Gamla.fund
Community-saving funds, empower the community to perform peer-to-peer saving, borrowing, lending on their own terms, feasibility, and needs. Where trust and security are integrated with integrity.
Demo
About
The problem it solves Gamla.fund - Inspired by household savings, and investments plan within the closed community, famously known as **Chit Funds** in the Indian subcontinent, and worldwide as a form of rotating savings and credit association (**ROSCA**). Where a group of individuals agrees to meet for a defined period and amount, in order to #save, #invest, and #borrow together, a form of combined #peer-to-peer banking and #peer-to-peer lending (#microcredit, #microfinance). *A regular community fund has two actors:* - fund manager, an individual running a fund(s) privately or a govt-regulated institution - fund participants, group of individuals Problem statement - ***Gamla fund*** address the issues where the traditional community fund failed: - trust in participants and security of invested money - fund management cost **Trust and security** Like in any form of dealing, and transaction, *trust* and *security* is the core problem so is community funds, exposing both actors in community funds to equal risk. >**Risks** were: - participants as defaulters, irregularity in monthly deposits, abandon the fund - fund manager defaulting on participants Solution - At **Gamla.fund**, we export the **trust**, its **execution** to **smart-contract on polygon blockchain**. **Fund management** The **smart contract** is **the fund manager, eliminating** the middleman, and ensures - every fund participant >>to pledge **crypto collateral** of **value 120% > individual fund value** _(duration * monthly amount)_, to **secures** from deposit defaulters. - upon deposit defaulting, >>**sells off the crypto collateral** to compensate the defaulted deposits, keep fund alive. **Fund management costs** will reduce to negligible, also thanks to Polygon blockchain. Who should use Gamla.fund - Gamla.fund empowers every individual to manage their finances by - Savings - Investments (interest rates, lending) - Borrowing Eligibility - - Any world citizen - Has *crypto collateral*
How it's made
Challenges we ran into - Team members' contribution is affected by ongoing exams. - Started the project as a Mobile Dapp with *React native* to qualify for **Mobile track**, **Moralis**. Due to the unavailability of team members or the lack of time, the project technology landscape is shifted to BUIDL a web application. - Browser issues: There could be certain function calls to the blockchain that are not working always, for e.g: publicly viewable funds are not loading. Either refresh or try with other browsers.