Taking micro-loans is often a painfully slow and costly process due to administrative procedure with financial institutions and conversion fees for international loaners.
In addition, many Canadians today don't have a solid understanding about the implications of borrowing loans from banks and other financial institutions. Concepts like debt and interest accumulation are extremely important when managing one's finance and its often too late for Canadians when they understand how interest can accumulate.
What it does
(Not So) Lone Shark is a peer to peer micro-loaning using bitcoin for both experimenting with interest accumulation and making passive income. Users can request loans of up to $100 CAD and can also loan money to other users, collecting interest compounded hourly after the loan is made. This offers an incentive despite loaning to strangers: the ability to generate passive income with very little risk.
The benefits of (Not So) Lone Shark is that its use of a decentralized currency allows for 0 conversion fees (other than a fixed ~ 5 cent transfer fee) and can be done instantly online.
In addition, whenever a user makes a request for a loan, it prompts the user with a timeline of how interest will accumulate per hour to educate the user on how interest accumulation works to gain first hand experiences with loans and time budgeting.
How we built it
The project is also hosted on Meteor's Galaxy Platform for fast computation speeds and reliability.
Challenges we ran into
Block-chain technology is quite complex; its transactions and the user’s wallets ultimately remained external to our application, and this compromises the original ideal of completeness that we sought. We had looked into different implementations of Ethereum, but it was of not much help.
Accomplishments that we're proud of
Within the timespan of 36 hours we were able to create a project that encompasses tackling advanced concepts like block-chain and micro-financing. It was an ambitious project and we take pride in being able to undertake it.
What we learned
Meteor and React have different methodologies that lead to conflicts within implementation, as a result the implementation of our application was a rough track, and this can be avoided had we utilized BlazeJS over ReactJS.
What's next for Not So Lone Shark
Implementing blockchain technology into the application itself, whether in the form of creating our very own cryptocurrency or utilizing another platform like ethereum/bitcoin, and completely incorporating that transaction into our program, to allow for better security in transactions.