Banktive

Inspiration

More and more digital banks and neobanks are appearing to reach more people and facilitate access to finance, but they do not solve the problems of traditional banking (high costs, difficult access requirements for people outside the banking system, custody of the money, among others). For this reason, thanks to the Cosmos ecosystem, we believe that it is possible to create a complete neobank on Web3 that allows easy access to decentralized finance in one place, without having to divide between different dApps (which means that many users do not know or feel motivated to use them due to the dispersion of options for each activity they want to do).

What it will do

Banktive will be the first Neobank built on the basis of the Injective Protocol, being more inclusive than the new digital banks that are appearing (there are no KYC requirements to participate), allowing anyone to manage their accounts, invest their money according to risk, make and receive payments, and more. The modules you will have are:

• Account management: Through connected wallets (Metamask, Keplr, among others), review the different available accounts (in Ethereum and Injective Chain), account status, and transfers made and received.
• Payments: sending and receiving money, both immediate and "Buy now, Pay later" if the account has a history to check and enable this option.
• Recipient agenda: Using Payment Pointers and smart contracts, store frequent recipients in sending payments, facilitating the process.
• Asset Exchange: Decentralized and cross-chain exchange (on Ethereum and Injective Chain) to carry assets.
• Investments: Invest in savings accounts (for low risk) and mutual funds/derivatives (for higher risk exposure).
• Loans: According to the on-chain profile of each account, the option to request loans. In connection with the Investments module, for users who invest in savings and receive income for lending their assets.

Additionally, for these modules, we will use stablecoins (created by us) for greater liquidity and use, not only replicating USD, but also EUR and other currencies, starting with the Latin American ones.

How we will build it

Using Injective Protocol, with its SDK in TypeScript for each part of the app, initially focused on a Web app, and then porting it to a mobile app. The modules that we are going to implement are:

• Tokenfactory: We create a stablecoin for each country (we will start with a few) in order to send and receive payments in that new token for each user, also for exchange on the Exchange. We will start with USD, EUR, CLP (Chile), and some more with a focus on the Latin American market.
• Peggy: For sending and receiving tokens between Ethereum and Injective Chain, and connected to the available wallets, such as Keplr and Metamask.
• Exchange: We will allow each user to exchange tokens on the Injective network, either with native or ported tokens through the Peggy module, including created stablecoins.
• Insurance: We will use this module to enable investments and loans for users, in particular, we will enable a savings section for low-risk investments, and for users who want greater exposure to risk, "mutual funds" replicating a derivatives market based on a basket of assets (stocks, commodities, crypto, among others).

In addition, we will use the vast majority of the Injective Core modules (such as bank, distribution, and more) since they will support the construction of the different functions.

Challenges we ran into

I am learning about each part of the Injective Protocol, and I realize that it has everything to build Banktive, now the biggest challenge we are working on is putting together an architecture that integrates each module in an efficient way for the end user, since there is no It is not just about adding different functions in a single app, but about efficiency to encourage users to use Banktive as a decentralized financial platform. Also, preparing everything with Typescript, although I have experience, I am not an expert and I am analyzing some parts to optimize them (without neglecting that I am thinking of an MVP and not everything has to be perfect).

Accomplishments that we're proud of

Learning a lot about Injective Protocol these days. But sadly no time to build an MVP in the early days of this hackathon.

What we learned

I didn't have much knowledge about Injective Protocol other than its usefulness to create a DEX, but by exploring all the documentation, I learned that it is possible to build a neobank using this blockchain, without the need to create a blockchain from scratch (or another appchain with Cosmos). , already taking advantage of the ecosystem of this protocol.

What's next for Banktive

My goal is to build Banktive during this year 2023 and to be the first neobank in Latin America built in the Cosmos ecosystem. I am assembling the work team and starting the development of the MVP.

Built With

• injective