adibas03 / enable-contracts

Contracts for the Enable peer-to-peer lending platform

Enable

Stablecoin loans with borderless credit scoring through social attestation.

Enable is a hackathon project that started during the Ethereal + Consensys Labs Open Finance Hackathon.

The team comprises of Thomas Spofford (USA), Anthony (Nigeria), Widya Imanesti (Indonesia) and Daniel Ong (Singapore).

See our progress

We are currently building in public:

Staging: https://enable-loans-staging.herokuapp.com/

Production: https://enable-loans.herokuapp.com/

Backlog: Github Project Board

Video Introduction

What is enable

Credit is fundamentally broken when crossing borders - Cameron Stevens, Prodigy Finance

Enable is a peer-to-peer stablecoin credit marketplace, that allows:

• Borrowers to access global loans marketplace
• Lenders to access funding opportunities globally

This solves a pain point in emerging markets, where loans are difficult to get and often come at high interest rates. This is even though some borrowers have high credit rating and scores.

Our 1st Customer

We are starting off with a concrete business use case - specifically, Ines' need to take a loan of $60,000 to go to Cornell University in the US.

Ines represents a reference customer that is stranded by structural inefficiences in traditional credit systems:

• She is the Head of HR of several notable startups and is going to a Cornell Masters that has expected graduation salaries of US$80k+
• Her credit score in Indonesia does not follow her to the US and she is not able to take a loan there
• Indonesia's domestic interest rates are very high (i.e. 12-30%)
• Private and state-owned banks in Indonesia are still in the infancy and do not have large amount, long-tenor loans
• She is unable to utilize social attestation (e.g. references from husband, colleagues who have worked in the US) as part of her credit score to potentially lower her interest rate

For Ines, being able to access a global credit marketplace will allow her to:

• Fair interest rates (given risk)
• No need to lose 2.5% in forex exchange

For lenders, they are able to access a lending opportunity that has:

• 6% effective interest p.a. over 10 year tenor (i.e. 30%+ returns)
• Reputation-staked loan (Ines' public identity as well as social attestors)

How we built enable

We utilized existing DeFi protocols, such as:

• Bloom for identity attestation
• OpenZeppelin's ERC20 for crowdsale contract
• Dharma's Loan Contracts for debt token issuance

Learn more at our wiki

How to participate

We are building in public - in line with the open source ethos of decentralized finance. Most of our discussions are tracked in Github issues, including business-related ones.

Deploying to Heroku:

As our repo is structured as a monorepo, the /app folder is the one that needs to be deployed to heroku.

Local machine

We need to tell git to push the /app subtree to Heroku. For more info: https://medium.com/@shalandy/deploy-git-subdirectory-to-heroku-ea05e95fce1f

git subtree push --prefix bloom-starter-react heroku master

Heroku Pipeline (CI / CD)

We currently use Heroku pipelines, and utilize subdir-heroku-buildpack to configure automatic deployments. For more info: https://github.com/timanovsky/subdir-heroku-buildpack

Step 1:

Step 2: Add this to Heroku's config variables: