LendingAid

• 

  Metamask Injection

Inspiration

Web 3.0 And DeFi - Removing the middlemen

Fast and Tranparent: Ethereum makes the entire process decentralized, where power is in the agreements of the contract. It offers transparency by connecting the borrower directly to the lender; with no middlemen involved. This process is automated and faster than traditional lending methods.

Fair: Since a hashed block is immutable, the agreed-upon interest rate cannot be increased later. The lender gets to specify the desired interest rate beforehand and the borrower gets to choose the interest rate they want from the ones offered by the different lenders in the market.

Repayment: A smart contract has forced arbitration measures to remove the worry of loan defaults. If the borrower does not repay the loan by the specified date, the lenders can auction off the collatoral.

What it does

People often get exploited by moneylenders/banks when borrowing money. High and unfair rates of interest, middlemen, and a process where the entire power lies in the hands of the lender leaves the borrowers vulnerable to exploitation. The entire process is very slow and requires a lot of manual work.

We propose a solution to this problem through LendingAid, a Decentralized Finance App built on the Ethereum Network. Allows Peer-to-Peer Borrowing at lower interest rates

How we built it

Ethereum Solidity Truffle MetaMask Ganache Web3

Challenges we ran into

Truffle/Ganache

Accomplishments that we're proud of

Works with Metamask wallet on Remix

What we learned

Solidity + Web3injection

What's next for LendingAid

Website

Built With

• ethereum
• solidity