Mathematics from the University of Waterloo and has done analysis in cryptoeconomics regarding mechanisms used in stable coins and the impact of financial applications built on the blockchain. In addition, he has worked within traditional finance, on the innovative FX desk at CIBC Capital Markets, as well as Deloitte Consulting for emerging digital payments.


Tate Hackert
Founder, ZayZoon

Tate Hackert

Founder, ZayZoon

Tate is the Founder and President of ZayZoon, a Calgary-based FinTech company that partners with payroll companies to provide employees with on-demand access to their wages.

Tate is an economics graduate with education from University of Victoria, Canada, and City University of Hong Kong. Between the ages of sixteen and twenty-three, Tate lent out more than $250,000 in loans ranging from $200 – $40,000 through Kijiji and Craigslist sourced customers.

Noah Marconi
VP R&D, BlockAble Inc.

Noah Marconi

VP R&D, BlockAble Inc.

Noah Marconi serves as VP of Research and Development at BlockAble Inc where he leads the team in the development of the ABL Protocol. The ABL Protocol solves existing hiring workflow problems with an open-source, decentralized blockchain-enabled platform that empowers and rewards career expanding behaviour. It works through a decentralized system of bounties and attestation-based rewards for professionals and organizations.

Frequently asked questions FAQS

At our core, XOR's ultimate goal is to architect the decentralized financial system of tomorrow, and bring transparency to the markets through the power of the blockchain. To create an entire financial market complete with leverage and derivatives however, we must first build XOR Open Loan, an unique and open source platform for conducting decentralized loans.

Both, quite frankly. But in order to become that almighty supervillain platform, we first need to build out the underlying building block, the loan platform. Only once we complete building our loan platform can we then extend our platform to architect the fully transparent and decentralized financial system we envision.

With the help of debt obligation tokens, the concept of debt can be used to model almost any economic system. From annuities to futures to CDOs, anyone in the world has the ability to create their own market on anything, with the transparency and immutability of the blockchain.

As a programmable protocol, XOR markets can be adapted to serve populations where existing credit institutions are corrupted, impractical to use, or unreliable. This opens up countless unexplored investment and trade opportunities in third-world countries. Trade in hyperflated economies such as Zimbabwe, for instance, can be more easily conducted with XOR tokens as the medium of exchange; XOR tokens inflate at a maximum rate, can be used in global markets without exchange fees, and do not depend on the backing of any centralized institution.

A related consequence of XOR is increased global liquidity. According to the Urban Institute, the real denial rate of applicants in the United States for loans was 39% in 2014. Reasonably, a portion of those rejected applicants would have been willing to accept a higher interest rate to receive a loan. Yet another portion of those applicants may have been able to leverage social staking to mitigate their lack of credit score history. In any case, XOR increases the pool of funds available for investment and consumption in the economy, reducing the deadweight loss caused by the hundreds of millions of dollars in "safety" funds sitting idly in bank accounts around the world, uninvested and unused.

XOR is currently in active development. To receive updates on the status of our project, please subscribe to our mailing list here.

The XOR Open Loan lending platform is designed to be the foundation and bedrock upon which we will build an entirely new financial system that is transparent and decentralized.

At its core, the purpose of our lending platform itself to provide an alternative source of credit that is more transparent, accessible and secure than traditional banks. By cutting the middleman underwriter from the loan equation, XOR allows all parties involved to enjoy greater transparency and increased returns.

Anyone can benefit from XOR's decentralized loan platform. However, since our system of distributed trust does not rely upon private, regional metrics such as credit scores, XOR has particular relevance for citizens of third-world countries.

A trust score is a number calculated by the public XOR algorithm that reflects a borrower's risk profile. The score takes into account information such as social vouching (and with that, the trust score of social vouchers), and the number and size of previous successful repayments, defaults, and late payments.

Yes! A user's trust score can be temporarily raised through "social staking", where other verified users effectively vouch for your credit worthiness. Although there are limitations to the extent to which social staking can affect your trust score, new users are able to obtain loans. The size of the "boost" is also affected by the trust score of the vouching users.

The interest rate in a particular loan is calculated based on 2 primary factors:

  1. Size of the loan - ↑ size, ↑ risk, ↑ interest
  2. Trust score of the borrower - ↑ score, ↑ probability of repayment, ↑ interest

Basic markets come equipped with a simple interest rate function but managed markets are free to choose custom implementations through a voting process (see whitepaper for more details).

If a borrower fails to pay back the loan/interest completely, the loan turns into a default. Through our risk mitigation model of syndicated loans, the effect of the default is spread across all the lenders in the market, thus making the impact smaller on each individual lender.

To further discourage defaults, the borrower's Trust Score will be lowered at an exponential rate (a single default is extremely consequential). In addition, if social staking was part of the borrower's trust score calculation, the users who vouched for the borrower also have their trust scores lowered..

A market consists of a group of borrowers borrowing from a pool of funds put up by a group of lenders. Rather than one-on-one loans, loans on XOR are done in a syndicated manner, so as to reduce lender losses suffered in the event of defaults. Markets are distinguished from each other based on the length of the loan (eg. 30 day, 6 month etc.) and the market constant, both of which are determined by the market creator.

To increase market efficiency, and allow for true decentralization of the XOR Open Loan platform, anybody has the ability to create a market with a loan period and market constant of their choosing. Borrowers and lenders will then have the ability to see a list of all markets that have been created and elect to request a loan or offer funds in a market that they deem suitable.

A syndicated loan is a loan offered by a group of lenders – referred to as a syndicate – that work together to provide funds for a single borrower. This way, the lenders' capital is diversified across a multitude of borrowers to reduce the impact of a single default by one borrower on a given lender.

A portfolio, as in traditional finance terminology, represents diversification. Thus, a portfolio is a division of funds between one or more markets, where each market represents a distinct risk profile. For example, a simple portfolio might divide $100 in funds evenly between a high-volume daily loan market and a 1-year maturity loan market.

Portfolios, like markets, are public. This allows for the tracking, analysis, and imitation of well-performing portfolios across the XOR platform.

Arbitrary derivative markets should theoretically be possible with XOR. Possibilities range from markets based on sports bets to transparent CDOs where every tranche is available to view and verify by all market participants.

XOR is currently in active development. To receive updates on the status of our project, please subscribe to our mailing list here.

Our team is constantly looking for both technical and non-technical talent. If you have interest or experience in any of the following areas, please contact us!


  • Blockchain/DAG Development
  • Distributed Computing
  • Graph Theory and Optimization
  • Security and Cryptography

  • Business

  • Trading and Securities
  • Business Development
  • At XOR, we don't believe in writing whitepapers and fundraising through token sales. We build product, a product that will revolutionize the financial system as we know it today. Until we have that concrete product built, we will be fundraising through more traditional means.

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