Blits - cross-chain one/eth atomic loans, stablecoin

we are exploring a grantee’s proposal to create cross chain one/eth atomic loans.

proposal
apply 8/9
start 8/17
amount $25k
users crypto: 1M
category defi: bridges, stablecoins, oracles
project
:family_woman_woman_girl_boy: emoji :zap:
name blits
x for y cross-chain one/eth atomic loans
1-liner cross-chain non-custodial harmony-backed loans with wallet interface (one/eth)
bio blits labs is a fintech / defi startup focused on building defi and remittance solutions for growth markets
deck https://drive.google.com/file/d/1jE1f78aHko1okbpSR200VaRx30ZS6_1b/view
pic https://drive.google.com/file/d/1x-6lmhTdbYsS4nzasN9pj1oxf--ZON5T/view
forum https://harmony.one/talk-blits
town mexico city, mexico: pst+2
governors
:notes: community :fire: vikram bhushan
:innocent: angels @Cryptotest14, @AFFUL1
:crossed_swords: captains :alien:mindstyle
:pick: validators :strawberry: FRESHONES: LONGEST CONTINUOUS 100% UPTIME OF ALL VALIDATORS
:woman_technologist: eng harmonauts :cricket_bat_and_ball: ganesha
:woman_astronaut: biz harmonauts :ocean: nick
current traction
demo https://xd.adobe.com/view/7ece24e8-706c-4b9e-b130-f0101b9135aa-2b9d/screen/8b597a43-9cea-4ef2-95b2-17e4de6d7e06/?fullscreen
prior grants / engagements tagbond wallet
team size 3
team cost, time commitment 50 hours/week/person
social: telegram, twitter 90 twitter
7-day metric targets
active users 1k
retention rate 50%
assets $10k
transactions 1k
volume $10k
6-week deliverable / milestone targets
1: testnet deploy contract on testnet: ui/ux mockups (wallet) / atomic loans smart contracts (test) / landing page / weekly article, web implementation of atomic loans
2: demo, ama wallet ui implementation (without functionality) / fetch balance, transactions, prices (wallet data) / weekly article, hrc20/hrc721 support, web implementation of atomic loans complete, walletconnect api integration - ONE wallet, math wallet
3: docs, blog mnemonic generation & import system / wallet creation (harmony & ethereum) / encrypt wallet / biometric & passcode authentication / weekly article, jelly swap and utrade integrations
4: mainnet deploy on mainnet (atomic loans): send functionality (one, eth, erc20) / scan qr code / receive funcionality / push notifications / weekly article, ens like wallet addresses, iphone face id login, ios/android support
5: users/assets 500 users: wallet integration with the atomic loan system (smart contracts) / weekly article
6: marketing create 500+ word article, announcement to harmony community, deploy to production (wallet functionality) / qa / weekly article / promotional video
artifacts
license MIT / BSD 3-clause or 2-clause license
site blits.net
blog https://medium.com/@blitslabs
code https://github.com/blitslabs
docker

Harmony Grants are to drive our platform’s mainnet utility :wrench:, decentralized community :family_woman_woman_girl_boy:, and cryptographic innovations :zap: — aligned with our 2020 roadmap on cross-border finance :money_with_wings: and auditable privacy :shield:.

Your grant and project are fully transparent to everyone. Details of all grants such as application materials, funding amounts, community discussions, governor decisions and wallet addresses are publicly available at harmony.one/open-grants.

2 Likes

looks good, i’m excited that blits has strong alignment with our cross-chain defi strategy and local expertise in mexico to help us think about engaging the community there.

2 Likes

Hello!

I am very hyped about this one as it can bring additional exposure and liquidity for Harmony, as well as bringing us closer to DEFI and even crossfi.

One question though - would it not make sense to have one dekstop wallet/app that would have all of these solutions inside (regular wallet, staking, atomic swaps/loans, dex, …)? I see some are already building their own so it would make sense at some point to merge them together.

2 Likes

Hello Harmonauts! We are very excited to contribute to this community. We are posting here some questions that were made in Telegram, where we detailed a little bit more about our vision of the project.

  1. Why does this need to be a mobile app?

The Atomic Loans protocol / system is a set of decentralized Smart Contracts deployed on the Harmony and Ethereum blockchains that allows users to perform cross-blockchain loans without a central actor, so everyone will be able to use it and implement it in their own wallets / applications like any other protocol. Our application is just a visual interface to interact with those underlaying contracts and we plan on releasing a web interface too.

Our vision is to create an easy-to-use DEFI “Super App” that allows novice blockchain users to have direct and intuitive access to Harmony and the DEFI ecosystem. Nowadays, the bast majority of users, especially in the developing world, are mobile phone users, so we believe that lowering the access barriers to these new technologies is of great importance. For example, in the case of making the Atomic Loans system only accessible through a web page would require users to additionally download Metamask and the Harmony browser extensions, complicating the experience and access for novice blockchain users even more than it is. With a mobile app interface, users will not be required to download additional extensions or applications, thus allowing them to have a more fluid and intuitive experience.

In the spirit of creating a Super App with multiple services or “mini apps”, we plan on integrating the other Harmony Grants projects and make them accessible through buttons in the main dashboard. For example, users will be able to use Jelly Swap to perform atomic swaps, or exchange HRC20 tokens using the Decentralized Exchange that is been developed by Sesame Seed. We want it to be a hub for the Harmony / DEFI ecosystem, as well as fintech and traditional financial services.

