The problem Nexus solves

Introduction

Our one-stop lending and borrowing platform leverages blockchain technology, utilizing Polygon and Filecoin Virtual Machines to create a decentralized system. This eliminates the need for intermediaries, allowing for secure peer-to-peer transactions with the click of a button. Much easier than before!

Problem it solved

The centralized lending and borrowing system is plagued by several challenges including lack of accessibility, high fees, slow processing times, lack of transparency, high risk of fraud and corruption, and concentration of power. Other than this, people think that lending and borrowing crypto tokens can be hard and time consuming. Which is really not the case!

Our platform aims to address these issues by incorporating decentralized technology and smart contracts. Using decentralized blockchain technology, our solution enhances the traditional lending and borrowing process by improving accessibility, reducing fees, and quickening processing times, while also increasing security, transparency, and decentralization through the use of smart contracts. Using, our solution you can borrow/lend tokens easily with the click of a button. Literally! We believe NEXUS will ease the secured peer-to-peer lending and borrowing.

How it works?

By connecting to a MetaMask wallet, a new user is assigned a Soul Bound Token (SBT) that acts as a credit/reputation score. Borrowers can choose the token (TFIL as of now) and the amount they need. After filling these details and clicking on "Borrow" button, they initiate a borrowing request through a smart contract on the Filecoin Virtual Machine. Lenders can view the borrower's credit score (fixed as of now) and the requested amount through a list. Upon selection of a borrower, the lender can initiate the lending process by clicking the "Lend" button, which triggers the transfer of funds through our smart contract.

Challenges we ran into

The most significant challenge encountered during the development of the solution was the limited time constraint. Building a fully functional and error-free platform within the allotted timeframe was a formidable task that required efficient project management and technical expertise.

Other than this, few technical hurdles were also encountered during the development of the Nexus platform. To elaborate, the integration of the Polygon and Filecoin Virtual Machine chains presented a challenging task. The web3 library also possed errors as it was utilized for network switching, streamlining the user experience. Additionally, designing a user-friendly website that aligns with the blockchain technology theme, while maintaining a technical aesthetic, was a complex undertaking. Translating the design into a deployable website also required significant effort.

Despite these challenges, all issues were successfully resolved, resulting in a seamless and error-free platform. As such, Nexus is now fully operational and ready to be utilized by the world.