The problem SimuLoan solves

The decentralized lending dApp offers numerous benefits by enabling users to tokenize real-world assets as ERC-721 NFTs, which serve as collateral for loans. This innovative approach democratizes access to financial services, allowing individuals and businesses to leverage their assets without traditional barriers. The use of smart contracts streamlines the lending process, resulting in faster approvals and reduced transaction costs by minimizing the need for intermediaries. Operating on the Polygon network enhances scalability and lowers transaction fees, making it accessible to a global audience. Additionally, tokenizing assets increases liquidity, allowing users to convert illiquid assets into digital tokens easily. By providing a secure and transparent record of transactions on the blockchain, the platform reduces the risk of fraud and enhances user trust. Overall, this project fosters financial inclusion, empowers users to take control of their financial futures, and promotes innovation in the decentralized finance (DeFi) ecosystem.

Challenges we ran into

We were having trouble uploading the dummy asset image file along with the metadata to IPFS, we were using Pinata initially but then switched to Lighthouse and then we were able to mint and retrieve the asset successfully. Next, the major issue we faced was surprisingly working with Git, all of us pushed our codes to different branches and we met with a huge number of merge conficts which became a huge mess so we just created a new repository for all the files again but this time with a proper file structure. Also not particularly an issue but we kind of underestimated the time that would need to build this project considering all the technicalities and functions to be implemented but we were finally able to achieve a huge chunk out of that in limited time.