The problem DefiBank solves

DefiBank addresses the limitations of traditional banking systems by providing a decentralized banking solution. It offers a range of features and functionalities that promote financial inclusivity, transparency, security, and efficiency. One of the key problems it solves is the accessibility of banking services. The smart contract allows users to create accounts easily and without the need for intermediaries. This enables individuals who may not have access to traditional banking services to participate in the financial system and manage their funds. DefiBank also provides a secure environment for transactions. By leveraging blockchain technology, it ensures that all transactions are recorded on a transparent and immutable ledger, reducing the risk of fraud or manipulation. Users can have confidence that their funds and personal information are protected. Another problem it addresses is the availability of loans. Through this platform by team LoopBreakers, users can take out loans based on predefined conditions, such as collateral requirements and interest rates. This opens up opportunities for individuals who may not have easy access to credit from traditional banks, fostering economic growth and empowerment. Additionally, the contract introduces features such as interest rates, reserve funds, and service charges, which help users manage their finances effectively. Savings accounts earn interest, encouraging individuals to save money and grow their wealth over time. The reserve fund ensures that a minimum balance is maintained to safeguard against unexpected expenses or withdrawals. Overall, DefiBank revolutionizes the banking industry by providing a decentralized and inclusive financial ecosystem. It empowers individuals by giving them control over their funds, facilitating transactions, and offering loan opportunities. With enhanced transparency, security, and efficiency, it paves the way for a more accessible and equitable financial system for all.

Challenges we ran into

It was quite tedious work to understand the complete banking unit and its works as well as anomalies in the current traditional system. Also it was initially difficult job to convert the complete use case to smart contract. Also we faced difficulties in uploading the code to replit as CPU and RAM limit used to get hit often cause the code to crash. Eventually we were able to overcome the challenges with the aid to available resources and guidance.