Moodeng Credit
Building onchain credit through unsecured onchain loans, along with a decentralised private credit market to support a community of lenders
About
Why are you participating for Based SEA? We're using the Coinbase Wallet SDK, smartwallet, and other things to make our user-experience easy. Additional Features Adding a Eco/Bend (https://bend.eco/app) overlay to the dapp to help convert stablecoins no matter the network they're originally from.
How it's made
What challenges are you focusing on? Enabling billions of people to forgo cash advance and shark loan apps on their phone, and opt instead for onchain credit and transparent loans from real people and communities. How does your submission address this challenge? 1. Wallet-to-wallet lending: Our decentralized platform enables direct lending between individuals using crypto wallets, eliminating intermediaries and reducing costs. We start with microloans ($5-$50) to allow users to build credit history gradually and responsibly. 2. Transparent, blockchain-based credit scoring: All lending activity is recorded on the blockchain, creating a verifiable and portable credit history. This transparency ensures lenders know they're lending to real people, and borrowers know they're getting loans from genuine community members. 3. Global accessibility: Our web3 credit scores function like a financial passport, usable across borders. This allows billions of people to access transparent loans from real people and communities, instead of relying on predatory cash advance or loan shark apps. Challenges we ran into Challenges in onboarding new users include clarifying that digital dollars (stablecoins) differ from traditional cryptocurrencies. We also need to emphasize the importance of wallets for secure transactions. Additionally, helping users navigate on- and off-ramps based on their country and available methods is crucial. For example, some can use PromptPay to onramp, but not all wallets support PromptPay for crypto purchases.