Going through cash flow challenges myself as startup founder, I was inspired to bring the best benefits of Bitcoin and cryptocurrencies to small businesses and specially for challenges without a solution in the market yet. Im very passioned about reaching 1 billion humans to use Bitcoin and Small Businesses are multipliers for mass adoption !
FactorX pays you money (BTC) immediately for your account receivables. It is a tool which allows you to get paid for your invoices in the form of micro-factoring or invoice factoring.
It is built using a simple smart contract to convert invoices (account receivables receipts) between users and their clients. Im using a multi-sig tool attached to the invoice generated by the user and accepted by the client, similar to the concept of an escrow in order to validate the invoice as a document and approving a payable transaction.
The biggest challenge I had was to make sure the invoices are real and the client will pay the invoice within the term. So, focusing on a B2B model where the subscribing company can pass a due diligence process or simple KYC will give us more guarantees. Also, choosing a specific industry or market niche like "logistics companies" or " retail supplies " may be the best way to start.
I am proud of working this solution alone because I have never presented a project without a team and Im very proud of being able to use existing tools to provide a solution which does not exist yet !
I have learn a lot about the new developments of Lightning Network and fascinated by continuing to work on it. My work on this project doesn't stop here, I want to continue learning and Im very exited about the possibilities to present this solution at MIT !
Im looking forward to find my team after the hackathon because unfortunately I was not able to find team members this time around. Also, targeting a particular industry where small businesses can really benefit out of this service is extremely important and I have a few addressable markets to start with.
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