Visa Vault
An omnichain proof of funds protocol that enables interoperable lending. Doners can fund on any chain and developers can securely access liquidity for proof of funds
Project Description
The Visa Vault is designed to address the significant challenges African builders face in attending global events. These challenges primarily revolve around the stringent visa requirements that necessitate substantial financial proof. The project aims to create a seamless, omnichain solution to facilitate the verification and demonstration of funds across multiple blockchain networks, thus enabling 100 African builders to attend Devcon without the typical visa barriers. The need for a solution became evident when we considered the extensive time and financial resources required for visa applications with an African passport, often hindering talented individuals from attending significant events like Devcon. Our goal was to devise a method that leverages blockchain technology to arbitrage this proof of funds process. The Visa Valut protocol operates across multiple blockchain networks, accepting liquidity on any chain. This enhances security and reliability and provides greater flexibility in managing and verifying funds. In a future hackathon, the main feature to build is a direct debit mechanism through an oracle, to ensure funds can be off-ramped into traditional bank accounts and returned onchain.
How it's Made
Blockchain Networks: We are leveraging multiple blockchain networks (such as Ethereum, Binance Smart Chain, and others) to ensure the protocol is omnichain. This allows for a more robust and versatile solution through LayerZero https://layerzero.network/
Smart Contracts: Smart contracts are used to automate the processes involved in verifying and demonstrating funds. These contracts are designed to be secure, transparent, and tamper-proof.
Oracle Integration: Oracles are integrated to connect the blockchain with real-world data, enabling the direct debit mechanism to retrieve and verify funds accurately.
Decentralized Finance (DeFi) Tools: We are incorporating DeFi tools to securely manage funds. These tools allow for efficient handling of transactions and provide additional financial services including https://fiat24.com/
