MUX-UR-ASEET

MUX-UR-ASSET is a decentralized, safe , secure, transparent and risk resistant P2P lending application open to borrowers and investors.

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Inspiration

The problem

There are many issues with Traditional P2P lending like all control is in with a centralized ledger which is risk prone, not transparent and too boring. So the idea emerged with building a more decentralized, transparent, risk resistant and exciting fun to use application for P2P Lending with XRPL.

What it does

Basic Overview

MUX-UR-ASSET application is basically P2P lending platform, which connects investors/lenders with borrowers There are five main aspects in MUX-UR-ASEET

  1. Decentralized and Transparent P2P lending
  2. Request/Fund any loan of your own choice
  3. Filter and distribute your funding amount amongst a bucket of loans (Layer 1 Risk Resistance)
  4. Our funding algorithm reduces chances of loan defaulting (Layer 2 Risk Resistance)
  5. Our UI/UX makes the entire experience fun!

User Tour

Borrow

  1. Visit our MUX-UR-ASSET platform and register your XRPL account address
  2. Deposit Collateral in form of tokens , user can deposit more than 1 type of collateral.
  3. Place a Loan request with all the details including the collateral you want to stake for the placed loan
  4. Track all your loan requests

Lend

  1. For lending, you don't need to register your account, the moment you lend, we register you as a lender in our database.
  2. Search and filter for loans depending on what currency code you want to lend.
  3. Select the bucket of loans you want to fund along with your funding amount.
  4. Track your funded loans.

Note

  1. MUX-YOUR-ASSET is currently available only with 3 token - XRP, MUX, XUM
  2. At present, A lender cannot do cross currency payments , means he/she can only lend token A to a borrower who has requested token A.

How we built it

  • We built it using Next and React on the frontend
  • On the backend we used, Mongodb and mongoose
  • We used client side libraries like XRPL and XUMM for authentication, and for signing and submitting transactions on XRP Ledger.

The entire database design, UI/UX and XRPL blockchain ledger were fun to use.

Challenges we ran into

There were two main challenges we ran into

  1. The database design was very complex, we had to modify our database designs multiple times to fulfill XRPL and user needs
  2. Using XUMM API for XRPL transactions was also tough foe us, as we were getting ourselves familiar with XRPL technology for the first time ever.
  3. Cross currency payments were also tough to implement for us as there were no token offers for the newly created tokens (MUX & XUM) in the XRPL AMM DEX.
  4. We also spent a lot of time to implement the *two layers of risk resistance *(Filter and select a bucket of loans , Funding Algorithm to distribute funding amount optimally)

Overall, We enjoyed a lot tackling all these challenges and building a full stack working application.

Accomplishments that we're proud of

We are proud that we built a full stack working decentralized P2P platform which users can use for safe, secure, transparent and risk resistant P2P lending.

What we learned

We learnt a lot about :

  • XRPL and XUMM API in depth
  • How the entire XRP ledger works along with its cores features like inbuilt DEX/AMM, cross currency payments made easy on XRPL, rippling, etc...
  • Mongodb and optimal Database design

What's next for MUX-UR-ASEET

I am serious about MUX-UR-ASSET because the problem is real and has not been solved yet optimally. I strongly believe that using the potential features of XRPL like inbuilt AMM and DEX and Cross currency payments, XRPL can further be improved and deployed for users to use it on XRPL mainnet.

There are few things that are still pending and I want to work on it further for a fully deployable application:

  1. Implementation of Cross Currency Payments so that there shouldn't be ant restriction to lend or borrow.
  2. Auditing for any potential security risk
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