Marmara Credit Loops (MCL)

To the contrary belief, banks are not the sole institutions for creating money based on credit. In many countries all over the world, like banks, individuals are able to create money through post-dated cheques or promissory notes in a peer to peer manner. Inspired by the paper-based blockchain nature of these promissory notes and post-dated cheques’ circulation, in the same analogy, Marmara Credit Loops Project aims to digitalize those credits on the blockchain while solving the problem of nonredemption of these tools. The early release of this Project, named as Version 1, solves the problem of non-redemption with 100% collateralization through trustless blockchain mechanism. The second version of the Project aims to solve the nonredemption problem based on a trust based blockchain system with the aid of a protective layered architecture of nodes in credit loop layer formed against defaulting.

100% Solution
for Nonredemption Problem

MCL V 1.0

The first version of the Marmara provides a complete solution to the nonredemption problem of credits digitialized through trustless blockchain with 100% collateralization at every stage of endorsement. The very first credit issuer and the following receivers/endorsers who are involved in the credit loops are awarded with a 3 times staking power for enabling the 100% collateralization. With every newly joining node into the credit loop, the staking power is increased amongst the issuers and the endorsers with 100% collateralization at any stage.

Versiyon 1.0

(Milenyum Sürümü)

Trust Based

MCL v.2.0

Inspired by the paper based analog chain use of post-dated cheques and promissory notes, Version 2.0 is based on a trust based blockchain mechanism. In order to protect against nonredemption, a three-layer architecture has been designed to be implemented, having first layer as the credit loop, second layer as the community layer and the third layer as the blockchain layer. In the first version (Version 1.0, Millennium), the parameters of the second version exist without having their functionality. The requirements of Version 2.0 has been extensively discussed in the technical white paper.

Versiyon 2.0

( Güvene Dayalı )

Marmara  v.1.0

Marmara  v.2.0

100% Self-assured Credit Loops System!

Marmara v.1.0 is a system that uses 100% self-assurance as a general feature, as opposed to “Paper based Analog Blockchain of Trust Based Credit Loops” systems used worldwide.

Marmara Credit Loops on Marmara Chain are coded using “Antara Framework” technology by Komodo Platform as Custom Consensus (CC) Smart Contracts. Every credit that comes out in Version 1 has a 100% collateralization. Issuers and endorsers in credit loops have the right to “staking” with 3 times more chance in exchange for full collateralization in Millennium Edition. 

Trust Based Credit Loops:

The credit loop system that is inspired from standard post-dated cheques works based on trust. Marmara 2.0 Credit Loops in their basic form work in many countries as analog version on papers known as post-dated cheques and promissory notes in circulation.

The system working as analog blockchain in countries such as Turkey and India is in forms of papers and has no digital version. Marmara Credit Loops is the first in the World with the circulation of post-dated cheques and promissory notes. Furthermore, the most unique feature is the solution to universal problem of nonredemption. It hast the possibility to become a common culture in the World by this way. 

Problems with post-dated cheques and promissory notes

Post-dated cheques as being trust based credit creation tools are controversial issue for many years. Some economists and lawyers claim that a cheque must be payable on demand and a bank cannot postpone any payment to bearer even if the due date is in the future. They also claim that a cheque cannot be used as a credit instrument between individuals. However, the reality is different.

The quarter GDP in Turkey and half of GDP in India comprise of post-dated cheques with face values alone without counting the circulation of cheques that will have further effect as money multiplier.

The greatest problem in post-dated cheques is non-redemption. We tackle that problem with Marmara Credit Loops. By solving the problem on the blockchain, we believe that it may be a common culture all over the World. 

Prof. Dr. B. Gültekin ÇETİNERMarmara Chain Leader
Marmara Credit Loops, Peer-to-peer credits, Marmara Chain, Marmara Blockchain, MCL

Marmara Credit Loops (MCL)

Marmara Credit Loops on MarmaraChain, a trust based/self assured peer-to-peer credit creation and circulation system, is the very first digitalized version of the widely used analog post-dated cheques in the World. Marmara Credit Loops (MCL) have most of the features provided by the Komodo Blockchain technologies and have been developed based on the way of smart contracts with Custom Consensus (CC) system in Komodo Antara Framework.

In addition to being the very first digital version of the credit loops, due to its structure and conforming operations with the blockchain technology, Marmara Chain is very unique in the world that implements blockchain in such a way.

The credit loops are applied directly onto the blockchain core. It is not possible to intervene, manipulate or change it in any ways.

The properties of the system are summarized below:

  • 25% Mining
  • 75% Staking. Staking is only possible with activated/locked coins.
  • Rewards are 30 MCL per block per minute.
  • Half of block rewards come as activated/locked, ready to stake.
  • 3x staking when Activating/locking Coins in Credit Loops.
  • Nonmanipulable, nonintervenable credit loops.
  • PRE-MINING2,000,000 MCL
  • ANNUAL SUPPLY~ 15,000,000 MCL


In trust-based mode, the issuance or settlement of credit loops are performed by trusted escrow service providers, which act as distributed notaries. Those who provide this intermediary services are called “Escrows”. All issuer nodes in credit loops must verify their data by an escrow service to join the credit loop system. The Escrow system is similar to Notarization system with more responsibilities. Further details will be published. 


Mining/staking people can easily use the system with trustless features of Marmara Credit Loops. Data Management is only necessary for necessary people such as credit issuers and for trust based version.
Data association for issuers must be through escrows. Escrows may be Web-based escrow services, Crypto Exchanges, Notaries, Post Offices, Law Offices, Credit Unions and even Banks. Not everyone can become an Escrow. Please contact us for details if you want to be an escrow. 

Escrows and avalists in community layer provide an additional layer of trust in the blockchain. Currently, in the analog version of post-dated cheques, cheques are initiated by banks and banks do not issue checks to everyone. In case of promissory notes, avalists are more important. Escrows bear the main responsibility during issuance and settlement of peer-to-peer credits on Marmara system.

To ensure that there is no identity theft in version 2, user (issuer) data should be managed by only through Escrows. This will be done by the Escrows with the their own Know Your Customer procedures, financial credit scoring system etc. Escrows will be responsible during issuance and settlement of trust based credit loops. Therefore, they will have earnings from blockchain fund in third layer planned for Version 2.



You can use the wallets developed by Komodo and Marmara Communities. Please learn how to use them securely and use properly. Use them in your own risk. Marmara is not responsible with misuse of wallets.

Solution to Nonredemption in Trust Based Credit Loops

The requirement definitions have been completed for trust-based blockchain solution (Version 2) but not yet been fully implemented on the existing blockchain. The trust-based system works similarly to the existing trust-based analog blockchain in paper-based check checks, but with several preventive programs (3-layer recommendation), self-assurance is provided against the problem of non-payment (defaulting) or bouncing. In the trust-based blockchain system, the issuer creates a credit similar to the banking system. The difference here is that the credit created in blockchain is circulated in a credit loop, in contrast to the bank credit where the credit generally remains as the contract between the bank and the borrower. Non-redemption problem in trust based credit loops is solved in a unique way.

There are several layers of protection against defaulting, i.e. non-redemption. First of all, the issuance and settlement processes of trust based credit loops will be through Escrows acting as responsibility and trust centers. They can have additional guarantees to be used in case of no refunds.

Issuers and endorsers in the credit loop layer will most likely have active/locked coins to be used as a collaterals in case of defaulting. Avalists’ activated funds in community layer may also be used collaterals.

The blockchain fund layer will also be used as a last resort against nonredemption.


Marmara Credit Loops: A Blockchain Solution to Nonredemption problem in Post-dated Cheques