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.
- 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.
- 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.
- 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)
- 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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