MicroCredit

[vibern0]

Check the micro-credit project to see tasks, milestones, and progress.

Phase 1

Borrow and repayment automated through smart contracts on dApp + tab on Libera + manual credit scoring (financial health of each user based on activities they have)

Phase 1 has a very short deadline. But it's also a very simple version.
There will be only two roles on-chain, borrowers and micro-credit managers. But the former won't have any interface in this phase, it will be manual work and someone on the team will handle it.

In this phase, micro-credit is disbursed to individual users.
Flow:

1. micro-credit managers select borrowers and add them (will be a script, no interface).
2. This user is then identified as a borrower (another role, similar to ubi beneficiary) and is able to get the micro-credit.
3. Borrower sees repayment interface and some warnings when the amount to repay is about to increase (it will only increase once a month, same as the Brazil pilot)

The parameters will be individual and very simple for now.

An example:

user; credit amount; interest; limit months to repay
0xabc; 600cUSD, 4%, 6 months
0x123; 300cUSD, 3%; 5 months
0x987; 450cUSD; 3%; 7 months

Interest would increase as time goes by, each month. Consider, 600cUSD 6 months at 4% per month it’s 24cUSD per month. In this case, every 30 epochs the total amount the user has to repay increases by 24 cUSD.

Phase 2 (DRAFT)

Can request a micro-credit through the dapp (only if he/she has taken the L&E course on Microcredit) from a form + manager has access to the form directly on the dapp through a micro-credit menu (manager has access to everyone who applied and a button to accept and decline) + mid-automated credit scoring (based on our data, like transactions with others, suspicious activities or semi-integration with other protocol like Rocifi)

DRAFT

• group loans
• loan book cap per community
• borrowers that dont pay after maturity, will be shared with all community
• Mobile banker should be rewarded somehow?

As this phase can get reeeeaaaal big, we will split it into minor ones.

SubPhase A - Per Community, Beneficiary Apply & Manager View

SubPhase B - Basic Credit Score

SubPhase C - The Lender View

More TBA

Phase 3 (DRAFT)

Currently with an open application to a fund.

(Phase 1 + Phase 2) but for everybody + report (public dashboard that monitor repayment, date, loans, manager, borrowers, etc) + include group loan with dynamic interest rate
Implement credit score: Mixed of integration with Maza, Rocifi etc + internal scoring based on transactions, claims, savings in the wallet, beneficiaries' length

TBA