Xscrow

65% of LatAm population is unbanked. Our aspiration has been to create a solution that increases access to credit for individuals who are unbanked or do not have a credit history. We designed this solution to enable financial institutions to offer credit without taking on unnecessary risks.

This project aims to allow traditional financial institutions to expand access to credit for individuals without a credit history. Our platform is highly secure and transparent, built on blockchain technology, and enables these institutions to create personalised guarantee contracts, known as Xscrows.

We built a dApp that uses chainlink oracle to provide smart escrow service to financial institutions who wish to grant credit to individuals with no credit history. Sort of the escrow infrastructure for the credit industry as Chainlink is for the oracle service.

With this solution, individuals who were previously unable to obtain loans or credit cards due to a lack of credit history can now do so. By depositing a guarantee in the Xscrow contract, a decentralized credit history is built, allowing these individuals to access credit in the future.

The platform is easy to use and customizable, with business rules defined through the API that interacts with oracles. This means that financial institutions can create rules that contracts resolve for their clients. All of this is achieved through a user-friendly dApp that is accessible to everyone.

It works as follow: 1- The financial institution connects to the dApp, uploads the information to configure the Xscrow and with a transaction deploys the contracts on the blockchain. The dApp displays the address of the deployed contracts for further management. 2- The financial institution provides users with the address of the contract via the interface they are accustomed to using. 3- Users make a stablecoin deposit to constitute the collateral. 4- The institution grants the credit in local fiat currency to the users 5- Users cancel off-chain the debt and request the return of the collateral funds. The escrow contract communicates through the oracle with the financial institution's backend API to verify the cancellation of the debt. In case of verifying that there is no debt, the user redeems the funds, otherwise, the funds remain in the contract until the credit is paid in full

The dApp was developed using the Ionic framework together with Angular. The connection options are provided with web3modal wallet connect and you can use any wallet that allows this type of connection, such as Xcapit Wallet. For interaction with the blockchain we use ethers js. The dApp allows easy deployment and configuration of the contracts that compose the Xscrow.

The contracts were developed using hardhat, openzeppelin contracts and chainlink contracts. The main contract, the factory, is the one used to deploy and configure what we call Xscrow which is composed of two contracts, an escrow and an oracle. This pair of contracts, escrow and oracle, are configured to be able to interact securely with each other, they also have ownership control so that only the owner can perform updates and/or certain actions if necessary.

Built with: Ionic, angular, ethers js, hardhat, openzeppelin, chainlink, solidity, remix, github.