Our project revolutionizes decentralized finance in the Web3 space by introducing a cutting-edge credit system. Users simply provide their wallet address, and we handle the data scraping and credit-score calculation using the Graph protocol. The unique feature lies in our provision of Zero-Knowledge proofs, ensuring off-chain computation integrity.
Unlike traditional Web2 lending platforms, our Web3 protocol addresses the unease caused by high collateral requirements. Major platforms demand up to 200% fixed collateral, disregarding a borrower's creditworthiness. We change this paradigm by allowing users to leverage their good credit scores for lower collateral rates.
Here's how it works: Users input their wallet address, we fetch data from renowned protocols like Aave, Compound, and Uniswap, and calculate a credit score. Our Zero-Knowledge proofs validate the score's accuracy. Armed with this score, users can approach any platform, submit the score and proof, and secure loans with reduced collateral.
Additionally, we offer a Social Collateral service, where a guarantor can vouch for a user, boosting their credit score and incentivizing the guarantor. This innovation fosters a more efficient and inclusive lending ecosystem within the Web3 marketplace.
During the development of our Web3 credit system, we encountered several hurdles:
Graph Protocol Integration:
-Issue: Limited documentation for Graph protocol subgraph integration made it challenging. Debugging errors was cumbersome.
Smart Contract and Frontend Integration:
Zero-Knowledge Proof Generation:
P2P Lending with Uniswap:
Despite these challenges, our commitment to the project's vision and collaboration within the team and the broader community empowered us to overcome these hurdles. Each challenge provided a valuable learning opportunity, contributing to the overall resilience and success of our decentralized credit system in the Web3 space.
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