[Top Builder 2024]: BTC-COLLATERAL

[tvpeter]

🏗️ Top Builder 2024 Application Form to track progress through Round 1 - 3 ~ Currently in Round 1

📝 Instructions

1. Only complete this form if you have been chosen for Top Builder, by PlebLab.
2. Provide detailed information to assist the judges in evaluating your project.

🧑‍🤝‍🧑 The Team

• Team Name:
  BTC-COLLATERAL

• Number of Founders:
  3

• Team Background:
  Peter Tyonum:
  works as a backend Software Engineer in the Bitcoin space. His most recent work was with Heartbit and he holds a Bachelor's degree in Computer Science with Statistics. Peter previously worked with Renmoney, a fintech company that offers loans and savings to individuals and businesses.
  Olutobi Adeyemi:
  A Software Engineer who holds a Master's degree in Computer Science and previously worked with Nigeria's biggest Fintech company Moniepoint.
  Oladimeji Omotosho:
  A Software Engineer who has worked with Oldmutual Limited, an Insurance firm in Africa, and also has experience working on a student loan application (LearnSpace).

• Bitcoin & Lightning Involvement:
  The founders were all part of the first cohort of Qala (now Btrust Builders), which focuses on helping to transition African software engineers to building on Bitcoin. After Qala's cohort, they have all worked with various Bitcoin companies including Galoy, Chaincode, Ibex, and Heartbit.

• Origin Story: What inspired your idea?
  Many institutions do not understand digital currency or know how to interact with it. This includes lending institutions that often require collateral to issue loans. These collaterals come in the form of assets (land properties, vehicles, investments, amongst others).
  Because these institutions do not understand that Bitcoin is an asset and do not know how to handle Bitcoin assets, they often do not accept Bitcoin as collateral for granting loans. This leaves a huge market opportunity for a service that can fill that gap.

💡 The Idea

• Project Overview: What does your project do?
  BTC-COLLATERAL is a service that provides a marketplace for lenders and individuals who need loans without having to sell their Bitcoin for FIAT. The individual provides bitcoin as collateral and funds are held in a 2 of 3 multisig involving the lender, the individual, and the service.

• Website: (Optional)

• GitHub:
  https://github.com/tvpeter/btc-collateral

• Project Stage:
  Proof of Concept (PoC)

• Supplementary Materials: Provide any proof of work, workshops, or demo videos.

📚 Additional Information

• Additional Links/Info:

📌 Submission Type

• Initial Project Creation

🚀 Current Project Progress

• Progress Made:
  We are currently building the core aspects of the Service. We have derived a 2-of-3 multisig address from 3 public keys and the funding transaction. These are all on the backend.
• Challenges Faced:
• Future Roadmap of what's next:
  Spending from the multisig transaction either returning funds to the borrower or forfeiting to the lender
  Adding wallet functionality to make it easy for users to manage their funds
  Building the user interface for the service
  Adding user authentication methods

⏳ Round 1 Milestone

• Keep in mind that completion will need to be by February 10th, 2024.
• First-round milestone the team has set for themselves:
  Spending from the multisig transaction either returning funds to the borrower or forfeiting to the lender
  Adding wallet functionality to make it easy for users to manage their funds

📝 Submission Complete

• All required information has been provided above.

📅 Top Builder Program Structure

Registration Opens: Monday, December 18, 2023

• Application: Interested teams apply for Top Builder.
• Selection: Teams will be chosen based on their application. See FAQ for details.

Round 1: January 13 - February 10, 2024

• Workshops: PlebLab weekly workshops start, available live and online.
• Chat Access: Selected teams join the PlebLab internal chat.
• Mentorship: Begins for teams.
• Project Milestones: Teams are set and judged on their first-round milestones.

Round 2: February 10 - 24, 2024

• Team Reduction: PlebLab cuts half of the Top Builder teams. (Only half continued in Round 2.)
• Project Milestones: Teams are set and judged on their second-round milestones.
• Workshops: PlebLab weekly workshops continue.
• Mentorship: Continues.

Round 3: Starting February 24, 2024

• Team Reduction: PlebLab narrows down to 6 Top Builder teams. (All will be pitching in Austin.)
• Final Milestones: Teams set final project milestones for the last round.
• Preparation: Teams prepare their pitch in front of judges. Final teams are contacted to come to Austin for Startup Day.

Final Round at Startup Day: March 14, 2024

• Preparation: Teams work on their final pitches at PlebLab.
• Presentations: Final teams present before judges on Startup Day.
• Deliberation: Judges decide during a happy hour.
• Announcement: The winner of Top Builder is announced at Austin BitDevs.
• Celebration: After-party for Top Builder.

[tvpeter]

Project Progress

• We added creating a funding transaction that allows the borrower to deposit their bitcoins into the generated 2-3 multisig address => PR
  • Add creating a funding transaction
  • Add .env variables/file
  • Add validating outpoints
  • Add validating Bitcoin address
  • Connecting to Bitcoin node
  • Loading env variables

[tvpeter]

Progress:

• We fixed the transaction fee rates by using mempool.space API to get accurate fees for the main chain => PR

[tvpeter]

Progress:

• We added Github workflow => PR

[tvpeter]

Progress:

• We added creating a redeeming PSBT transaction => PR
  • Created the transaction
  • Refactor some transaction methods into Traits for reuse
  • Added documentation for testing

  New PR

  • Add getting input transaction details from a node
  • Add calculating PSBT inputs and outputs
  • Add converting transaction hex into base64 for testing with decodepsbt

[tvpeter]

Progress:

• We added generating and recovering wallets => PR
  • Generate a new wallet
  • Recover an existing wallet
  • Added API endpoints for generating/recovring wallets