Defi Loans, NFTs and On-Network ID
Problem
In 2020 personal loan debt topped $162 billion. Very little if any at all was executed using crypto. Lets change that.
Solution
Develop a defi system where custom loans can be written and funded by consumers for consumers.
Total to date
This is the total amount allocated to Defi Loans, NFTs and On-Network ID.
About this idea
Objective: Offer a method in which a loan can be structured, published and funded by consumers for consumers on a Defi market place. The loan structure and all of the consumers identification and private information shall be stored in an NFT. The smart contract shall dictate the terms of the loan, repayment and interest due.
This proposal meets the criteria of the challenge since it will drive the use of NFTs in a number ways:
- NFTs will act as proof of funding a loan and will give the owner rights and permissions to principle and interested as agreed upon in the loan structure loan receiver.
- NFTs will include the loan recipients name, address, telephone, government ID and signature.
- Debt collection can then take place if needed using the NFTs.
Definition of Success:
- Developers hired to construct Defi/Dapp/Website. (3months)
- Website constructed (6months)
- Defi/Dapp constructed (12months)
- Launch Date (15 months)
Budget Requirements:
Developers ($100,000)
Consulting ($75,000)
Website/Data Storage ($25,000)
Total ($200,000)
Team
Nine years experience in the financial services industry most recently as Director of Legal Operations.
