XDC-Crediall

Inspiration

To begin, there is BNPL services are becoming increasingly popular around the world, with more than a third of US customers having used them in some form. First and foremost, according to the BNPL provider split, the largest difficulty is how to recoup lost ecommerce sales. Third, the growing popularity of younger consumers and those with thin credit histories.

What it does

We provide an innovative approach to financing here. Our solution is called Crediall, which drives the decentralised consumer credit. The concept is to introduce cryptocurrency into the BNPL realm. Cryptocurrency-accepting systems should be supported using the BNPL approach, just as the TradFi world is.

Our solution utilizes the features of NFTs to enrich our solution further digitizing and securing the rewards and offers for the customers. Lets take a look at the overall process.

Customers use the Crediall platforms for their transactions online or offline by scanning QR code of the merchants or retailers. One the Crediall transaction completes and the NFT Tokens as rewards are credited to customers wallet for future use. Customer can either use those NFT tokens or trade them online to amplify the gains from his transaction. This service allows for greater transparency and security of buying, selling, and lending of physical goods as well as digital goods and assets. A large majority of NFTs today are digital assets, and we feel this technology is being greatly under-utilized at the moment. With funders we are striving for optimal integration of BNPL, XDC and NFTs for benefits of customer today and in future.

Crediall is a decentralized exchange protocol that runs on the BNPL platform, which is built on the XDC blockchain. Crediall is a forward-thinking platform that aims to share advantages with all participants. We are aiming to create a market for everyday transactions and micropayments using Crypto and BNPL. The platform includes third-party applications, merchants, online retail stores, and the world's most well-known staking mechanism. Introducing the Crediall token, a reward system based on predefined events such as purchase or instalment payment. Crediall brings two distinct sets of capabilities.

Integrated wallets for XDC, Solana, and Near, as well as relevant defi capabilities such as transaction visibility, wallet transfer, and yield staking. Crediall tokens will be used to integrate the BNPL paradigm for cryptocurrencies. The application displays transactions for each cryptocurrency, including XDC, Solana, and Near. Additionally, the app includes filters and search capabilities for transactions. Transfer enables the exchange of tokens across linked wallets and with Crediall. The Crediall Wallet tab displays a dashboard that displays the available Crediall tokens in the form of a balance, a limit, and spent tokens. This dashboard establishes restrictions on an individual's BNPL credit for ecommerce transactions, whether online or in-person. This way, the customer has the choice of paying using available tokens in their XDC, Solana, or Near wallets or with Crediall tokens via the BNPL channel. In the event of the BNPL option, repayment can be made via a pre-defined EMI. This can be accomplished using the wallet's available currency or their debit or credit cards. Users receive benefits in the form of Crediall tokens following installment. Crediall offers different methods of earning Crediall NFT tokens. The Crediall NFT tokens Points earned will vary between different cards based on transaction categories such as shopping at partner stores, partner restaurants, other dining expenses, entertainment and so on.

This is accomplished through an established technology stack that enables us to operate with the agility, scale, and ease of integration required in an ecosystem. Outsystems is a low-code platform that enables the delivery of experiences to users across many channels – web, mobile Android, and iOS. Node.js is used to construct APIs on top of the XDC blockchain, which may be consumed by an ecommerce platform or the Crediall app, depending on the demoed functionalities. Balance and transfer APIs have been developed, as well as an underlying XDC API that is based on the XDC account ID.

Challenges we ran into

Initially, bringing numerous wallet coins to Crediall as a unified platform presented some issues. Through Crediall, we were able to integrate XDC, Solana, and Near chains into the solution for the Hackathon. We linked OutSystems' low-code platform with the XDC environment to enable API-driven transactions. Initially, we encountered integration challenges, but we were able to integrate our application quickly.

Accomplishments that we're proud of

Crediall's extensibility allows for the addition of other wallets and interoperability with e-commerce systems such as Amazon, Shopify, and others. Crediall was conceptualised and implemented as an additional token to complement BNPL's methods of financing in order to target untapped shoppers. Aligned with Web 3.0 standards, with transparency, openness, and scalability at its core

What we learned

About the world of cryptocurrency and how it may be used in real-world circumstances, particularly in finance, with Crediall

What's next for Crediall

Establish guidelines to facilitate open integration among ecommerce operators for the purpose of bundling BNPL via Crediall.

Built With

• api
• blockchain
• cryptocurrency
• fintech
• xdc