The publicdomain.live website displays the content of the memo field of the transactions which are sent to the account publicdomain.
The name of the sender and the date of the transactions are recorded and the messages can be linked together using the hash of a page.
This seems a little bit mysterious at first but it is very easy to use and can lead to a vast diversity of Dapps.
The new process I have proposed recently allows Peer-to-Peer microloans.
https://www.publicdomain.live/P2Ploan
Image from Micheile Henderson on Unsplash
A page listing the loans has been created.
The hash of this page is 81E06DF9E6AFFADFD95FF71A46B569A62E56CD96732EBE9D1307FE49D86F23C9
It can be accessed at https://www.publicdomain.live/P2Ploan
A new lender (let’s call it pinksquirrel) can make a proposal by sending the code of the page + the terms of the loans in the memo field of a transaction.
For example, if you want to loan 100 TLOS at 2 % annual rate you have to send 0,0001 TLOS to publicdomain with the memo field « 81E06DF9E6AFFADFD95FF71A46B569A62E56CD96732EBE9D1307FE49D86F23C9 I propose a 100 TLOS loan for 1 month at 2 % annual interest rate »
The borrower will have to send a transaction to accept the loan with the memo field
« 81E06DF9E6AFFADFD95FF71A46B569A62E56CD96732EBE9D1307FE49D86F23C9 I accept the terms of the loan from pinksquirrel on May 5th, 2021 »
pinksquirrel can ask information about the project of the potential borrower.
A project description can be linked by the borrower at https://www.publicdomain.live/Pitch
Reviewing the transactions executed by an account can give a lot of information about the account owner.
There are also numerous ways to communicate with the borrower on the blockchain or via the accompanying Telegram channel.
The identity of the borrower can be validated by others account following the P2P verification process.
I proposed earlier
@chrisaiki/peer-to-peer-immutable-proof-of-identity-on-the-telos-blockchain-with-publicdomain-live-v0-3
There are no transaction fees when the loan is sent through the Telos blockchain.
The transaction corresponding with the loan can also be recorded on the same page. The date of the transaction certifies the beginning of the loan.
Everything becomes immutable and can be verified by other users.
Reputation system can be imagined and built.
The P2P loan process has tremendous advantage!
- No middle man, so there are no fees associated with the loan
- No registration fees: everybody can freely create their own Telos account.
- No transaction fees to pay as you reimburse the loan
This is a revolution in the microloan domain!
In the North, banks are generously giving 0.5% annual rates to lenders
In the South, borrowers have difficulties finding loans at all with rates typically 15 or 17%
In countries like Venezuela, due to hyperinflation, banks no longer make loans to citizens!
Citizens from the planet can help each other to thrive without financial institutions.
Thanks to the Telos block producers, he founder of the publicdomain.live website Telos UK and creative users of the network!