Introduction

Official Documentation is HERE

• Contracts code : https://github.com/Quantum3-Labs/StormBit-contracts
• UI code : https://github.com/Quantum3-Labs/StormBit-monorepo/tree/dev/carlos

StormBit aims to democratize access to credit, especially targeting the 99% who are traditionally underserved by conventional financial institutions. It offers various agreement types, enabling lenders and borrowers to interact transparently and efficiently in a decentralized environment.

Next-Gen Lending Consumer Based Application

• Decentralized Governance for Loans: StormBit's unique voting mechanism allows lenders to approve or reject loans based on borrower reputation, introducing a community-driven approach to lending that's both innovative and impactful.
• Seamless Web2 to Web3 Transition: By integrating Particle Auth, StormBit lowers the barrier to entry for Web2 users, offering a familiar login experience while ensuring the security of Web3, a pioneering step towards mass adoption.
• Flexible Loan Agreements: Offering various types of loan agreements, including undercollateralized options, StormBit addresses a wider range of financial needs and scenarios, significantly impacting the target market. **Inclusive Financial Platform: **Through KYC verification and a model that supports both collateralized and non-collateralized loans, StormBit democratizes access to financial resources, making it a game-changer in decentralized finance.

Agreements on StormBit

StormBit offers three types of loan agreements:

Simple Agreement: Focuses on trust and the borrower's reputation, allowing undercollateralized loans. It is streamlined for flexibility and simplicity, emphasizing financial terms over asset involvement.

NFT Agreement: Uses NFTs as collateral, ensuring loan security. This agreement includes mechanisms for collateral management and secure NFT custody, allowing borrowers to reclaim their NFT upon fulfilling loan terms.

FT Agreement: Requires collateral equal to or greater than the loan amount for security. It captures essential loan initiation details and manages collateral throughout the loan lifecycle.

Security and Trust All agreements undergo rigorous security audits, including fuzzing tests, to ensure the highest security standards. Additional checks, such as a voting power cooldown variable, are implemented to safeguard against malicious activities.

Technologies and Innovations

Deployed on the Avalanche blockchain, StormBit leverages state-of-the-art technologies to enhance scalability and inclusivity:

Particle Auth: Enables login via email or mobile, inviting Web2 users to participate in DeFi.

Chainlink: Integration of credit score with Chainlink Functions.