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Developing a Richer Financial Reputation #1

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katiejohnson opened this issue Apr 10, 2019 · 12 comments
Open

Developing a Richer Financial Reputation #1

katiejohnson opened this issue Apr 10, 2019 · 12 comments

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@katiejohnson
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katiejohnson commented Apr 10, 2019 •
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Challenge Description

In this challenge, we want you to rewrite the rules on how we measure an individual's financial reputation. Disrupt the concept of measuring a person's credit score, but not their interactions with community, landlords, schools, friends and family. Restructure how people's credit histories are affected by each other in pinnacle moments like a marriage or divorce. Probe at the underlying assumptions that allow two people to merge credit scores to buy a house, but not four or five. Ask yourself if something like a credit score can be liquidized so it may be shared or used to vouch for someone outside the system.

During this hackathon, we want you to help us experiment with richer, contextualized behavioral data for an individual that describes a more holistic reputation. This experiment can be broad or specific, challenge major assumptions of the system or invert just one small aspect of the way the world currently operates. The solution may impact any industry, so long as it has a specific user and use case attached. Specific examples of how we're thinking about this challenge are listed below:

  • How might we derive financial reputation through observable transfer of value?
    • Examples: financial reputation based on projected career earnings, credit score based on wallet transactions, financial reputation derived from in-game spends, etc.
  • How might we leverage credit across groups of people?
    • Examples: a method for pooling co-op resources and reputation to make a major purchase, an open source credit algorithm for a small community or neighborhood, a weighted credit model for marriages, partnerships, and small businesses, etc.

Feel free to ideate on any of the above suggestions or to create your own.

Submission Requirements

We expect all bounties to be comprised of two distinct parts: product and potential. For the product, we will accept submissions in all formats, including but not limited to wireframes, landing page, prototypes, or production code. For potential, we've outlined information that we expect to see below. It can be delivered in any format, including but not limited to a report, a presentation, or a video. All submissions, including all code, must be open source for future use and reference by the community, and links to external documents must be provided in the Github repo submission.

As these bounties are broad and left up to your own discretion, we expect you to deliver the following items tailored for your specific solution:

  • A specific industry, user, and use case for which you are solving
  • Unique insights about the industry gathered through primary or secondary research
  • Evidence of team-wide entrepreneurial behavior and spirit throughout the Relay
  • Proof that the market you've identified is primed to be disrupted in the next 6-12 months
  • Testimonial from an industry Subject Matter Expert (SME) who is serving as an advisor
  • Proof that blockchain adds significant value to this solution over centralized alternatives

We also are looking for participating teams to articulate both broadly and specifically how their proposed solution affects widespread industry orthodoxies. A team that delivers a specific solution must show us how this solution can be rolled out more broadly to impact the industry (or other industries) at large. Conversely, a team that solves in generalities must describe how they anticipate testing their ideas in specific, measurable experiments.

Submission Deadline

All bounty submissions must be received no later than 11:59 PM EDT on April 30th, 2019 to be considered.

Judging Criteria

We are looking for projects that address a real problem and teams that have shown the progress and entrepreneurial instincts to make something real and get it out in the world.

Judging Date

Projects will be assessed from May 1 to May 15th, 2019, and winners will be announced at the Ethereal Conference in New York.

Bounties

The following prizes will be awarded at the conclusion of the hackathon:

  • 24 ETH awarded to the winner of each of the following bounty tracks:
    • Developing a Richer Financial Reputation
    • Inventing Double-Opt-In Credit
  • 12 ETH awarded to the team that receives Community's Choice as voted by the entire hackathon participant group. This award can be won by either Bounty winner, resulting in a top prize of 36 ETH, or may be won by a separate team entirely.
  • 6 ETH awarded to two (2) teams deserving of Honorable Mention as determined by Bounty judges. These prizes may be awarded to teams in either track, but cannot be awarded to the track winners.
@gitcoinbot
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Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 24.0 ETH (3927.88 USD @ $163.66/ETH) attached to it as part of the https://github.com/ConsenSys fund.

@gitcoinbot
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gitcoinbot commented Apr 14, 2019 •
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Issue Status: 1. Open 2. Cancelled

Work has been started.

