Thank you for explaining it and as I am reading everything from your explaining I have questions, as you are working and developing the credit manager there is going to be increase in activity from the new users, how are you going to make sure that your platform infrastructure can very well handle that, thank you
Selecting Early Adopters:
Weāll focus on businesses that are open to innovation and can benefit from our credit scoring system. A first in my mind could be a local cafe/restaurant. Everyone eats/drinks and would appreciate deals for such. This type of biz usually starts small, growing their customer base with the desire to have many repeat customers and brand loyalty. If at least one is interested, we can then provide hands-on support with onboarding, and continuous feedback loops to refine the system based on their experiences, ensuring a smooth transition and compelling outcomes. @manfred_jr
@ines_valerie Scaling for Increased Activity:
Weāll keep computations that are expensive, offchain and maintain simple functions as much as possible in the contracts. If there happens to be extensive usage, onchain txn costs may still rise which wonāt make it feasible for doing small txns. Overall though at the contract level things should scale. Since some data needs to be stored offchain the costs are much lower and easier to scale that part of the infrastructure as required.
We will need to discover and implement new ways to scale the funding capacity from the credit managerās side of things (beyond just the proposed 20% in BTC) so that business borrowing capacity can be increased to make this a compelling product/service. That would come through growing usage and feedback thoughā¦
2 Likes
The choice to focus on local cafes or restaurants as early adopters seems ideal to me and is a strategic move, given the broad customer base and potential for repeat business in this sector, this approach not only showcases MintDealsā utility but also provides a solid foundation for refining the platform based on real-world feedback.
What specific onboarding strategies will you use to ensure these early adopters have a seamless experience? Are there plans to offer personalized support or incentives for their participation?
2 Likes
Thank you for your responding, I have read all of it and I am well inform now, please tell me as the usage grows, how will you manage and monitor transaction cost, thank you
1 Like
We appreciate the interest, feedback and these intriguing questions!
@manfred_jr weāre considering introducing a club creation fee to generate revenue + grow
the credit reserve + reduce spam club creation. Maybe a lowish cost of $5-10 usdd/usdt. If
we do something like that, then to help incentivize participation we could allocate a portion of prize funds(if we win), to onboard some early adopters. This could be our ādealā for them. As for potential club members/users we could share a portion of earnings with them to incentivise them to onboard businesses in their area. Beyond that, weāll have to come up with other strategies. Do you have any suggestions/ideas that we should consider?
@ines_valerie Once the contracts are deployed thereās little we can do to directly manage the transaction costs for everyoneā¦ However, once thereās ongoing usage and a buildup of resources earned through activity, we could offset some of the transaction cost at the contract level, so that the platform covers part of the energy, provisioning either via TRX staking for energy or energy rentals. On Tron this is possible to do for contracts, not the same case for EVM chains.
1 Like
This is as interesting as it gets, introducing a club creation fee is a strategic move to create multiple benefits like generating revenue, growing the credit reserve, and reducing spam club creation.
How will you ensure that the introduction of the club creation fee doesnāt deter small businesses from joining?
1 Like
I have taken my time for reading everything that you write and it is a really good one, I want to know how are you planning to make sure that the cost of energy will remain sustained in the long run, even as your platform has plenty transactions growth, thank you
Great questions!
@manfred_jr Yep its true that introducing that club creation fee will likely deter some from joining, but the reason and value for having such a fee would be worth it to others who join regardless. We just need to make the value proposition compelling enough.
A scenario: if Alice pays $5usdt to create a club and sets a membership fee to $10 and 2 users, Bob and Carol pay to join her club for her deals, Alice would now have 2 new club members + ~$11.2 accessible via credit loan (via $16 in collateral) + access to shared credit (via $4+ worth of BTC) if/when available. Alice already gains value potentially greater than the fee she paid to create her club. The platform also earns $5 which helps to keep it going like any other business + help co-fund the shared credit facility + help subsidize cheaper txns for others.
@ines_valerie as for the cost of energy, we canāt directly control that. If thereās alot of transactions that we canāt subsidise at the contract level, then users will have to cover the full onchain txn fees. If we were to also win the energy grant that would be a good boost though.
Based on our observation + analysis, thereās less than 4k unique users of JustLend. Some days the cost of transacting is higher than others but users would still have to cover the entire onchain txn fees. Itās valuable enough for users to keep using and what weāre building can make it valuable and beneficial to be used as a group.
1 Like
Project update to all: Smart contract R&D is progressing. Weāre nearing completion of the Credit Manager. There are still some considerations and modifications to be made/done before it can be considered ready. It currently supports borrowing + repayment mechanics, increasing/decreasing a userās credit score, determining the borrowing capacity of a user which factors in the score.
The contracts for the Club membership + Deal system are now completed (for now).
ClubDealRegistry is responsible for enabling users to create and join clubs along with creating, minting and confirming redemption of deals. Stablecoins that are collected via this registry are split to go to:
-1a) the CreditFacility on behalf of the club owner OR
-1b) directly to club ownerās wallet
-2) the CreditFacility on behalf of the Credit Manager.
MintDealsNFT handles the minting/burning of the NFTs representing the deals. Holders can request redemptions, which club owners can confirm from the ClubDealRegistry.
Our next steps are reviewing them again before deploying to Nile test for further testing and then integration into the frontend UI.
Weāll create a Gitbook docs site soon that will explain all the contracts in further detail.
Thank you for the support! 
