gabkk / alef Goto Github PK

Alef is a Scholarship Funding Program running on top of the Compound defi protocol.

The idea is to provide a platform for sponsors to lock in their capital in Compound and fund the tuition fees of smart and dedicated students with the generated interest which is by the way, how many scholarship programs work in traditional finance except this protocol won’t require any approvals from bureaucrats and financial institutions AND of course, it’s gonna be global!

Participants: • Sponsors • Academies • Students //Not needed to be included in the smart contract

Dynamics: • Gifted students are chosen by academies. //Off-chain • Academies present their offers to the sponsors. • An offer contains: The academy’s name, the gifted online course, and the amount of capital to be locked (The principal). • The principal is calculated using this formula:

Principal = Monthly tuition fees / Interest rate Since Compound’s interest rate changes over time, the principle has to also follow and be updated each month.

• Once an offer is accepted by the sponsor, the funds will be transferred from his address to Compound and a scholarship is officially granted to a student. //In the future, sponsors could raise funds by joining pools and fulfilling academies’ offers collectively. • Interest in Compound is generated in real-time and transferred to an academy’s address. • To ensure that the student is worthy of the scholarship, she has to take a quiz each month. • If she fails a quiz she gets a warning from the academy. After a certain amount of warnings, the academy can choose to close the contract and lockout the sponsor’s money. //Quizzes and warnings can be done off-chain I suppose • After passing a certain amount of quizzes and maybe a final exam she will graduate and the sponsor’s funds will be locked out of Compound and transferred back to the sponsor’s address. • Sponsors can also choose to close the contract and lockout their funds at the end of each month.

------This project is developed by Ivan on Tech Academy graduates------

Original post > https://forum.toshitimes.com/t/academy-graduates-lets-build-together-this-defi-project/10753
Join our discord > https://discordapp.com/invite/n7ZCkM
Register in our Blockchain academy > https://academy.ivanontech.com/a/17936/fKsHrhAs

-----------------------------------------------------------------------

Hi, This was a small project I, Gabba, Ivo and many others made two years ago for the purpose of learning how smart contract development works in 
practice. We are no longer building Alef Scholarships. Personally, and even though I wouldn't call myself a coder because I really suck at it, I think 
smart contract technology is overhyped and centralised solutions can be cheaper and more efficient in coordinating financial contracts between two 
or more parties. I don't think a smart contract such as this one needs to be immutable nor do I think that it can be. In trying to design this, I noticed that 
we are replacing middlemen (banks) with other middlemen (devs) haha. This is just my humble opinion. Thanks to everyone who worked with us and I 
hope we work on something more exciting in the future. Love you all <3

Bamskki