Description
MicroMoney is a protocol for non-collateralized, on-chain loans for unbanked people, primarily built on the Polkadot blockchain. It aims to connect the world's 2 billion unbanked individuals to financial services. The platform introduces a new approach to on-chain lending where AMM (Automated Market Maker) holders can vote on loan requests, which facilitates fast, fixed-term, fixed-rate loans with no collateral requirements. By utilizing complex algorithms to assess credit-worthiness from smartphone data, borrowers can receive their first loan in as little as 15 minutes. The system also allows lenders to earn high yields with low risks. MicroMoney's Unsecured Loans only require borrowers to maintain collateral equivalent to the loan value minus the total interest paid from all previous loans, with the possibility of starting with zero collateral. The protocol leverages Polkadot's cross-chain capabilities to aggregate partner products from other blockchains.