Borrowly
Borrowly is a fully uncollateralized debt protocol that allows people to borrow funds from their social network, effectively staking their reputation against the loan
Project Description
Intro Social Borrowing Settled On Chain
What we’re not Enabling finance within your socal network We’re not a solution for generating yield
Opportunity / Problem Social Borrowing Solution Enabling people to pay for significant life expenses, hospitals, weddings, first car, first deposit on a house, education & university, Small business solutions, startup.
Using a social networking protocol, borrowers broadcast their loan request to their followers (with loan details in a content post) and followers may opt to respond by lending at the requested rate.
How it's Made
Our idea was to use a social networking protocol to publish loan requests to the network, and use on-chain functionality to allow followers to service those loans directly - unfortunately we struggled to overcome some issues with the protocol we were using and weren't quite able to fully bring this idea to fruition.
