Scaling Options to Achieve Maximum Efficiency, Security and Privacy

Prioritized Roadmap

    Further scaling for mass student and Change-Maker engagement & distribution
    Enhancements to NFT student profile/application privacy
    Multi-Sig Wallet for Community Fund
    Improved yield strategy
    Fiat to PennyDAO DeFi automation and user journey simplification
    Strategic partnerships and alliances to expand the impact
    Analytical Dashboards and Gamification
    Continued Learning and Financial Literacy content access
    Career Connections, Collaboration and Mentoring network

Obstacles to overcome:

    Data Privacy
      Secure data storage for students and CHANGE-makers
      High NFT minting costs for each student
      Recurring grant distributions to students
    Yield Strategy Improvements
      Limitations within yielding strategy
    User Base Expansion
      Direct fiat to cryptocurrency exchange

Technical solutions we're exploring:

SKALE Network: To create an ecosystem where PennyDAO can thrive and scale with the Ethereum Mainnet, we have one option to create the PennyDAO platform on a SKALE network. Using elastic blockchains within the SKALE network, PennyDAO can configure the environment to mint NFTs, distribute grants, and deposit investor capital for fast and low-cost transactions. Along with utilizing elastic blockchains, the random rotation mechanism will ensure that we maintain a private and secure network to store our user data.
“The SKALE Network is an integral solution to blockchain scaling which addresses speed, security, ecosystem interoperability, AND transactions per second.” - SKALE Network Primer Doc
Polygon: Using the Polygon network, we can utilize dApps built around the ERC-721 generation to decrease the NFT minting process. Matic Wallet to distribute grants to students for pennies (pun intended). Users can easily bridge to and from Ethereum Mainnet with Matic Bridge and Zapper Polygon bridge.
“Polygon provides the core components and tools to join the new, borderless economy and society” -Polygon
NuCypher: PennyDAO’s core architecture allows investors to vote on the students they want to fund. The students’ stories will be in public view to increase our story-telling and proof of impact, but their identifiable information will be hidden. Using NuCypher’s Proxy Re-Encryption (PRE), we can allow students to provide a private key to PennyDAO. This will allow the students’ personal information to only be seen by the eyes of PennyDAO and its community members.
As a platform that will be collecting user data, we would want to proceed using the best services possible. PennyDAO will be looking to create a partnership opportunity with NuCypher to explore integration.
“Secrets Management and Dynamic Access Control” - NuCypher
ChainLink: With the current PennyDAO model, the students will manually pay their tuition with the distributed fund received after the approval of their application. We at PennyDAO create a new use case for cryptocurrency and want to bridge this gap for colleges and universities. We can achieve this by using ChainLink oracle to connect PennyDAO directly with offices of admission to accept stablecoin as a form of tuition payment. Universities will provide more “real world events” to connect to the blockchain.
“Start building your universally connected smart contracts” - Chainlink
Liquidity Protocols (Aave, Compound, Yearn): With investors wanting to deposit their capital into PennyDAO, there will be the need to diversify the yielding portfolio. The core team can use a combination of liquidity protocols to offer options to maximize interest while minimizing risk. We want to offer security to our investors, so ideally we will use protocols that have been thoroughly audited.
“Aave is an open source and non-custodial liquidity protocol for earning interest on deposits and borrowing assets.” - Aave
“Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.” -Compound
“Yearn Finance is a suite of products in Decentralized Finance (DeFi) that provides lending aggregation, yield generation, and insurance on the Ethereum blockchain.” -Yearn Finance
Dharma Wallet: Global adoption of DeFi has increased greatly over the past year. With more and more users entering this space, PennyDAO wants to create an option for investors to directly deposit fiat to the PennyDAO fund. Dharma opens that opportunity for us. With the Dharma Wallet, users can directly deposit fiat and use DeFi protocols like Uniswap. We are creating a platform that will increase philanthropists’ impact on the student loan debt crisis. Down the road, PennyDAO would want to be registered with Dharma to offer direct fiat deposits.
“From trading to yield, dharma connects your bank account to the world of DeFi & Ethereum.” - Dharma
Last modified 5mo ago