BooFi

BooFi is a decentralized financial inclusion platform designed to make crypto-finance accessible and easy for everyone, particularly in emerging markets. The idea is to create a one-stop-shop where users can manage their finances seamlessly across traditional banking systems and the blockchain world. Think of BooFi as your friendly ghost that guides you through the spooky world of savings, payments, remittances, loans, project management and DeFi (Decentralized Finance).

The Vision: Notion for Web3 and Fintech

What makes BooFi special is its focus on accessibility and financial empowerment. Starting from i18n internationalization, we can segment user's fintech providers based on location. Whether you’re sending money to family, thinking about taking out a micro-loan, or simply tracking your expenses, BooFi brings all these tools together in a user-friendly interface. We’ve integrated advanced technologies like the Peanut Protocol for link payments on Base and Optimism mainnet with multi-chain claiming links, Minipay for micro-payments on Celo, and a not-so sophisticated (but could become so) credit scoring engine that leverages both traditional banking data and blockchain activity to assess creditworthiness and creates an Attestation with an expiracy date for a given credit score. Our aim is to provide a robust and inclusive platform that empowers users to take control of their financial future, no matter where they are.

Building BooFi was all about combining the best of both worlds—traditional finance and the blockchain. We started with Next.js 14 for the frontend, which gives us a fast, responsive, and dynamic user interface while leveraging server actions to create typescript based backend interactions with great performance on APIs and Webhooks. The backend is powered by Appwrite for fintech and NeonDB for crypto transactions, ensuring our data management is both secure and scalable.

One of the coolest parts of BooFi is the mirror pipeline we developed for syncing transaction data using Goldsky from the Base and Optimism blockchains with our PostgreSQL database on NeonDB. This setup allows us to provide users with a detailed transaction history, whether they’re dealing with crypto or traditional bank accounts. To gather financial data, we integrated Plaid, which fetches banking information, while Goldsky indexes blockchain activities.

For identity verification, we used Worldcoin ID, which integrates seamlessly with NextAuth for secure and sybil-resistant sign-ins and verifications depending on the business logic. As such, we integrated both verify merkle root proofs and sign in with World-In into our session provider alongside Dynamic wallet. We also built a credit scoring engine in Python that processes all this data to generate a credit score formatted according to the Ethereum Attestation Service (EAS) schema. This allows users to potentially access micro-loans based on their financial behavior across both worlds—blockchain and banking, opening the doors to undercollateralized DeFi loans.

On the blockchain side, we’ve integrated Peanut Protocol for secure link payments and Minipay for Celo micro-payments, even detecting users on Opera Mini to ensure they have a smooth experience. As mentioned, our wallet integration is handled by Dynamic, which supports multiple chains, giving users the flexibility to manage their crypto assets easily and connect multiple wallets to BooFi as a multi-purpose financial application.

In short, BooFi is a hacky blend of cutting-edge tech, aimed at solving real-world financial problems in an inclusive and user-friendly way. Every piece of the puzzle, from the credit scoring algorithm to the transaction mirror pipeline, is designed to bring financial transparency and accessibility to users, no matter where they are or the language they speak.