Bitsave Protocol

Bitsave

WHAT IS BITSAVE?

Bitsave is a savings protocol that helps users save and earn in Cryptocurrency without losing their savings to Market volatility.

Github Link https://github.com/CryptoSmartNow/bitsave_lisk

BITSAVE SOLUTION (simplified)

Bitsave helps web2 users in African Countries escape inflation in their fiat currencies by saving in dollars.
The dollar is not easily accessible to the average African.
Bitsave helps users create an automatic recurring savings plan

We've seen newbies lose their savings like school fees, house rent, college funds etc to Crypto, we understand that people hear about crypto and want to rush in immediately.

With Bitsave, newbies and oldies can protect their funds from market volatility, while still earning interest in crypto, a protocol that works based on maths and economic formulas to set rates and pay interests.

HOW IT WORKS

Users typically save in a Stable coin, DAI, USDT or USDC

2 Users earn interest in a volatile token, typically the native token of the Bitsave Protocol.

Users can create a savings plan and make unlimited deposits to their savings plan, e.g., "Rent, School fees, Vacation" etc.
Users pay a one-time $1 fee per savings plan they create no charge on deposits.
Users forfeit a 1% - 5% deduction on their savings when they withdraw before their set date, they determine the penalty fee.

WHAT HAPPENS IN THE BITSAVE PROTOCOL

Users Create a Savings plan and deposit in a Stable Coin

Users aren't depositing into a pool like DeFi protocols that a hacker could access.
When a user is creating a savings plan, they're giving parameters for a child contract to be created under the Bitsave Protocol Parent contract which holds their funds and is only accessible by their wallet.

This makes it such that every user's savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn't have access to user funds, except they have access to user private keys.

Users' Interests
Interests are calculated using a number of variables and constants in the algorithm; -Simple interest formula -Bitsave Rate formula. -Bitsave has a buy-back mechanism that buys
Users' Savings Plans and Fees Users are charged a 1-time savings fee on savings plan creation (child contract), every fee is split in a 50:50 ratio, where 1 part goes to a buy-back wallet to buy back the protocol native tokens from any AMM or Dex in the native chain's ecosystem.

CONCLUSION Bitsave isn't just another product, it's a new value chain, The web 3 space is used to DeFi, and now we're introducing them to SaveFi.