DeMicroFi - Decentralized Micro Finance Loan

DAPP that facilitates Loan Process, no-required third party based on Ethereum Network. It has a mechanism to incentive good behaviour by giving users heart token which can be used to redeem coupon.

DeMicroFi Pitch Presentation

Authors

Authors: Abhay Deshpande and Teja Narasimha Reddy.

Email : [email protected], [email protected]

Problem Statement

• Micro financing through blockchain using Arbitrum can provide a revolutionary solution for refugees who struggle to make a living without proper identification, which makes it difficult for them to access traditional banking services. With Arbitrum's fast and secure blockchain technology, refugees can obtain micro loans without the need for collateral or a credit history, empowering them to start small businesses and become financially independent. * This innovative approach to financing can significantly improve the lives of refugees and support their journey towards self-sustainability. By deploying Arbitrum's blockchain, the lending process becomes transparent, secure and highly efficient, enabling lenders and borrowers to transact directly and transparently without the need for intermediaries. This technology also ensures that funds are distributed equitably, without the risk of corruption or misappropriation.
• Overall, micro financing through blockchain using Arbitrum has the potential to be a powerful tool for social and economic empowerment, enabling refugees to build better lives for themselves and their communities.

Proposed Solution

The emergence of Blockchain is a key to solve any intermediary-related problem. Lenders and Borrowers can communicate directly, all loan transactions are stored in immutable database. The comparision of non-Blockchain and Blockchain solution :

Non-Blockchain	Blockchain
Expensive traditional audit process	Small amount of money for gas fee
Truthless intermediary company	No need third party
Transactions can be manipulated	Tranparent and secure transactions

DApp Architecture Design

Technology

FrontEnd : React.JS, Javascript, Redux, Metamask, Core Wallet Extension, ThirdWeb SDK's

Smart Contract : Solidity

On Chain Database : Arbitrum Blockchain Off Chain Database : Firebase

Data Storage

On-Chain

• LoanDB.sol

  Name	Type	Structure	Visibility	Purpose
  debt	struct	{ address lender; address borrower;uint256 amountOfDebt;uint256 interest; uint8 loanState;}	N/A	Structure to store debt details
  LoanState	enum	{REQUESTED, FUNDED, PAID}	N/A	State of loan
  debtInfo	mapping	(bytes32 debtID=> debt)	private	mapping of debtID with the debt struct
  debtHistory	mapping	(address borrower => bytes32[] debtID)	private	mapping of borrower with debtID list
  lendHistory	mapping	(address lender => bytes32[] debtID)	private	mapping of lender with debtID list
  haveDebt	mapping	(address user => bool haveDebt)	private	checking user is having debt or not

• Wallet.sol

  Name	Type	Structure	Visibility	Purpose
  _deposits	mapping	(address user => uint256 amount)	private	the amount of money that user has

Off-chain

All user information and debt details are stored in Firebase Database.

/infor

• name.
• address.
• phone.
• userAddr.

/debt

• amount.
• borrower.
• debtNo.
• reason.

/coupon

• product.
• productCode.
• userAddr.

Smart Contract Architecture Design

DeMicroFi contracts was designed based on upgradable pattern.

Testing the smart contracts

Step 1 : Install Ganache (https://trufflesuite.com/ganache/)

Step 2 : Configure the Truffle Config file to connect to Ganache local environment

Step 3 : Run "truffle test" to test the smart contract

Network : Arbitrum Goerli TestNet

Deployed and Published Contract Addresses with ThirdWeb on , Goerli TestNet Network: Link

Future Goals

• Blockchain

  • Implemented contracts structure that can be upgraded.
  • Write Test Cases for Each Smart Contract
  • Incorporate all the functionalities into the frontend

• Front-end

  • Finished necessary pages.
  • Created better responsive pages for mobile and tablet.
  • Test cases for Front-end.

• Back-end

  • Scaling the data properly using Firebase Tools
  • Able to secure and efficiently store data on Firebase
  • Switch centralized database (Firebase) to decentralized database (IPFS).

Setting up project on local machine :

Step 1 : NodeJS Installation

Step 2 : Have an npm or yarn libary installed on the machine

Step 3 : install the dependencies using npm install or yarn add (Inside client as well as on the root folder of the repository)

Step 4 : Inside the Client folder, run "npm start" or "yarn start" to connect to localhost and run the project.