Proof of Reputation - Score and Loan Protocol

Soul-Bond token directly on your wallet, yep, it is working right now on mainnet.
Requesting a loan
Quests to be completed
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How Proof-of-Reputation Works?

Proof-of-Reputation: A Simple, On-Chain, and Transparent Loan Protocol for Underbanked Regions

Introduction Small and medium-sized businesses (SMBs) are the backbone of many economies, but they often face challenges in accessing loans. This is especially true in underbanked regions, where people may not have access to traditional banking services.

Proof-of-Reputation

Proof-of-Reputation is a new loan protocol that is designed to make it easier for SMBs in underbanked regions to get loans. It is a simple, on-chain, and transparent protocol that is based on the following principles:

Avoid complicated, bureaucratic, and lengthy loan application processes. All tracking is done on-chain using a Soul Bond Token.

If necessary, complete anti-money laundering (AML) procedures by completing quests for proof of identity, proof of citizenship, and other requirements provided by third parties. Allow anyone in regions with limited access to banking services to get a loan.

How to Get a Loan

To get a loan using Proof-of-Reputation, users must first create a score by completing quests. These quests can include things like providing proof of identity, completing educational courses, or participating in community events. Once a user has a score, they can request a loan. The interest rate for the loan will be based on the user's score.

Inspiration - Soul Bond Token

The Soul Bond Token is a unique feature of the Proof-of-Reputation protocol. It is a token that represents a user's reputation on the platform. The Soul Bond Token is stored on the blockchain and is publicly visible. This means that anyone can see a user's reputation score.

Challenges we ran into

Creating a clear path to making accurate loans to the right people and avoiding over-collateralized assets.
Consulted with multiple lawyers to understand AML and tax principles that could be related to the project and ensure compliance.
Evolved the idea in 48 hours to a gamified onboarding platform that could also be used to support individuals and SMBs based on their on-chain score.
Collaborated with developers in a different time zone (Latam) than the hackathon time zone (Europe).

Accomplishments that we're proud of - NEARCon 2023 Hackathon

We were able to create a working prototype on 48 hours!

At the NEARCon 2023 Hackathon, our team developed a prototype of the Proof-of-Reputation protocol. Our prototype allows users to complete quests and request loans on the BOS blockchain. We also developed a prototype of the loan UX/UI.

Team

Our team consists of three experienced members of the NEAR and DeFi ecosystems:

Yair Nava, a dApp developer with two years of experience developing on the NEAR Protocol, focused on smart contracts. Luis Daniel, a dApp developer with one and a half years of experience developing on the NEAR Protocol, focused on the frontend. Alan Estrada, a member of the Meta Pools team who has been involved in crypto and Web3 communities since 2017, focused on product development.

What's next for Proof of Reputation - Score and Loan Protocol?

We believe that Proof-of-Reputation has the potential to revolutionize the way that loans are distributed in underbanked regions. By making it easier for SMBs to get loans, we can help them to grow and create jobs.

Our next steps will be:

Complete the loan liquidity pool smart contract to enable loan issuance.
Develop a more user-friendly UX/UI to make it easier for non-Web3 users to create a reputation score and request a loan.
Partner with leading projects on the NEAR Protocol.
Explore new use cases for the reputation score.