Finally, to complete the link between the traditional economy and the blockchain ecosystem, as well as to allow cross border payments / remittances, we have been working for the past several months to issue the first Mexican stablecoin (MXNX). We plan on issuing the first tokens on Harmony, and potentially Binance’s blockchain. Users will be able to acquire this stablecoin through bank transfers and thousands of convenience stores. In the beginning, the stablecoin will be similar to Tether and Rupiah Token, but we are exploring ways to make it decentralized.

  1. Do you need a bridge for DAI? How will you facilitate the lending and borrowing of DAI on Harmony?

We saw the news other day, and we are very excited because with DAI on Harmony it will be possible to not only borrow Ethereum tokens using Harmony as collateral, but also the other way around (i.e. lending Harmony-DAI and receiving Ethereum as collateral), making the system full circle. We would gladly integrate the system with the Harmony-DAI contract if its available.

  1. How will you facilitate the lending and borrowing of DAI on Harmony?

The Atomic Loans system implements atomic swap technology to allow market participants to create overcollateralized debt instruments across blockchains without a central party. The primary use cases for atomic loans are cross-chain interoperability and margin trading among others. It’s on based on the ”Atomic Loans: Cryptocurrency Debt Instruments” paper (https://arxiv.org/pdf/1901.05117.pdf)

  1. Phase 2: crossfi / HRC20 MXNX token / supported on-ramp payment methods

We have been working on issuing the first Mexican Peso-backed stablecoin, and we are planning on launching it 2 or 3 months from now, once we complete all the arrangements with our partners and infrastructure.

We believe this stablecoin will be of great importance to facilitate remittances and to allow the unbanked population of Mexico to have an easy and direct access to the advantages of the blockchain and decentralized finance ecosystem.

We have been following Harmony since last year, and we thought it would be a great blockchain to issue the first tokens along with Binance Chain. Now that we saw the Grants Program, we though it would be a great opportunity integrate these projects that we have been working on. We will support bank transfer payments as well as other payment gateways that will allow users to make payments from thousands of convenience stores across Mexico.

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Hi, thanks for your question and your interest in the project :grinning:

Our vision is to create an easy-to-use DEFI “Super App” that allows novice blockchain users to have direct and intuitive access to Harmony and the DEFI ecosystem. Nowadays, the bast majority of users, especially in the developing world, are mobile phone users, so we believe that lowering the access barriers to these new technologies is of great importance. For example, in the case of making the Atomic Loans system only accessible through a web page would require users to additionally download Metamask and the Harmony browser extensions, complicating the experience and access for novice blockchain users even more than it is. With a mobile app interface, users will not be required to download additional extensions or applications, thus allowing them to have a more fluid and intuitive experience.

In the spirit of creating a Super App with multiple services or “mini apps”, we plan on integrating the other Harmony Grants projects and make them accessible through buttons in the main dashboard. For example, users will be able to use Jelly Swap to perform atomic swaps, or exchange HRC20 tokens using the Decentralized Exchange that is been developed by Sesame Seed. We want it to be a hub for the Harmony / DEFI ecosystem, as well as fintech and traditional financial services.

Finally, to complete the link between the traditional economy and the blockchain ecosystem, as well as to allow cross border payments / remittances, we have been working for the past several months to issue the first Mexican stablecoin (MXNX). We plan on issuing the first tokens on Harmony, and potentially Binance’s blockchain. Users will be able to acquire this stablecoin through bank transfers and thousands of convenience stores. In the beginning, the stablecoin will be similar to Tether and Rupiah Token, but we are exploring ways to make it decentralized.

1 Like

Blits,

I really like your project. I hope you will be getting traction from Mexico market that’s nice to have for us .
My only suggestion is work on the deliverables bit smartly.

You could just focus on building the API’s/SMartcontract bridge to Ethereum.
Once you have achieved the core focus of app.

Stich it to the mobile wallet’s there are plenty of wallets in the community you could use from them, While your app is being developed.
I don’t deny the fact that you might have better UX than other apps and it could be game changing . But for Proof of concept you could use the existing ones.

I also don’t see any technical document, Did I miss it or it wasn’t presented so having a technical document explaining what smart contracts to be written or reused will be nice to have prior to confirmation of the grant.

Regards
Vicky

Thanks

2 Likes

Thanks for the proposal. Very interesting and useful. If I understand correctly, your platform does not require the existence of Ethereum<>Harmony bridge. If so, how will this platform co-exist with direct lending/borrowing platforms implemented on Harmony backed by bridged assets across chains? I recommend adding a couple of user flow diagrams or descriptions that clearly shows the technical aspects of atomic loan platform (for both lending and borrowing).

3 Likes

Thanks for the valuable input. We are working to describe a little better the deliverables and technical aspects of the project.

The Atomic Loans system that we are developing is based on this paper https://arxiv.org/pdf/1901.05117.pdf

And we are working to make material that explains the technical aspects more intuitively and easily.

2 Likes

Hi Ganesha, thanks for your valuable input. We are preparing a more intuitive description that shows the implentation that we’ll use, but if you are interested in reviewing it in more detail before we complete that, you can review the following diagram taken from the “Atomic Loans: Cryptocurrency debt Instruments” whitepaper.

Basically, we’ll use Hashed Time Lock Contracts (HTLCs) to allow users to perform non-custodial / trustless loans across multiple blockchains, similarly to how Atomic Swaps work.

1 Like