Thanks for the update, very understandable.
But one thing we seem to forget is that the majority of people who are unbanked have a single issue.
After getting a bank account, how easy will it be to get my money as physical cash to spend.
In majority of African countries we deal in physical cash and not money on digital platforms, so if we dont have operators that are willing to accept our digital money and give us physical cash, we will be better off keeping our monies in our pockets than keeping it in the bank which might require us to travel to a branch to get it.
What your project is proposing is great, but what factors are you going to put in place to change our digital money to physical cash.
Are you going to introduce a merchant system?
Are you going to integrate a p2p system in your bank?
Are you going to run a pilot test with a point of sale strategy?
No solo en Ćfrica se comercia en efectivo, existe mucha gente que prefiere hacerlo en otras partes del mundo, lo mĆ”s interesante como bien has dicho serĆa crear un sistema comercial y las personas sin acceso a bancos pudieran canjear a moneda fiat.
Actually itās not just for the Caribbean region. The vision is to be for anyone, anywhere. But we have to walk before we can run, then run before we can flyā¦
Sorrel is built to support some popular stablecoins eg. USDD, USDT etc. which are not Caribbean.
Sorrel uses goStables Protocol [please see original post (OP) above]. This protocol currently supports Caribbean stablecoins initially but also for supports gEUR and gGBP which isnāt native Caribbean.
Once additional gStables are added on goStables protocol, they would also be semi-automatically visible on Sorrel.
Also, if any other dapp projects want to add support for the full array of gStables, they can, as the protocolās Github is public.
When it comes to getting the unbanked to use Sorrel, that is in reality a challenging thing as we all have varied perceptions of localized circumstances which we may deem as unbanked and also underbanked. 1 solution wonāt fit all contextsā¦ but we can attempt to build this in a way where others can suggest and crowdfund and co-built solutions that integrate well together.
eg. In parts of Africa many donāt have access to steady internet and thus have no online accounts and use SMS (post above touches on this)ā¦ We have solutions in mind to extend coverage in those edge cases but it canāt be done all at once, takes time and resources.
Hey all, we would appreciate your valued feedback to help determine a balanced decision.
Here are some interesting info:
On Binance, to withdraw it currently costs -
$1 to Tron
0.29c to BNB chain
0.22c to Polygon
$4.50 to Ethereum
On Poloniex its currently $1 to Tron
On Huobi its currently 0.50c (USDD) - $1 (others) to Tron
On Tron (onchain) a TRC20 token transfer currently costs -
~0.86 - 93c worth of TRX burned by user
1 āFreeā transfer daily if min ~$112 worth of TRX (at current price) is staked for energy
On Sorrel, there would eventually be a USD valued fee in the supported stablecoins to withdraw outside of Sorrel to oneās personal/private wallet
Up to 80% of this Sorrel withdraw fee could go towards rewarding Sorrel Vault users who stake their TRX to enable energy free transactions between Sorrel members via shared energy and bandwidth.
What do YOU think is a fair and reasonable fee? You can choose up to 2 options:
Great Work Team, From the information which you provided itās clear that Sorrel Banq has the potential to provide a valuable service to individuals and small businesses in developing countries, and it will be interesting to see how the project develops in the future.
Great to see the development of Sorrel Banq as a decentralized bank for stablecoins. The platform has the ability to make a positive impact and Iām excited to see how it develops further.
Imagine having a multi-currency banq account for your stablecoinsā¦
If as Sorrel members we can all combine our resources and collaborate together, imagine what can be achieved through this economies of scaleā¦
Its a very nice initiative, but we need a partnership with some e-commerce sites that accepts our stable coins.
Let say i want to buy goods from ebay, and ebay accepts Ghana cedis. I can switch between currencies on ebay platform and pay in my own currency using sorel banq card.
This can even serve as a project idea for your team in the next hackathon, whereby you create an e-commerce site, where individuals can switch between different currencies of their choice and pay for goods and services in their own currencies.
Yep this is a really cool idea, touched on in Sorrel Pay above. Large e-commerce sites wonāt directly accept stablecoins like that anytime soon, especially so for new projects. We could build one ourselves however, we canāt keep entering hackathons as its not sustainable to keep building things in this format for months with only the hopium of winning a prize. We also need a rest and folks need to use what we have already built so far.
There are many great projects across all the hackathon seasons and it would be great if other new-coming entrants for future seasons were to build things that integrates with with these projects, including ours. This also gives others a chance to empower themselves and to build interconnected things that operate closer to their contexts, locale etc. Has to be a collective effort - this also keeps things decentralized but yet growing.
The Addons module on Sorrel that will be available post mainnet launch will allow folks to crowdund us to build out features (like Sorrel Pay, Sorrel Card among other key stuff) they would like to have available to enhance their Sorrel experience. Something like this shows us that people really like what weāre doing and are willing to help fund us to expand things even more.
Extending on your Idea: Imagine if someone were to build that ecommerce site for the next hackathon, or any person not into hackathons just building their own dropshipping site using JustMoney or similar web3 payment mechanics that supports gStables AND they have an account on Sorrelā¦ great potential for energy-free transactions for them and their customers who may not know nor care about the depths of having TRX etc
Yh it should be a collective effort, there can be a track in the next season that will allow builders to build projects that can integrate already existing projects. Like a joint track, where a new web3 project can embed its project in an already built defi or NFT project.
So that we can try and start assembling these projects together.
Exactly! I suggested just this a couple days ago to someone.
Letās integrate + co-build some cool Lego structures!
eg. Ujjo card is an interesting project (this season in web3) Iāve been observing. We focused more on Sorrel core foundational stuff and moved our Sorrel Cards to the Addons. We planned to use another opensource option for greater interoperability but seeing their submission opens up another option of possibility to consider also integrating with, when that moment comes. @qwerty123
I just hope @TronLive takes a a look into what we are discussing. We have reach a point where we have to integrate already built projects into one another, all the projects seem isolated and it seems we keep building all the upcoming ones into further isolation.
When are we going to have a point of intersection between these projects.
