realChainLife
commented
1 year ago Hi @41hulk thank you for the proposal however we will not be funding the work outlined here. We'd be happy to eval a smaller scope proposal, for instance a microgrant proposal that focuses on the development of these smart contracts / NFT functionalities on FEVM. You can read more our SpaceWarp opportunities here.
41hulk
Open Grant Proposal: Spear
Name of Project: Spear
Proposal Category: `app-dev'
Proposer: 41hulk
(Optional) Technical Sponsor: n/a
Do you agree to open source all work you do on behalf of this RFP and dual-license under MIT or APACHE2 licenses?: "Yes"
Project Description
Sometimes accessing financial services like Loans and mortgages all around the world becomes more and more difficult sometimes due to unfair, origin, location, and predatory lending practices. When you are eligible for those services(Loan and mortgage) it takes months to get access to funds with high-interest rates due to system lags and old-fashioned lending systems.
According to Bloomberg In 2006, at the height of the boom, black and Hispanic families making more than $200,000 a year were more likely on average to be given a subprime loan than white families making less than $30,000 a year.
Post-Covid, 3.4% of white homeowners in New York said they were very likely to leave their homes due to foreclosure in the next two months compared to, 9.4% of Black homeowners, according to a recent U.S. Census.
SPEAR is a mobile app that provides decentralized private loans and mortgage services to low-income earners and underrepresented groups/communities without borders.
Where a loan seeker applies to different low-interest loan plans and we fund those loan plans with our fractionalized NFTs collectibles where a holder of an NFT is an investor and that NFT gives you a Return On Investment(monthly or yearly)
Value
IPFS can play a key role by storing important financial data and NFTs metadata making SPEAR more trustworthy and accessible for Loan seekers and Investors.
Risks if we don't get this right:
Execution risk:
Deliverables
There will be a native mobile app as a final deliverable
A User is able to signup/sign in and connects with a wallet as an investor or loan seeker.
As an Investor, you are able to navigate through different NFT collectibles and bid your share as an investor, view NFTs you are holding with statistics on your returns and monthly income.
As a Loan seeker, you are able to navigate through loan plans available, view loan and mortgage application status when approved you are able to view payment plans in your portfolio section
Development Roadmap
Milestone 0 estimated Time: 8 weeks (Jan 2023 - Feb 2023)
Milestone 0 Total Fund: $38000
Milestone 1 estimated Time: 12 weeks (March 2023 - May 2023)
Milestone 1 Total Fund: $78000
Milestone 2 estimated Time: 12 weeks (June 2023 - August 2023)
Milestone 2 Total Fund: $78000
Total Budget Requested
Milestone 0: $38000
Milestone 1: $78000
Milestone 2: $78000
Other
Deployment cost: $2000(e.g.transaction fee)
Legal&compliance consultant: $6000
Security Audit: $12000
Travel, Conference: $15000 (e.g. DEVCON2023, ETHConferences)
Total Fund: $229,000
Maintenance and Upgrade Plans
I am committed to maintaining the development of the project.
Team
Founder Guy E. Ntare
https://www.linkedin.com/in/ntare-guy/
https://github.com/41hulk
Relevant Experience
I've been involved in web3 From hackathons to working on real-world dApps, I worked with ETHGlobal as a support staff for their hackathons, as well as providing general support to their team and also participated in their hackathons like HackFs2022, ETHOnline which gave me a holistic view
I worked in web2 as a Mobile developer(Flutter) contractor until I migrated to web3 full-time. I was a Blockchain Engineer at Minority Programmers Association building Genedrop a no-code solution for artists to create, mint, and sell their generative art as NFTs across multiple blockchains.
Team code repositories
https://github.com/SpearFi
Additional Information
How did you learn about the Open Grants Program?: Past Grantee
Please provide the best email address for discussing the grant agreement and general next steps: gntare2@gmail.com