Digitsave

Demo

About

Why are you participating for Based Africa? To raise money for the startup (Digitsave) and finance more growth strategies for the Product Additional Features We built our asset protection feature (Liquidation Protection), which protects users' saved crypto assets against liquidation during a market downturn. We also built out our Faucet to help testers of our product easily and quickly fetch Testnet tokens of our supported assets, without having to connect their wallet, all they need to do is provide their wallet address and they will receive 10 tokens of the requested asset. We have built a community of 100+ individuals who are actively engaged in our activities, ranging from the AMAs we conduct periodically, discussions and suggestions that we spring up in the community to keep everyone afloat and contributing to the general growth of the product We have also continued to grow our social media(Twitter, Youtube, and Linkedin) followings by sharing valuable contents around savings in crypto, discussing its benefits over traditional finance saving, and also sharing our development progress and our achievements. We have also created multiple guide video tutorials of how to save in our platform, intended for users who are new to the blockchain, to guide them on the process and this is also inculcated into the Learn section of our application that is aimed at enlightening newbies on the concepts of the blockchain they need to know, this is our properly sectioned onboarding strategy.

How it's made

What challenges are you focusing on? Our product tackles the inflation and currency devaluation problem in Nigeria, where the value of the Naira keeps getting lower. We also tackle the low ROI offered to savers by traditional banking systems by offering users options to choose investments to opt in for, ranging from low risk to high risk, of course, the higher the risk the higher the return. Also, we provide a solution we call Liquidation Protection which tackles users' fear of saving in crypto assets, knowing there are chances of losing ones entire fund during a market downturn, we eliminate users' fear by protecting their funds against liquidation How does your submission address this challenge? Currently, users can save in our platform https://www.digitsave.finance/ in multiple selected crypto assets that we support (stable coins included) by locking their funds over a period that they choose, they then earn interest on their savings, also within the period of the savings they can choose which investment options to opt in to and gain more interest. The impact we are creating gives the greater population (70%) of the Nigerian population (222+ M people) which are Millenials/Gen Z under the age of 30 the solution to the huge problem in the country mentioned above, which by providing these solutions not only directly and significantly yields positive changes to the lives of the individual but also for that of the Nations economy. Nigeria being the second top country for crypto adoption makes its a huge marked for providing a blockchain based savings solution Challenges we ran into The first challenge we had was trying to implement more and more features at a time, at some point we were changing our business model so much, but we solved this by having a plan and a roadmap and building out our MVP. it helped straighten the back and forth in our development and we could focus on building out a feature at a time and testing it testing more additions. Another challenge we had was getting individuals who were willing to test our MVP, at first the response to our request to test our product was poor, but we quickly studied how other products dealt with this challenge by offering incentives and other perks to users who properly tests our application. Another challenge we currently have is market validating more investment options we can provide our users, some of which we need to conduct surveys for and test run with a smaller group, which will cost some money to facilitate, this will help us validate the effectiveness of these strategies before offering to the larger population of our target audience.