Title: Deposit and borrow functionality
Authors: imanalieva_ai
Date Created: 12.04.2022
Date Posted: 12.04.2022
SUMMARY
We, as the Humaniq team, should create simple, transparent and user-friendly functionality to allow our users to deposit and borrow cryptocurrencies.
BACKGROUND
People of Africa have a lack of banking services. It’s very hard for them to make a deposit or borrow money. We already have Compound/Aave as proof of concept, that it is possible to use cryptocurrency to unlock such possibilities. We can create a functionality for users to deposit cryptocurrency and borrow USDT.
MISSION & VALUES ALIGNMENT
Make crypto valuable and more usable for people of Africa and solve real problems.
SPECIFICATION
The goal is to build functionality to allow users to deposit or borrow money. We can use Binance smart chain as the underlying blockchain, in order to make fees as low as possible. It’s especially important for our audience.
We can offer users to deposit Wrapped Bitcoin or BUSD at a certain interest rate.
If a deposit of cryptocurrency is made by a user, he/she is allowed to borrow stable coins. The maximum amount of borrowing should not exceed 80% of available deposited crypto.
NEXT STEPS
- Research similar services (Compound and AAVE)
- Develop a detailed specification
- Make UI/UX prototypes
- Design review
- Development