These users each claimed they can complete the work by 1 day, 16 hours ago.
Please review their action plans below:

1) aj07 has started work.

Hello,

I would like to work on this plan. Previously, I have built p2p lending dapp for one client. Credit score modelling was left out because of time constraint. I would like to work on this issue. My plans are as follow:

Go through all the famous credit scoring model lile credit karma, policy Bazar. Understand their pain point and the things which they are good at.
Try to talk with people of relevant industry as much I can. Aggregate the parameters which define the credit score .
Coming up with an write up and share via mail for having consensus.
Once got free flag. Start working on App and host it as fully functional.

Few details needed:

Can I bring 1/2 more guys to work on this project or it's an individual project.
Is there any stack in your mind which I should use?

Learn more on the Gitcoin Issue Details page.

2) constantinkloecker has started work.

Hello, I would like to participate in this challenge.

I have a BSc in Finance and I'm currently studying for a MSc in Digital Currency - I also have relevant programming experience in Python, JavaScript & Solidity.

My approach will be to develop an alternative credit rating & sourcing mechanism based on social approval.

I have two questions:

  • Can the work be developed in a private repo and then be shared publicity (open sourced) for the submission?
  • Is it possible to enter both challenges, by first creating a new credit rating mechanism, and then building a product prototype that enables on-demand credit based on the developed credit rating mechanism?

Learn more on the Gitcoin Issue Details page.

3) onggunhao has started work.

I've been working in the loans space in Southeast Asia, and am very interested to build a prototype of a borderless peer-to-peer loan contract with social attestation.

In my field (student loans in Indonesia / Philippines), the average interest rate is 1.5% per month (18% annual) for an unsecured loan - for a college education that costs $2,000 over 4 years. Domestic liquidity is poor leading to high interest rates - sometimes as crazy as 1% per DAY for cash loans. Foreign capital is difficult to move in and out due to bank KYC AUML processes. The banking infrastructure sucks (we pay transfer fees on inter-bank and sometimes inter-branch transfers).

Real-life use case:

My friend I*** has gotten into Cornell University to do her Masters in HR - which will cost $60,000.

  • As an Indonesian, she doesn't have any student loan options in the US (no credit score, not a citizen)
  • Within Indonesia, banks lend at 8-18+% interest unsecured, which is crazy - and she will still incur a forex charge for moving the money to the US
  • She has a partial loan from mPower for $2X,XXX at an ugly interest rate (and crazy origination fee)
  • She still needs to raise the remaining amount

What I want to build:

I want to build a peer-to-peer borderless loan contract that:

  • Allows me (and others) to attest for her using our Linkedin / social media profiles - like Trusting Social
  • Allows her to put up her proposed loan terms (e.g. amortization schedule, grace period requests)
  • Allows people to fund the loan in Dai or other stablecoins (Paxos, USDC etc preferred as Dai is trading at 0.95)
  • She will repay by sending USDC to smart contract address each month. Smart contract will keep track of repayments and update amortization table, and apply late fees etc
  • Smart contract will pay loan dividend to each of crowdfunders upon each repayment

This can either be from scratch, or on top of existing credit-related protocols (e.g. Bloom, Dharma et al) and stablecoins (e.g. Dai, Paxos, USDC, TrueUSD)

My background:

  • CTO at a fintech company
  • Jack of all trades (preferred: React, Node, serverless framework, Truffle, Postgres, docker, kubernetes, Solidity or Vyper)

Who I'm looking for:

  1. Solidity dev - can interact w/ ERC20 contracts (e.g. USDC, Paxos, TrueUSD et al), familiar with testing and security (b/c we will be moving money)
  2. Frontend React + Web3 - building the loan frontend

Regardless of whether anybody joins in, I'll be building this by April 30th so we can give Ines a crack at college. Doing a Masters in the US is the type of life-changing event, and opens up all sorts of doors in the future. I think DeFi can step in where traditional finance can't.

Learn more on the Gitcoin Issue Details page.

4) tspoff has started work.

I'm working with @onggunhao on borderless peer-to-peer loans with social attestation.

Learn more on the Gitcoin Issue Details page.

5) firenomad has started work.

привет бро будет на следующей неделе

Learn more on the Gitcoin Issue Details page.

6) stefanionescu has started work.

