Purpose: The purpose of this document is to define the requirements for a decentralized finance (DeFi) peer-to-peer lending platform that allows users to lend and borrow digital assets in a trustless and decentralized manner. This document includes development times, MVP and future features.
Borrowers: Individuals or organizations who wish to borrow digital assets using the platform
Lenders: Individuals or organizations who wish to lend digital assets using the platform
Decentralized: The platform should be built on a decentralized blockchain network to ensure trustlessness and transparency.
Asset Support: The platform should support a wide range of digital assets, including but not limited to Bitcoin, Ethereum, and stablecoins.
Lending and Borrowing: Users should be able to lend and borrow digital assets through the platform.
Interest Rate: The platform should support variable interest rates based on supply and demand.
Collateral: The platform should support the use of collateral for borrowers to secure loans.
Liquidity: The platform should have built-in liquidity mechanisms to ensure the smooth functioning of the lending and borrowing process.
Smart Contracts: Platform should use smart contracts to automate the lending and borrowing process and to ensure the security and transparency of transactions.
Identity: The platform should have an identity verification process to ensure that only verified users can participate in lending and borrowing.
Security: The platform should have robust security measures in place to protect user’s digital assets and personal information.
Scalability: The platform should be designed to handle a high volume of transactions.
Usability: The platform should have a user-friendly interface to make it easy for users to navigate and use.
Accessibility: The platform should be accessible from multiple devices and platforms.
- The platform should be able to handle at least 1000 transactions per second.
- The platform should have an average response time of less than 1 second.
- The platform should have a user retention rate of at least 90%.
- The platform should have an average transaction success rate of at least 98%.
MVP: Minimum viable product should be completed within 6 months after the start of development. It should include the basic functionalities such as lending and borrowing, interest rate, collateral, smart contract, and identity verification.
Future features: Additional features such as support for more digital assets, liquidity mechanisms, advanced security measures, and user-friendly interface should be added in the following 6-12 months.
This document outlines the requirements for a DeFi peer-to-peer lending platform that allows users to lend and borrow digital assets in a trustless and decentralized manner. By implementing these requirements, the platform will provide users with a secure and user-friendly experience while also promoting the growth and adoption of decentralized finance. The development timeline and MVP are included to provide a clear understanding of the project’s goals and expectations.
AJ is a highly experienced web developer with over 25 years of experience and a proven track record of delivering successful projects on time and within budget. He is skilled in the full stack of web development and has the ability to lead and optimize agile teams. In addition, AJ has a deep interest in AI development and blockchain technologies, with a solid understanding of the fundamental concepts and technologies behind them. His experience and knowledge make him an excellent candidate for any organization looking to integrate these cutting-edge technologies into their products and services.