P2P-CBDC (P2P-Loans)

P2P-CBDC / P2P-Loans

Financial inclusion through DeFi on the XRPL

No counterparty risk, near-zero fees and flexible terms - That's what financial inclusion on the XRPL looks like.

Inspiration

We want to transform the DeFi space — with P2P-CBDC we want to offer a service that changes the lives of ordinary people. We will bring DeFi to a point where an individual, a company or a financial institution can give Layla — a farmer from West Africa — affordable credit and change both of their lives. Layla is able to access financial services she may not have previously, and the lender changes the world for the better while earning interest.

What it does

Banking the Unbanked. It opens up the possibility of getting a loan for anyone with an XRPL account. Decentralized - Open Source - Fast - Simple - Low Cost.

How we built it

Using Hooks, XRPL.js and Angular combined with hundreds of hours of troubleshooting gives us the ability to offer DeFi with institutional-grade security on the XRPL.

Challenges we ran into

Developing on a blockchain in development has presented us with some challenges. Constantly changing fundamentals, adding features for which we have already implemented workarounds, a whole new way of programming smart contracts and much more... :grin:

Accomplishments that we're proud of

Together with the XRPL and its outstanding technology, we are able to empower people to transform their lives by providing them with the exact financial services they need.

What we learned

We learned a lot about Hooks, WASM, low-level C and NFT's on the XRPL. But most importantly, we learned how important the key features of the XRPL – speed, low fees, scalability, … – are in order to provide such services to the masses.

What's next for P2P-CBDC (P2P-Loans)

Hundreds of thousands of dollars in loans have already been processed on the test network without any problems. The next step is to have the code audited. Then it's time to wait for Hooks to go live on the main network.