FreedFi - Freelancer DeFi Investing & Lending

Empowering Freelancers with 0% Interest, Talent-secured Loans 

Project Description

FreedFi is pioneering Freedom for Freelancers by revolutionizing the lending landscape. Our community lending infrastructure offers Talent-backed loans to skilled contractors. Leveraging decentralized finance strategies and Trust Credentials, we bring transparency, accountability, and real-time credit scoring to the lending cycle.

Join us as we shape the future of lending with a trustless, on-chain solution for DAOs, communities, member organizations and more.

Unique Value Proposition

FreedFi revolutionizes lending for freelancers by offering secure private identity verification, trust credentials, and seamless DeFi integration. Our platform provides enhanced privacy and security while enabling efficient fund management, skill verification, and transparent loan transfers, empowering freelancers and investors alike.

Advantages:

Enhanced Privacy and Security: By utilizing a DID solution for secure private identity verification, FreedFi ensures the confidentiality and protection of user information, providing freelancers and investors with peace of mind.

Trust Credentials and Skill Verification: The implementation of soul bound credentials ERC1155 (Skill & Trust) and ZK proofs for attesting to work history and training completion, FreedFi enables a robust vetting process that verifies freelancers' skills, enhancing trust and credibility within the platform.

Seamless DeFi Integration: FreedFi offers zero interest and no collateral loans by leveraging various DeFi solutions. The Defi Investmentment pool uses gains to reward investors for funding the future. We use 1inch API for DeFi swaps and have the infrastructure to enable mutliple stratedies like compound lending and more. This integration allows for secure and transparent fund management.

Trustless & Transparent: Smart contracts are used for loan requests, transfers and trust credential issuance. FreedFi ensures a seamless and efficient experience for both freelancers and investors.

Problems We're Solving

Freelancers face overwhelming difficulties in obtaining loans due to the absence of a steady work history, which hinders their access to traditional lending options. This hinders dreams of sustainable living, home ownership, car leasing and more.

Data on the challenge:

• According to a survey conducted by Upwork, 58% of freelancers reported facing challenges in securing financing due to the lack of a stable income source.
• The Federal Reserve's 2020 Small Business Credit Survey revealed that 70% of non-employer firms, which often include freelancers, experienced funding shortfalls, highlighting the struggle they face in accessing capital.
• A study by the Freelancers Union found that 63% of freelancers reported having difficulty obtaining a mortgage due to their irregular income, underscoring the limitations they encounter in traditional loan applications.

There is no decentralized lending platform that allows for private, uncollateralized loans. We aim to offer our solution to tight-knit communities that want to leverage DeFi bring credit capital and investment returns to members.

Smart Contracts

Trustless & Transparent: Smart contracts are used for loan requests, transfers and trust credential issuance. FreedFi ensures a seamless and efficient experience for both freelancers and investors.

GetaLoan.cairo https://github.com/CredLancer/freedfi_starknet_update/blob/master/smartcontract/src/get-a-loan.cairo

• Borrowers request, are approved, and payback loans.
• Investors approve loans and receive payback.

Interfaces.cairo https://github.com/CredLancer/freedfi_starknet_update/blob/master/smartcontract/src/interfaces.cairo 

Lending.cairo https://github.com/CredLancer/freedfi_starknet_update/blob/master/smartcontract/src/lending.cairo

• Lending contract with interaction with the lending platform  

Simple_Credentials_Verifier.cairo https://github.com/CredLancer/freedfi_starknet_update/blob/master/smartcontract/src/simple_credentials_verifier.cairo

• Trust Credentials are issued after loan is repaid. Python script determins the reliability score by calculating date of return compared to date due.

Contracts are deployed here:

GetaLoan.cairo: 

Interfaces.cairo:

Lending.cairo: https://testnet.starkscan.co/contract/0x04552edd70decc2bc95824ec7edf7a8b7f773924c372d17f08c4ec98ccc09f68

Simple_Credentials_Verifier.cairo: https://goerli.voyager.online/contract/0x06a9a6545383f454892fd013541e2c2b6d56be8cfa3aa83bf9a72cc745f4ebd3

Project structure

•  Identitfy Verification and Maliciious Actor Blacklist Security TBD
• Zero Knowledge Proofs for additional skill attestation (Reclaim Protocol) TBD
• Smart Contracts for trustless loan distribution and tracking.
• Erc1155 for Trust Credentials
• Defi Pool Strategies with Nimbora

Public and Private Payment Methods

As product is designed to be a public good infrastructure that can be applied to decentralized communities. This adds an additional layer of trust as members of communities are more likely to achieve good behavior.  Our initial focus will be integrating the best DID solution and KYC for those communities, possibly Web2 ones like alumni associations, that need KYC. 

We are also eager to consider a private version of this product where investments and loan quantities are private.