Sorrel Banq - Essential Banking for Anyone. Anywhere

[manfred_jr]

The project shows that the development is ongoing, and various features will be added in the future. However, there is no clear timeline or deadlines mentioned.

After careful research and study, here are some questions I’m dying to have answers to:

1. How does the project intend to provide banking services to individuals in developing countries with limited access to technology and the internet?

2. What is the project’s strategy for partnering with local financial institutions and regulators to ensure compliance with local laws and regulations?

3. How does the project intend to market and promote its services to its target audience, particularly those who may be unfamiliar with blockchain technology?

4. What measures are in place to ensure the security and privacy of user information on the platform?

5. How does the project plan to differentiate itself from other blockchain-based banking platforms in the market?

6. What is the project’s long-term vision for expanding its services and reach, and how does it plan to achieve this?

[antonio]

Hola, bienvenidos al S4, interesante proyecto, espero actualizaciones para realizar las preguntas pertinentes.

[Prince-Onscolo]

Welcome
Thanks for sharing

[wescosmic]

Great questions, we appreciate your interest in Sorrel!

The project milestones outlined in OP are what we intend to deliver for the hackathon. As we progress further, the timelines for what comes next will become available. Hint - scan the QR code in the sample card image above to see the wider scope of what’s being built.

Alex will expand on ques 1, 2:
At Sorrel Banq, we are committed to exploring and optimizing ways for providing access to our services to live up to our motto - “essential banking for anyone, anywhere”. Our app is optimized for low-bandwidth connections and is available on all web enabled devices. In the future, we can explore community addons for supporting offline alternatives, for instance, SMS to on-chain transactions for those who are unable to access the internet or our app. Being on-chain means anyone can build their own custom user experiences on top of Sorrel contracts.

(Alex’s intro vid above provides wider context)

As we aiming to be opensource and modular, our current plans do not include direct partnership with financial institutions or regulators. We are approaching this as an observer, learner and educator.

Sarah Sanchez, Director of Education will expand on ques 2, 3:

We have a few strategies planned to ensure that our target audience, particularly those who may be unfamiliar with blockchain technology, are educated about Sorrel and its services. To do this, we will focus on developing educational content that is both informative and engaging, and that can be used to promote financial literacy and Sorrel. Additionally, we will look to partner with educational institutions, influencers, and organizations to help spread the word about Sorrel and create awareness around its services. Finally, I will work to develop a strategy to measure the impact of our educational initiatives, so that we can continually optimize and refine our approach.

Sorrel Banq - Sarah Intro

Jessica’s intro from an above post should also shed some context on ques 3

Michelle Ge, Director of Governance and Strategy will expand on ques 4, 5, 6:

At Sorrel, we do not need to directly store/own any users’ personal information. In future edge case scenarios where we may want to validate/prove profile data for adv services, this would be encrypted files on BTFS and minted into an NFT that the user owns and they /can choose who to give read access to. There’s also applicable use case for eg. Dominica DIDs and other viable KYC NFTs.

Sorrel Banq - Michelle Intro

[wescosmic]

WIP of the crowd-fundable Addons page. The mechanics would explored further into implementation based on the outcome of this hackathon, our resources and user/community’s desire to support:

Sorrel Banq

[manfred_jr]

Thank you for the additional information provided. I got just one question moving forward for clarity:

Since the project plans to be open-source and modular, how do you plan to ensure that the services provided by third-party developers using Sorrel’s contracts are secure and trustworthy?

[wescosmic]

Response from Michelle:

We are taking a community-driven approach to determine which third-party developers and services are added to Sorrel. We will allow the community to stake gStables to crowdfund community addons that they have researched and believe are beneficial to the Sorrel platform. This will provide an incentive to ensure that addons are secure and trustworthy, and that they are adding real value to Sorrel and its members. The staked gStables are returned to the supporting community after the unlock period along with a portion of yield generated by Sorrel while staked.

Community addon developers can use this staking mechanic as a “proof of commitment” from the community while also earning a portion of yield on the the total crowdfunded amount during the lock period. Members can then choose to use or pay or stake to use the addon where relevant.

Our team of AIAs will vet early community addon proposals in order to set some baseline parameters for the community to use going forward.

Beyond this, anyone can develop addons without submitting proposals but these would not be considered officially part of nor listed on Sorrel Banq. It will be up to a user’s discretion to use.

[antonio]

Parece interesante lo que está proponiendo, me gustaría diera un poco más de información del funcionamiento de apuesta de gStables a los complementos de la comunidad de crowfunding.
Gracias.

