IOUverse means metaverse, builds using conception IOUs-as-money IOUtokens - Soulbound Tokens (SBT) . IOUtokens includes decentralized reputation mechanism, as "people's money with feedback". It can be tokenized civil debts receipts, or promissory notes, or convertible notes, issued by anyone, anytime, anywhere, & backed by goods & services. The community rates & acts as sureties for responsible issuers so they can qualify for financing.
Inspiration
IOU yearns to assist the nearly 2 billion unbanked, with about 1 billion of them having insufficient amounts of money to partake in the banking system, and about 700 million living in extreme poverty – defined as living on about $1.50 USD per day. Trading value for value can save some from extreme poverty bringing up their standard of living. IOU strives to be a technological tool that improves the life of those excluded from the legacy financial system.
What it does
IOU's team recognizes that ‘tokenized IOUs’, peer to peer transactions on the blockchain can be used to trade value directly for value without fiat currencies or other centralized mediums of exchange. Every echelon of society can benefit from trading value directly for value eliminating friction and costs such as many fees and regulations imposed by the financial system. With little to no regulations or restrictions IOUs are used as p2p settlement instrument.
IOU's can be issued as tokenized promissory notes via a DeFi dApp by any party, anytime, anywhere and as per agreement used as payment and exchange of value. Issuers can create their own IOU, tokenized promissory notes, backed by value; goods or services.
To alleviate the double coincidences of wants goods and services are synthetically represented by tokens which store value and can be traded or redeemed in the future. For trades to be made directly with those that may not know each other, issuers of tokens are rated by their counter parties, creating a reputation based system. Community members can assist others with good reputations by acting as a surety for them guarantying larger projects like a performance bond and as collateral for loans.
IOU will build a community-based scoring system allowing "unbanked" people without "banking" and credit scores to issue their own currencies, borrow and lend. IOU provides the technology of crowd-resourcing for micro and low-profitable social projects that are uninteresting and ignored by banks and the legacy financial system.
This is a starting point of entry and adoption by the market. IOU can be utilized by every economic group from those in poverty to the wealthy.
How we built it
IOU developed a smartcontract with ERC20 combability. Then we deployed this to Celo Alfajores chain using Ethereum-compatible endpoint
Challenges we ran into
IOU is facing the challenges of a self funded project with a limited budget. The continue refining and evolution of IOU's model to ensure that it monetizes the project without bastardizing functionality; with our main goal of assisting the unbanked and those living in extreme poverty.
Accomplishments that we're proud of
Development of - IOUtoken - ERC20-compatible tokens with feedback and p2p rating functionality, In May 2021 IOU was one of the first to link their project to Metamak and Celo.
Recognition of IOU by UABA, Our pilot project with the United Africa Blockchain Association. Once IOU raises the initial funds necessary UABA.io, who is commissioned by the RSA government, to assist indigent populations in South Africa will IOU to do so.
What we learned
IOU is a desired project. It is imperative that IOU be profitable, strong and self sufficient. IOU could use assistance in community building and adoption. Celo is an excellent match with an ideology and community that are congruent with IOU's ideals. Celo provides IOU with technological tools to be functional with Ethereum.
What's next for IOU Economy
IOU is developing an ecosystem, including:
- IOUsurety - ERC20 compatible tokens to make a surety mechanism for the communities issuers to ensure performance on loans and completions of projects,
- IOUswap - Uniswap-based AMM decentralized exchange to swap IOUs for stable coins or IOU-to-IOU swaps ,
- IOUpath - algorithm to found most effective way to exchange one IOU to any another without "central" exchange currency, by using sequence of exchanges 'IOU by IOU'.
IOU will raise the necessary capital as soon as possible to fund the above development, implement a pilots programs , build out its community and user base.
Projects, bases on IOUtoken
IOUverse - bird's eye ecosystem overview;
IOU.loans - decentralised community scoring system for unbanked;
https://www.iou.works - decentralised portfolios for freelancers;
http://Coprosperity.world - metaverse for entrepreneurship, where everybody supports others, and growth of common wealth means growth for each member;
http://www.Startucati.one - decentralised student's record book & portfolio & CN (convertible notes);
https://www.IOUplay.fun - decentralised gamer's portfolio & mutual surety;
Angeles.vc - pre-launch crowd resourcing platform;
IOUBNB.com - coming soon!