WhatLet

Watllet is an interface integrated with WhatsApp, allowing users to interact with their crypto wallets through text messages. This interaction enables the sending, receiving, and requesting of P2P loans among friends, while also providing access to the counterparty's credit score. Problem to Solve: LatAm Digital Economy First Principles Ease of Use: It should be so easy to use that we can onboard our grandmothers Verifiability: Any credit system should allow verification of a user's solvency. Privacy: In an ideal world, verification should not compromise an individual's privacy. Interoperability: The system should be compatible and easily usable by multiple DeFi protocols. Scalability: It must be efficient enough to handle a large number of users and transactions. Adaptability: Ability to update or change the scoring model as the DeFi ecosystem evolves.

Problem Decomposition Ease of Use How can we create an app that works even if you don't know Bitcoin or Ethereum? How do we give access to unbanked people to the digital economy? Verifiability How can we ensure that the data used to evaluate creditworthiness is accurate and true? How do we guarantee that users cannot manipulate their scores? Privacy How can we make users verify their solvency without revealing specific details about their transactions or assets? Interoperability How do we make different DeFi protocols accept and integrate our credit scoring system? How do we make different DeFi protocols build on pre-existing social relationships and integrate new users into the new financial system? Scalability How do we manage the growth in the number of users and interactions without compromising the performance or effectiveness of the system? Adaptability How can we update the scoring model and associated metrics without interrupting the service or accuracy? Possible Solutions from First Principles Ease of Use: Use Account Abstraction to create Smart Accounts for users and avoid dealing with Wallet Based accounts. Use gas abstraction to simplify the use of web 3 protocols under the assumption of Moore's Law. Verifiability: Use machine learning algorithms to evaluate the history of interactions with DeFi protocols and use zero-knowledge proofs to verify claims without revealing details. Privacy: Implement zero-knowledge proofs (ZK-proofs) that allow users to prove attributes about their transactions or portfolios without revealing the underlying details. Interoperability: Develop an open and well-documented API that allows other DeFi protocols to interact with the credit scoring system easily and securely. Scalability: Utilize ZK-Rollups or other scaling layers to handle a large number of transactions and calculations efficiently. Adaptability: Design the system with the ability to update through a decentralized governance mechanism, allowing changes to the scoring model and other key parameters. By addressing each of these principles methodically, we can begin to form a robust solution for a decentralized credit scoring protocol. Technology Stack Technology Stack To address the challenges mentioned above, we propose using the following technologies: Smart Contracts: We will use Solidity and EVM compatible chains to implement the smart contracts that will serve as the core of our DeFi protocol. Machine Learning Algorithms: We will utilize machine learning libraries such as TensorFlow or PyTorch to train models that can evaluate the creditworthiness of users based on their history of interactions with DeFi protocols. We will use LLMs to allow users to interact with natural language. Zero-Knowledge Proofs: We will implement zero-knowledge proof libraries such as zk-SNARKs or zk-STARKs to enable users to prove certain attributes about their transactions or assets without revealing sensitive information. APIs and Interoperability Protocols: We will utilize standards such as ERC-20 and ERC-721 to facilitate interoperability with other DeFi protocols. Additionally, we will develop an open and well-documented API that allows developers to easily integrate our credit scoring system into their applications and protocols. Scaling and Efficiency: We will consider implementing scaling solutions such as ZK-Rollups or sidechains to handle a large number of transactions and calculations efficiently, minimizing costs and network congestion. With this technology stack, we will be prepared to address the challenges posed and build a decentralized credit scoring protocol that is verifiable, private, interoperable, scalable, and adaptable in the DeFi ecosystem.