The problem Flexclub solves

Flexclub addresses key problems faced by individuals and groups when it comes to saving money and achieving financial goals:

Lack of Incentive to Save:
Traditional savings methods often lack engaging and rewarding structures, leading to low motivation for individuals to consistently save money. Flexclub introduces a goal-based saving mechanism that makes the process more engaging by allowing members to set specific goals and collectively work towards achieving them.

Low Interest Rates on Traditional Savings Accounts:
Savings accounts in traditional banking systems generally offer low interest rates, which do not significantly grow the savings over time. Flexclub leverages decentralized finance (DeFi) platforms like Aave to earn higher interest on pooled funds, thereby providing better returns for members.

Financial Exclusion:
Many people around the world lack access to basic financial services, including savings accounts. Flexclub operates on the blockchain, providing a decentralized and accessible platform where anyone with an internet connection can participate, thus promoting financial inclusion.

Lack of Transparency and Control in Traditional Financial Systems:
Traditional financial systems often operate with a lack of transparency and give limited control to the account holders. Flexclub, being built on blockchain technology, ensures transparency in all transactions and gives users full control over their funds, which are held in self-custodial accounts.

By addressing these problems, Flexclub offers a more engaging, transparent, and efficient way for individuals and groups to save money and achieve their financial goals through the innovative use of blockchain and DeFi technologies.

Challenges I ran into

Smart Wallet implementation was a bit challenging. I was able to get it working but ultimately decided not to go the smart wallet route for now. Writing the smart contracts was also a bit challenging, making small changes resulted in a lot of work. We wrote 2 smart contracts, one for each club.