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Consensys / Global-Community-Relay

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20 ETH - Build and Validate Your Open Finance company #1

Open zherring opened 4 years ago

zherring commented 4 years ago

The rules of our economy were written for a different century. Individuals have gained access to move money easily within their own country, due to federal laws and national banks. Additionally, communities are becoming more global and inter-continental transactions continue to increase.

And yet, individuals are significantly penalized for the cost of transacting globally. Consumers will pay $30 billion in fees just this year to process transactions, which will be pocketed by intermediaries like banks and governments. The unbanked are unable to conduct transactions due to a lack of credit score, and countries with high inflation currencies will be trapped utilizing a worthless asset.

Crucially, blockchain technology is uniquely positioned to create a more open, more equitable, and more effective banking and financial infrastructure as people, goods, and currency move throughout the world. We are looking for entrepreneurs and builders to design these new protocols and financial instruments for global financial activity. We leave it to you to design the new conditions for global financial activity, and offer the following provocations as a place to get started:

How might we design custom financial solutions for individuals transacting in a global market?

Examples: Only charging transaction fees for transfers between people that don’t know each other on the platform and a higher burden of proof for platform “Friendship,” creating a complete picture of someone’s financial history that considers all transactions including paid and requested transactions, allowing transactions for unbanked or populations without government-issued identities.

How might we reinvent the definition and evaluation of financial risk? Examples: Gamifying assessment of risk tolerance, humanizing the process of smaller sized financial risks under a certain dollar threshold, leveraging a combo of local experiences and ever-present technology to make educated bets around financial risk.

How might we encourage experimentation and education with DeFi?

Examples: Allowing users to model out investment profiles and risk tolerance with crypto, creating learning experiences utilizing low-stakes testnets experiences that can be tied to crypto onramps services.

Validation Requirements

“Everyone has a plan until they get punched in the face.” - Mike Tyson

We’re raising the bar with this hackathon. While user validation was strongly encouraged in previous Relays, this time it’s a requirement. Why? Because even the best ideas change dramatically when they meet the reality of what people really need.

Link to Labs Video Series Successful applications will be expected to produce user research in the form of videos and/or transcripts, included in the submission.

Submission Requirements

Winning Submissions will make the most compelling case for their project with:

Submitting Open Finance Bounties - Details and Instructions

Important note: All submissions will be required to supply your full name + address + email.

Review the Submission Review the submission instructions on the readme.md on the Road to DevCon Relay repo.

Submission Deadline All bounty submissions must be received no later than 11:59 PM EDT on December 17th, 2019 to be considered.

Judging Date Projects will be assessed from December 16th to December 21st, 2019, and winners will be announced by Gitcoin and Labs.

Winning Submission Examples & Prizes

Win $$ and an opportunity to receive further funding in the Labs Micro-Grants program.

First place wins 20ETH 2nd Place wins 10ETH

Winners also get

  1. Eligibility to win the Best-in-Show UX Prize, also sponsored by ConsenSys Labs

  2. ‘Access to the Relays Alumni Network

  3. Eligibility to apply to the Labs Micro-Grants Program

Examples of previous Relays Winners…

gitcoinbot commented 4 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 0.001 ETH (0.15 USD @ $147.72/ETH) attached to it.

gitcoinbot commented 4 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work has been started.

These users each claimed they can complete the work by 2 years, 2 months ago. Please review their action plans below:

1) thesachinmittal has started work.

Have been waiting for this! Will build a protocol around programmable interest! 2) viraja1 has started work.

Will work on Open Finance related product 3) kwikiel has started work.

more details soon.......................... 4) kadenzipfel has started work.

I will build a protocol to allow users to easily reduce risk taken when investing in DeFi protocols. 5) michaelcohen716 has started work.

Build a permissionless, leveraged p2p forex trading dapp using Chainlink 6) xvettex has started work.

I'll create offchain exchange.

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented 4 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 0.001 ETH (0.12 USD @ $124.11/ETH) has been submitted by:

  1. @michaelcohen716
  2. @xvettex
  3. @kadenzipfel
  4. @viraja1

@connoroday please take a look at the submitted work:

gitcoinbot commented 4 years ago

⚡️ A tip worth 10.00000 ETH (1334.39 USD @ $133.44/ETH) has been granted to @michaelcohen716 for this issue from @zherring. ⚡️

The sender had the following public comments:

Open Community Hackathon ConsenSys Labs Open Finance Bounty - 2nd Place

Nice work @michaelcohen716! Your tip has automatically been deposited in the ETH address we have on file.

gitcoinbot commented 4 years ago

⚡️ A tip worth 10.00000 ETH (1334.39 USD @ $133.44/ETH) has been granted to @man-jain for this issue from @zherring. ⚡️

The sender had the following public comments:

Open Community Virtual Hackathon ConsenSys Labs Relays Open Finance - First Place

Nice work @man-jain! Your tip has automatically been deposited in the ETH address we have on file.

gitcoinbot commented 4 years ago

⚡️ A tip worth 10.00000 ETH (1334.39 USD @ $133.44/ETH) has been granted to @thesachinmittal for this issue from @zherring. ⚡️

The sender had the following public comments:

Open Community Virtual Hackathon ConsenSys Labs Relays Open Finance Bounty - First Place

Nice work @thesachinmittal! Your tip has automatically been deposited in the ETH address we have on file.

gitcoinbot commented 4 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This Bounty has been completed.

Additional Tips for this Bounty: