fren2fren - solving Bolivia's banking crisis
invite-only, non-KYC P2P exchange for communities to onramp members into crypto with social points. one fren fks up - he's out and you lose your points.
About
The problem it solves There's a restriction on USD withdrawals in Bolivia. Additionally, crypto is forbidden (tho not criminalized) there. So, the way people are protecting their wealth is through Binance P2P, which is a centralised, non-anonymous onramp to crypto and traders there ask for huge premiums. ## Solution Deploy your own invite-only P2P exchange (which is also a treasuryless DAO!) - Community based - No KYC - Permissionless - Social scoring - First step towards fully fledged DAO ### How it works 🏦 Deploy an invite-only P2P exchange with 5 frens 💸 Onramp frens to crypto (and a treasuryless DAO) 👯♀️ The more frens you invite, the more points you get 👿 One fren tries to scam, community votes him out 🫥 Your fren gets kicked out = you lose all your points ## Functionality - We [deployed a smart contract](https://gnosisscan.io/address/0xAba6d72B2F6530293B2935a0a2A1aE798e125146) that allows to create trade offers with crypto/BOB pairs. - The crypto assets are locked in escrow and only released when the offer is either finalized or cancelled. - With every finished trade (when both parties sign the offer and finalise it), their social credit (PP) score grows. - Once the user reaches 10 PP (10 finished trades) they gain the power to invite new users into the circle. - We integrated light MLM features that earn the inviter 0.5 PP every time a user they invited completes a trade to encourage growing the community. - On the contrary, if a user gets terminated from the circle the inviter will have all their PP slashed. This encourages users to only invite fully trusted participants. - A dispute can be called at any time and go through a traditional DAO style vote. Every participants PP can be used as voting power. We [deployed a Governor contract](https://gnosisscan.io/address/0xE3A8eca966457Bfd7e0049543E07e8b691b3930e0) to make it compatible with standard DAO tooling. ### Links to all deployments https://github.com/maggo/fren2frentend#fren2fren
How it's made
Challenges we ran into - We wanted to create an anonymous P2P circle using UniRep but had to resort to a traditional pseudonymous system with wallet addresses as understanding and deploying the UniRep stack would cost is too much time. - We had many discussions around the social economics and how to verify trust. In the end we landed on a social score + DAO style dispute voting - Had to pull an allnighter to make the frontend work nicely 😬 - Deploying on some chains was complicated due to block explorers being down or RPCs causing issues - Naming things 😛