The problem DeBank solves

The decentralization of the banking system will revolutionize the way that lending /loaning works. This will result in anyone can be a borrower of money as well as anyone can be a lender of money, thus ending the monopoly of the banks in this field forever. On the other hand, money lenders still rule the rural Indian economy, and they often turn out to be ruthless, charging heavy interests and even manipulating the numbers to make more profit. implementation of decentralized banking will completely eliminate the illegitimate actions involved in this process. And the interest rates will be provided by us for a variety of loans so the problem of squeezing the borrowers can be prevented. And that's our next goal achieving universal intrest for loans ofcourse it'll vary according to the type of loans taken.

working of decentralized bank:-
We will be providing a platform where the users can choose either to be lenders or borrower. And a lender can provide the loans to the users by accepting documents as security from the user and the uploading them to the website, these data will be stored on the IPFS (for maximum security). On the success of the loan, the amount will be transferred to the user. We are gonna be using the Polygon blockchain for this , so every transaction will be done using the Matic.

Also now since every transaction is done using blockchain, we can ensure the users of their data and money, and surely gain their trust. And in the dapp we also provide many more functionalities. Like if a borrower did not pay for a period of 45 days the lender has the ability to revoke the loan. Also when a borrower is paying a loan there is a min payable amount so they cant pay whatever they want.

Challenges we ran into

I had to make suitable and efficient algorithms to calculate interest and minimum payable amount, it took a lot of time .