[wescosmic]

You can refer to this recent project overview we did for goStables Protocol at Web3ST Virtual Summit. Here’ you’ll learn about it and near the end I touched on how Sorrel comes into play as a valuable use case for gStables:

Project Pitch goStables Protocol

Feel free to ask more questions

[kanit]

Project looks great, All the best mate

[wescosmic]

Coming Soon - Sorrel Share and Earn program.

Here’s the announcement about it from Alex:

Heya, Alex here. As Director of Growth and Sustainabilty, I am pleased to announce that if Sorrel Banq wins the community prize on the TronDAO forum, we will be allocating 80% of that prize to give back to the community. We have come up with a novel, innovative way to distribute the winnings back to our users.

We will soon be launching the “Sorrel Share and Earn” program.

Through this program, anyone can invite a friend to create a Sorrel account to earn $1 worth of gStables of choice for themselves and for their friend. We believe this will be a great way to reward our existing community members for inviting their friends and to grow our user base.

We are excited to launch this initiative and look forward to seeing the positive impact it will have on our community. We also see this as a great way to show our appreciation to the TronDAO community and to encourage more people to follow us and eventually join the Sorrel journey.

Video Announcement:

Alex - Sare and Earn Program

[update 22/04/23] - Final implementation of this initiative will not be immediate as we need to prioritize support for the Shared Resources feature within Sorrel.

[antonio]

Gracias por la información, me dirigiré a la pagina.

[Nana66419]

This is well thought out presentation and i like every bit of it and want to congratulate and welcome gstables once again.

The use cases are quite remarkable and its implementation will go a long way to help our Caribbean brothers and sisters.

Now my question is;

Currently i am planning on making a credential evaluation of my transcripts with Spantran, my only hindrance is how to pay for this credential evaluation, i dont want to use the traditional banks since they are looking to charge me exhorbitant transactions fees.

I have USDD available but the means to make payment is the issue since Spantran does not accept crypto.

What role will Sorel Banq Card play to help me overcome this problem that has become headache for me. Thank you

[antonio]

En el caso que comentas tienes razón en preguntar, como se verá involucrado Sorel Bank para realizar la transferencia convertida en moneda fiat.
Esta es un caso que ocurre a muchas personas, las cuales no disponen de medios bancarios, ya sea por no querer o por no poder.
Se abre la brecha que debe ser cerrado.
Todo el mundo debe tener acceso a todos los productos financieros sin pasar por entidades bancarias ni crediticias.

[wescosmic]

This is a great question! This is also a challenge I personally face sometimes while I’m traveling and need access to cash and local payment options to access stuff in countries. Sorrel’s solution for this is going to take some time to actualize as there a many moving parts required and so will be explored further post hackathon.

Here is a solution path we are considering (The Sorrel Card would then have to integrate with this once it exists):

Sorrel Pay Draft

Here’s a peek of the Card:

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@constantinpricope201 if you are interested in building this much needed solution during this hackathon, please DM me we could collab-buidl this as a Sorrel core addon “Sorrel Pay” or community addon eg “X Pay” - on web3 track as I believe this solution deserves its own hackathon entry. This should be modular and functional with or without Sorrel Banq.

[wescosmic]

For above to work successfully and for the gap to be bridged, things will need to be p2p based. Those that already have access to tradbank cards, on/offline payment options that others’ don’t have access to, must be willing to share access to it to facilitate those that need to access that payment channel.

Here’s the Bridge page that’s work in progress:
(Update 05/04/23 - this would be explored further in a crowd-fundable addon in the future.)

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In case anyone was wondering, here’s some context as to why we chose the name Sorrel:

Roselle (plant)

[kaarasamuel9]

I’ve read through your project and it’s a nice idea. I wish you all the best in this season but I have some suggestions to make . I suggest you include in your project mobile interoperability
( transferring money between your mobile money wallet and your bank accounts). Because reading through your project I can see the wallet is based purely on data network but Ghana we have several areas who are yet to be connected to mobile data so including mobile interoperability will help to capture more people.

[wescosmic]

Thanks! we’ve touched on SMS as an alternative edge access path higher up in the thread.

[kaarasamuel9]

I like your interest in the group but I suggest you ask your questions one after the other for easy compression. Thank you.

[Nana66419]

I have gone through it and i really love where this is heading. I wish you luck and i hope to see this idea manifest in real life.

This is the solution when implemented can lead to more adoption for tron.