You are highly welcome, wish you all the best
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Can you explain the process for verifying invoices, and what measures are in place to prevent fraud?
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Entonces sigue como el sistema tradicional, sin dar oportunidad a empresas que probablemente no tengan un historial crediticio.
Y para las nuevas empresas que precisen de un crédito ¿como se evaluarán?
Gracias
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Thanks for your response, I got two questions moving forward;
How does myFend ensure that businesses with good credit scores maintain their creditworthiness over time?
Are there any contingency plans in place to mitigate risks to investors in case a funded project does not meet its repayment obligations?
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We will be creating smart contracts for every invoice that is created on the platform. The contract will include the terms of the invoice, such as the amount, due date, and payment details. The invoice data will be input into the smart contract, including the invoice number, date, and amount due. The smart contract will verify the invoice data against the pre-agreed terms, ensuring that the invoice is valid among all users. If the invoice is valid, the smart contract will automatically initiate payment processing, transferring the agreed-upon amount to the supplier’s account. The smart contract can record the transaction and provide confirmation to both parties that the payment has been made.
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Thanks for the clarification, goodluck.
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Disculpas ya que la respuesta anterior no era aplicable. Crearemos contratos inteligentes para cada factura que se cree en la plataforma. El contrato incluirá los términos de la factura, como el monto, la fecha de vencimiento y los detalles del pago. Los datos de la factura se ingresarán en el contrato inteligente, incluido el número de factura, la fecha y el monto adeudado. El contrato inteligente verificará los datos de la factura con los términos acordados previamente, asegurando que la factura sea válida entre todos los usuarios. Si la factura es válida, el contrato inteligente iniciará automáticamente el procesamiento del pago, transfiriendo el monto acordado a la cuenta del proveedor. El contrato inteligente puede registrar la transacción y proporcionar confirmación a ambas partes de que se ha realizado el pago.
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Apologies for the late response 
It’s important to note that recovering funds from a borrower in the event of bankruptcy can be a complex and challenging process, particularly in the context of DeFi. It’s important to do your due diligence before lending funds and to carefully consider the risks involved. As the solution evolves we will come up with a strategic method of recovering funds where we can and in rare cases, it would be termed as a bad debt. As a business, we would have strategic insurance in place to protect all parties involved.
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Gracias por su aclaración, me parece una manera de proceder muy correcta.
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Nice project! Congratulations!
Just one comment regarding the website design, it might need a little bit of modernization it’s a bit sad for now
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Thats very nice and thanks for the clarification, i think an insurance will be an interesting way of recovering funds. I like the idea.
Thank you and Wishing you all the best in this hackathon
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Thanks Claw your feedback is much appreciated and we would implement these changes as the product evolves.
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Hello myfend group, did you consider internet connectivity, I may need money urgent to solve a problem but my sold invoice could not go through because of poor network, what is the alternative solution ?
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When we focus on the problem and solution in projects, the foundation is always solid and fine. I saw this approach in you too, and I realized the good effects of this approach when I examined the project. I have a few questions I want to ask.
- What difficulties did you encounter during the process?
- How do you think you can expand your project in different directions?
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Internet connectivity is pretty much important for almost every seamless transaction in the world right now. We would advise that this is made a priority. All the same, in the case of an extreme emergency, you can contact us and if well verified, you can be assisted as appropriate. Also, you’ve challenged us to find a solution to provide invoice financing to places without internet. Our team will work on it. Thank you for your feedback.
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It is important to take into account internet access for everyone, projects should find an alternative to access the application.
Why did I see this project late? You have explained very well what you have in mind and what you have, and you deserve lots of praise. I think you will get an award for finding it technically successful.
Please disclose here what content was created specifically during the TRON Season 4 hackathon contest period version versus what you previously submitted on the Celo Hackathon.
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I think the answer is simply integrate with tron (as I see in the commits from github). But this project is not the only one.
As an ideea crypto has a huge drowback compared with traditional finance and that is that you can’t borrow (except overcollaterazed, flashloan). In order to be mainstream and be used as a way of exchanging value it must add this feature. Unless institutions adopt crypto and ensures the collateral will be inforce there is currently no project as I know that can do that.
If in a way is develop such a project using a certain tech that it is the end of traditional banking(if they do not adapt)
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Hi @fulldecent, Thanks for your interest in myFend. During our previous participation in CELO Hack, our project was still in its early idea stage and trying to choose a blockchain to launch we tested out CELO and decided to join the Hackathon. Afterwards we joining the Tron Hackathon, we have significantly changed our Smart Contract code and deployed on Tron testnet and ready to deploy on mainnet for our waitlist of businesses in the UK. Our idea still remains the same but our User and Company facing web app was fully completed during the Tron Hackathon so is our Smart Contracts.
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