You can suggest it A track for those who build on top of previous participants projects. Could have some great products like a lending protocol including gstables, an e-commerce accepting Justmoney and then the possibility for customers to buy using JM pay with gstables borrowed on the lending platform. Lot of possibilities for the future.
(In the particular case of a lending protocol, people have to be very careful tho).
I made the suggestion earlier in my submission as a joint track.
I think @TronLive has to look at it, i know they are looking at it already and season five will see a platform built like the e-commerce with JM pay as the payment gateway. That will be epic
What goStables protocol supports on Nile testnet (~27 gStables so far) is also supported on Sorrel Banq on Nile. For simplicity we’ve only enabled a few to be shown on Sorrel Accounts page. The rest have just been commented in a currencies.js config file.
The nice thing about this is that basically anyone can download our Sorrel UI from Github and uncomment what you would use the most and comment out those that you don’t use…
Basically you can download, configure, deploy locally and be your own Banq with multi-currency stablecoin accounts.
Future iterations, post hackathon results, members would have an option to choose via the dapp UI, which currencies they want to enable/disable along with some other ux improvements to make things even more generally user friendly.
Such a great update, its great to have your own bank with stable coins accounts.
So if i want to create a gUSD account, how does the platform take my fiat USD and give me a gUSD, this is something that is still confusing me.
In current implementation Sorrel does not function as an fiat on-ramp natively. It’s an on-chain banq that’s basically functioning as a shared hybrid non custodial contract wallet. On-ramping isn’t part of the scope of functionality for this hackathon. That would ideally need to be done via existing on-ramp integrations or building a p2p Bridge via our crowd-fundable addons in the future.
gStables are backed by USDD so technically there is no need for creating a gUSD. Sorrel also supports USDD. Currently you would need to still use other fiat to crypto onramps to get USDD then use that to mint the relevant gStable…
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if most currencies were turned on and someone held most them in tronlink or sorrel, it would show up like this…alot for most people to view/handle unless you’re a world traveller, multinational business, forex trader etc…but the average person operates with 1 - 3… hence the previous reduction by commenting out for ux simplicity… even traditional banks have 3-5 for their multi-currency accounts…
We’ve used https://skybox.blockadelabs.com/ to generate conceptual 360 panoramas for inspiration of the Sorrel Branch Lounges we can create into interactive+explorable environments via that addon if its crowdfunded.
This works on any web device but if you have a VR headset click the bottom right icon in the link to view as if you’re almost there >
For those that don’t understand the solidity but want to understand what the human written, Sorrel Banq core contracts do, here’s the answers from OpenAI’s playground|API, after its analysis:
ELI5 means “Explain like I’m 5 (years old)”
Wes: ELI5 the BankDepository.sol contract: Response: This contract allows users to deposit, withdraw, send, exchange, transfer, and convert tokens. It also allows admins to set rewards, set a fee basis point on a per action basis, and claim rewards.
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Wes: ELI5 the ConvertComptroller.sol contract: Response: This contract allows users to exchange one type of cryptocurrency for another. It is owned by an admin and can be paused at any time. It also prevents users from executing multiple transactions at once.
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Wes: ELI5 the TransferComptroller.sol contract: Response: This contract allows an admin to transfer funds between users. The admin can initiate a transfer using the initiateTransaction() function, and can execute the transfer using executeTransaction(). The admin can also cancel a transfer using the cancelTransaction() function. The contract also keeps track of the status of each transaction, and stores information about each transaction in a mapping.
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Additional context of above ^ - The comptroller functions are first initiated by a Sorrel member who must then sign the txn via Tronlink which is then verified and this allows a Sorrel admin to auto execute such transactions, energy free for the member. The admin account covers the energy/bandwidth via its shared resources, co-supported by TRX vault users. No TRX is burned thus enabling a sustainable model. The Basis points fee (bps) allows us to later set a charge value in the stablecoin the member is transacting with, where a large portion of that is distributed to said TRX vault users as rewards for supplying to shared resources. If a member cancels their initiated transaction, this will cost them their own TRX/energy/bandwidth.
Astonishing work. I recently saw a video on DAI coij Arhitecture i think you might take a look over there in order to be sure that the stability is in place even in the bad times. Congrats!!
Thanks! The architecture of goStables differs greatly from that of DAI primarily due to the asset that backs them, USDD. The stability mechanisms used in DAI isn’t required in the same way as they use other volatile crypto assets and thus must employ mechanics to stabilise their peg against such volatility while maintaining counterparty liquidity for swaps.
Additional ref:
It will however, take time to achieve trust and stability and to develop new mitigation strategies.
Note though that Sorrel is a separate product from goStables but yet uses the protocol’s stablecoins within its banq architecture. Sorrel can also support other popular stablecoins.
Congrats man I tested a little bit the website and everything works smoothly. Congrats on the project. You have my vote and hope this would be a winner! Looking forward for mainnet (as far as I saw it works on Nile) !