TECHNICAL DEMO FOR MOTHERLODE: https://youtu.be/dl87mcoUuow

Inspiration

With nearly 80 percent of the Salvadoran population unbanked, bitcoin can offer the prospect of financial inclusion to millions. The Bitcoin Law was passed by the Legislative Assembly of El Salvador and President Nayib Bukele on 8 June 2021, giving the cryptocurrency bitcoin the status of legal tender within El Salvador after 7 September 2021.

Monolithic brick-and-mortars, malfunctioning ATMs and paperwork with third party middlemen like banks, insurance firms, or brokers to perform hedging, speculating, earning interest or collateralizing loans. Banks rely on opaque pricing and and structuring in hopes of widening marigins and face extremely high cost, fees and in-proportionate revenues. Censorship in developing nations can lead to capital controls, poor governance, and corruption costing the global economy $3.6 trillion dollars every year creating a high barrier to entry for small businesses. Female business owners have more difficulty opening bank accounts, loan applications, and insurance. They may not have access to banks, like using banks, or pass credit checks as easily.

What it does

Motherlode. A bitcoin-enabled NeoBank for small businesses in El Salvador.

The world’s first global bank? Bank the unbanked with our open accessible user-friendly Neobank interface. Anyone with a smartphone and internet connection can participate - increasing Bitcoin and crypto adoption.

Smooth KYC onboarding with Qredo to create account application help increase financial empowerment for everyone. For buisness security and safety, there is three factor verification: Person has a phone, person's fingerprint/ biometric, something the person knows like a pin. Backend API calls include Add KYC Check, Add KYC Document, Add KYC Media and Add KYC Status configurations.

Bank the unbanked with everyday tasks, like depositing checks or making peer-to-peer payments, via mobile or online banking from anywhere at any time. Motherlode does not have the costs associated with maintaining physical branches. Because of lower overhead costs, neobanks tend to offer higher interest rates to their customers. Fewer regulatory hurdles to clear - also often means easier account set-up and faster processing times. More time spent on financial education or budgeting features.

Become a liquidity provider or trader and participate in a community-owned DAO. Permissionless self-executing, automated contracts for on-chain conversions of assets without involving a middleman, intermediary, or centralized authority. Users have full control guaranteed to an immutable and traceable book of records for all transactions for swapping RSK ERC20 tokens and retain full control over financial assets to trade tokens without the use of an intermediary third party.

How we built it

Motherlode is a Neoank (Space) representing a financial institution, brand or organizational unit for small businesss owners. They can create a Bank Level Dynamic Entity, add counterparty financial metadata to store and retrieve custom data objects.Business owners can create customer account applications and update account application status for the legal entity that has the relationship to the bank. Ability to get tax residences, update the credit limit, and update the credit rating and source of a customer.

Governances tokens with 100,000,000 RSK tokens ($MLODE) in circulation, creating a positive feedback loop increasing DeFi asset valuations at obp-apiexplorer.bancohipotecario. Every Motherlode member has their own domain for on-chain identity ex: lucy.motherlode, alice.motherlode, or bob.motherlode.

RSK is the first general purpose smart contract platform secured by the Bitcoin Network and is highly compatible with the Ethereum network. Its engine is a forked version of the EVM (Ethereum Virtual Machine), and the RVM (RSK Virtual Machine) is compatible with Ethereum Smart Contracts and the tools used to deploy and interact with them. Records of successful movements of OBP transactions to and from each Motherlode banking account. Dynamic entities can be used to store and retrieve custom data objects or get transactions for account (full), update transaction attribute or answer transaction request challenges.

Oracle using API3 with financial price feeds and allows seamless connectivity between different banking parties. Self-custodial wallet and KYR with QRedo for buisness owners and move assets across L1/L2 networks for payments. Motherlode's Bitcoin-enabled native application connecting to El Salvado centralized financial system. Enables centralized banks to get digital assets ready and are the go-to provider for open banking using their APIs.

Challenges we ran into

  • Not connecting centralized finance products like QRedo and OpenBanking to RSK.
  • Creating RSK ERC20 tokens with 100,000,000 RSK tokens ($MLODE) in circulation, increasing DeFi asset valuations at obp-apiexplorer.bancohipotecario.

Accomplishments that we're proud of

Motherlode is a Neoank (Space) representing a financial institution, brand or organizational unit for small businesss owners. They can create a Bank Level Dynamic Entity, add counterparty financial metadata to store and retrieve custom data objects. Business owners can create customer account applications and update account application status for the legal entity that has the relationship to the bank. Ability to get tax residences, update the credit limit, and update the credit rating and source of a customer.

What we learned

KYC is interesting with nearly 80 percent of the Salvadoran population unbanked, bitcoin can offer the prospect of financial inclusion to millions. Every Motherlode small business owner member has their own domain for on-chain identity ex: lucy.motherlode, alice.motherlode, or bob.motherlode.

What's next for Motherlode

  • Refer to last slide
  • Wanted to add a physical debit/credit card to the mobile banking platform but ran out of time.

Built With

Share this project:

Updates