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. They work best in real economy. 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 (Protocol 1), solves the problem of non-redemption with 100% collateralization through trustless blockchain mechanism. The second Protocol 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.





Issuers and Holders can earn with 3x staking while shopping with Credit Loops.




In Protocol 1, all credits are fully collateralized by issuers of credits. Therefore, there is no defaulting risk. For providing this, issuers in credit loops have the right for 3x staking until maturity dates of a credits. Due to 100% assurance for redemption by issuers, there is no need for an escrow or aval at any point of shopping with credit loops in Protocol 1. Holders, i.e. providers of goods and services in a loop can benefit from 3x staking until they become endorsers by purchasing goods or services from new holders. By this way, they become endorsers and transfer their 3x staking right to new holders. There is no meaning for an endorser to transfer credit unless the transfer is for shopping since he/she transfer the 3x staking power. MCL is the only staking system in the World where locked coins allow owners staking while they are circulating among people.



People can create credits via their escrows in their communities.

Credits in credit loops can be zero-collateralized until maturity date. There are 3 layers against non-redemption. Issuer and avalists are in the first layer of trust. Each community needs to establish an Escrow which will maintain investment/staking pools to join in the network of escrows on Marmara Chain. They will be rewarded from the 3rd layer blockchain fund in proportion of their performance.    



Protocol 2 supports money creation. Credits need not to have collateralization until maturity. The system has 3 layer trust mechanism against non-redemption. In this protocol, the 3x staking is available for any node including endorsers through avalist mechanism.

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.

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. 

Marmara Credit Loops (MCL), the First and Only DeFi System of the World Designed to Run in Real Economy

Marmara Credit Loops (MCL) is the first and the only Decentralized Finance (DeFi) system in the World designed to run in real economy. The system rewards buyers and sellers when shopping with credit loops instead of cash. It works as an independent smart chain with a 25% mineable and 75% stakeable coin integrated with two DeFi protocols. The system uses UTXO based Turing Complete Smart Contracting system powered by Komodo Platform.

Marmara Chain is protected against 51% attacks by means of Komodo dPoW technologies which recycle the hash power of Bitcoin by backing up independent blockhains on the Bitcoin network.

Staking could only be done when users lock their coins in one of the two different funds, namely; “Activated” and “Locked in Credit Loop” (LCL) funds. When coins are locked in LCL funds, both issuer and holder(s) of credit have the chance for 3x staking. The system has a unique solution for coins locked in credit loops unlike other staking systems. Locking coins into credit loops for staking does not make them static. Instead, they can be circulated while they are locked and doing 3x staking via endorsement. The process of credit endorsement is designed to assure that transfer is only meaningful while shopping.

Credit Loops work also similar to post-dated cheques in cultures where redemption is not made before maturity date of a cheque and hence making collateralization unnecessary. The system consists of two protocols; 100% collateralization and under- or zero-collateralization. The first protocol is based on 100% collateralization. It is an interest-free system providing the negative entropy established through the mining and staking rewards on the same chain. The issuer provides the coins required for 100% collateralization until the maturity date of a credit loop. The second protocol is based on money creation with many different fiat and crypto currencies as well as assets such as gold and silver. The second protocol works by merging the trustless blockchain with communities and escrows who provide the required trust layer into system. The protocol 2 was designed to run in a multilaw structure to enable the use universally in any country and community. A third layer of blockchain fund integrated with escrows is maintained as a kind of distributed notarization system to further protect holders of credits against non-redemption.

Prof. Dr. B. Gültekin ÇETİNERMarmara Chain Founder
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:

  • WORKS BEST IN REAL ECONOMYMCL is a DeFi system designed to run in real economy during shopping. Both issuer and holders can earn from 3x staking during shopping in life cycle of a credit loop. Credits in a loop can be endorsed and circculated until maturity date.
  • Block RewardsBlock time is 1 minute and rewards per block are 30 Marmara (MCL).
  • Half of blocks comes as activated/locked50% of blocks found are already activated/locked. Hence, they readily join in staking process. You can unlock them anytime for spending or lock in credit loops for 3x staking power.
  • 75% StakingStaking is only possible with activated/locked coins. You have the 3x staking power when staking with coins locked in Credit Loops.
  • 3x staking in Credit Loops.3x staking when Activating/locking Coins in Credit Loops. They are settled automatically on maturity date and cannot be opened by anyone. But credits may be endorsed to buy goods and services. They act as money during shopping.
  • 25% Mining (PoW)MCL uses Equihash algorithm for Mining with PoW which has only 25% effect in block rewards. You can mine Marmara similar to Komodo and Zcash mining.
  • Nonmanipulable, nonintervenable credit loops.Credit loops cannot be stopped and credits in loops can circulate during shopping until maturity date. The nodes in a loop is maximum 1000.
  • 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