I really get alot of value reading thru each and everyone of your responses, your approach to framing the club creation fee as an investment that delivers tangible value to users is well thought out, and also the scenario you provided with Alice, Bob, and Carol is a practical way to communicate the potential benefits, showing that the fee is not just a cost but a gateway to greater opportunities.
With the introduction of the club creation fee, how do you plan to allocate the funds generated? Will they primarily go towards the credit reserve, transaction cost subsidies, or other areas?
2 Likes
Ok I understand from your explaining but if you win in the energy grant how are you planning all your resources allocation, thank you
You are indeed welcome once again to season 7 of hackathon,
Please I have an important question that I really need to be clarify
What measures will you use in convincing local businesses to use MintDeals, considering they might not understand blockchain and DeFi,
And also how will you make sure itās easy for them to use.
Thank you
Thanks for the questions! Glad to know that our responses are appreciated
@manfred_jr Weāve outlined some potential areas where the club creation fee could be allocated, but weāre also open to feedback from the community to ensure the funds are used most effectively. Hereās a breakdown:
-
Increasing Shared Credit Reserves (BTC via Credit Manager): A portion of the fees could be directed towards bolstering the shared credit pool, potentially enhancing the credit limits available to businesses and improving overall platform liquidity.
-
Transaction Cost Reduction (Energy via TRX staking and/or rental): To lower operational costs for users, another portion may be allocated to subsidizing transaction costs.
-
Coverage for Defaults (Reserves): Building a reserve fund could be crucial for managing risks and ensuring that the platform remains stable and reliable, even in the face of defaults.
-
Incentivizing and Funding Improvements (Team Compensation): A portion of the funds could be used to incentivize the development team, ensuring continuous innovation and improvements to the platform.
-
Promotional Activities (Business Development): Investing in promotional activities and supporting earning via referrals will be key to driving user adoption and expanding our reach, ensuring that MintDeals continues to grow and attract new businesses and members.
Weāre keen on balancing these allocations to ensure the platformās sustainability and growth while also delivering maximum value to our users. Any thoughts or suggestions on this approach would be greatly appreciated!
@ines_valerie On Tron, its possible to configure contracts to cover a percentage of the transaction fees (via contract deployer address).
From Devpost:
TRON Energy Prizes (25)
ā¢ Track winners only
ā¢ Allocated after Milestone 2 (on or after Dec 2, 2024), please see the rules for full detailsā¢ $500 (Up to $6,000) USDT worth of Energy or Bandwidth issued initially then reviewed on a month to month basis due to energy usage of application.
Given this setup, we donāt anticipate needing extensive new allocation planning. We might set the cost coverage split at something like 50% contract, 50% user. This means that while resources last, MintDeals users could save 50% on on-chain transaction costs. If the deployer address runs out of resources, the system would automatically revert to users covering 100% of the costs.
@Okorie Our approach focuses on clearly communicating the value proposition and benefits of MintDeals to local businesses before getting to blockchain/defi. By using MintDeals, they can enhance cash flow, boost customer loyalty, and build a credit score that could potentially enable increased future borrowing capabilities. Weāre aiming towards making the platform simple and easy to use, with an intuitive UI and support to guide businesses through every step to show them that value.
While our initial target market is towards local businesses, we also see potential use cases of MintDeals for online communities. If MintDeals can be used by more than one market segment, then it can demonstrate to other segments whatās possible + benefits, which can be a good measure that assists with convincing and onboarding.
4 Likes
Oh wow, clearly your allocation plan for the club creation fee seems well thought out, addressing key areas that can enhance the platformās sustainability and appeal.
But this stirs my curiosity to the highest possible levels;
How do you plan to gather and incorporate community feedback regarding the allocation of the club creation fee? Would you consider implementing a voting mechanism to let users have a say in how these funds are distributed?
3 Likes
This is a very very interesting thing to read, please tell me are you going to set alert to make your team to know when resources are running low, thank you
1 Like
Thanks for these questions
@manfred_jr
In the early phases weāll keep it simple and decide within the team and also appreciate feedback here on the forums. Thereās no need nor demand to justify implementing voting mechanisms yet.
@ines_valerie
We can set up ancillary systems for alerts etc but thatās outside of the hackathon scope.
If/As MintDeals gets traction and usage then we can look at and implement many things such as these.
1 Like
Hey all!
Weāve updated our OP above with a link to MintDeals Gitbook docs site thatās a work in progress. This now replaces the Litepaper link that was there as content from the litepaper and more has been merged into Gitbook.
2 Likes
Your decision to keep the process simple and rely on team decisions along with forum feedback during the early phases is a sensible approach but it makes me more curious and Iāve a question bordering on your response;
How do you plan to prioritize the feedback you receive on the forums? Will you focus on the most commonly raised issues, or will you prioritize feedback that aligns with your strategic goals for the platform?
1 Like
Great question! Itās a mix of both. For example, if several users highlight similar concernsālike simplifying the platformās usabilityāweād prioritize those as they align with our broader strategy to enhance user experience. Additionally, for more specific issues, we might use forum polls to gather input. This approach is straightforward and effective, given that building a full governance system isnāt necessary at this stage.
1 Like
Hey all
Project update: The core contracts have been deployed to Nile testnet. Weāve added the link to the contracts repository on Github, in our OP submission above 
. The core functionality is operational on Nile using mock contracts to simulate JustLend interactions since there isnāt an existing Nile instance of JL. We also integrated Wink price oracle to get a price for BTC for use within the CreditManager.
There are some minor enhancements that could be done once thereās enough time to do so. Now, the focus is on integrating with the UI and making sure things work well there.
1 Like