Blockchain Credit Service
Activate Non-Collateralized Credit On-Chain
About
The problem it solves Cryptocurrency markets and Web3 applications primarily operate within a cash-only economy, presenting significant hurdles for users who lack immediate access to digital assets. Additionally, the process of bridging between different blockchain networks can be complex and daunting for retail consumers, limiting their participation in the broader ecosystem. Furthermore, users cannot leverage their existing credit histories with them on chain. BCS (Blockchain Credit Service) addresses these challenges by offering a payment solution that bridges the gap between traditional fiat and digital assets. Through its platform, BCS provides users with an experience they are more accustomed to - credit cards - enabling them to transact in cryptocurrency without having to connect their wallet to a dApp. Users retain full custody of their assets, pay off a balance each month, and can rely upon the platform's verified vendor network keeping them safe from scams.
How it's made
Challenges we ran into Overall this build was challenging because in order to fit within the compliance and regulatory requirements it ends up actually more like a Web2.5 build - balancing which pieces of information can be stored on public chains and which ones cannot (like personal info). Technology wise it was implementing the low level encoding and solidity function calls that required the most effort. There are a number of different ways you can encode given the information you have access to.