Each member of the team is leading a different component of the product. @gulshan (https://github.com/gulshanvasnani) is the lead on smart contracts, integrating with Decentraland and implementing our own contracts to allow normal non-crypto users to invest in digital estates. @ryanpereira (https://github.com/pereiraryan) is the lead on the frontend side and developing a super clean interface to invest and check the land you own. @jules (https://github.com/julesGoullee) is the lead on the backend side, doing an awesome job in detecting the best LAND to invest in and collecting useful data from the Decentraland contracts. I'm bringing everything together by contacting possible advisors, mapping out the dev plan and also contributing on the blockchain and backend sides.

We already finished adapting the Decentraland contracts to be deployed locally, made an engine to detect the perfect LAND to buy and almost finished the first screen of our app. Next steps are to implement our own contracts, finish the remaining 2 screens in our app and finish the backend side to index data about land owned.

Learn more on the Gitcoin Issue Details page.

7) crisgarner has started work.

Ristretto Action Plan:

  1. Identify the different actors in the coffee value chain that give out credit
  2. Analize the different ways credit is allocated to coffee farmers
  3. Explore where financial reputation could challenge the traditional way of credit scoring
  4. Find the pain point where DeFi could have the most impact in the coffee value chain
  5. Do a proof of concept with coffee producers
  6. Test the product & evaluate our hypothesis
  7. BUIDL & ship

Learn more on the Gitcoin Issue Details page.

8) tobyjaguar has started work.

We have built Amerigo for this bounty, a Token explorer using Aleth.io APIs to query SmartPiggies tokens, giving users a real-time view of the SmartPiggies NFT global derivative market.

Learn more on the Gitcoin Issue Details page.

@rmshea
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rmshea commented Apr 18, 2019

hey all! have any questions for this one? discuss here :) https://discord.gg/gdM5vc3

@aj07
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aj07 commented May 1, 2019

PR https://github.com/aj07/Dcred

@gitcoinbot
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Issue Status: 1. Open 2. Cancelled

The funding of 24.0 ETH (5047.6 USD @ $210.32/ETH) attached to this issue has been cancelled by the bounty submitter

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⚡️ A tip worth 12.00000 ETH (2496.83 USD @ $208.07/ETH) has been granted to @wimanesti for this issue from @itsbdell. ⚡️

Nice work @wimanesti! To redeem your tip, login to Gitcoin at https://gitcoin.co/explorer and select 'Claim Tip' from dropdown menu in the top right, or check your email for a link to the tip redemption page.

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⚡️ A tip worth 12.00000 ETH (2496.83 USD @ $208.07/ETH) has been granted to @tspoff for this issue from @itsbdell. ⚡️

Nice work @tspoff! Your tip has automatically been deposited in the ETH address we have on file.

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⚡️ A tip worth 12.00000 ETH (2496.83 USD @ $208.07/ETH) has been granted to @adibas03 for this issue from @itsbdell. ⚡️

Nice work @adibas03! Your tip has automatically been deposited in the ETH address we have on file.

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⚡️ A tip worth 1.49000 ETH (310.02 USD @ $208.07/ETH) has been granted to @crisgarner for this issue from @itsbdell. ⚡️

Nice work @crisgarner! Your tip has automatically been deposited in the ETH address we have on file.

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⚡️ A tip worth 1.49000 ETH (310.02 USD @ $208.07/ETH) has been granted to @jdestephen for this issue from @itsbdell. ⚡️

Nice work @jdestephen! To redeem your tip, login to Gitcoin at https://gitcoin.co/explorer and select 'Claim Tip' from dropdown menu in the top right, or check your email for a link to the tip redemption page.

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⚡️ A tip worth 1.49000 ETH (310.02 USD @ $208.07/ETH) has been granted to @Struka9 for this issue from @itsbdell. ⚡️

Nice work @Struka9! Your tip has automatically been deposited in the ETH address we have on file.

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⚡️ A tip worth 1.49000 ETH (310.02 USD @ $208.07/ETH) has been granted to @bobbylicious for this issue from @itsbdell. ⚡️

Nice work @bobbylicious! Your tip has automatically been deposited in the ETH address we have on file.

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@rmshea @aj07 @gitcoinbot @katiejohnson