Bloinx is developing a decentralized application that helps people build their own rotating credit and saving associations.
Proof of Concept/Prototype achieved
With Bloinx's application people that are not able to obtain credit from financial institutions will be able to access interests free loans from their social circle by paying a small fee. This reduces social inequality and gives people a tool to pay their debt or invest in a small business of their own.
In Mexico 35% of the population use ROSCA in an informal way. At an early stage we will be targeting people that already participate in ROSCAs and are used to acquiring services online. In the growth stage we will focus on bringing this service to the population with low bancarization, ensuring the dapp is user friendly and trustworthy.
The lack of financial knowledge in Mexico is one of the main reasons why the countries’ population faces economic limitations. The habit of saving is almost zero, I have seen friends and family members spend their salaries almost immediately on products that could be considered as luxuries or unnecessary, overlooking the vital needs in the future. Access to credit cards or bank loans is challenging due to social, economic, and even cultural factors. When you finally get the chance to get a card or a loan, you face a reality of high-interest rates drowning in debt, extending its deadlines and putting its economic stability at risk. Stress becomes a constant in the family's atmosphere, impacting members of the family, but especially children, who are restricted from having a better quality of life as it affects their emotional health, education and therefore, their future.
The ROSCA will be managed by a smart contract that will receive and distribute the funds to the users according to the specified order. It will also include rules like late payments. Currently the Egyptian startup Money Fellows runs a similar platform without the use of blockchain. We believe that using blockchain we will be able to bring the platform easier to other regions in need and ensure transparency.
Gabriela Guerra Galan Andrea Vargas Gutiérrez Doménica María Ponce de León González Arturo Castañon Vargas
Full Name Gabriela Guerra Galan
Bio: Gabriela has a bachelor's degree in mechatronics engineering and a masters degree in automotive engineering from Tecnológico de Monterrey.
She worked for 10 years in and automotive company as a product designer, leader and project manager. She left the industry to spend time with
her(at the time) 4 year old and newborn.She then started teaching design and innovation courses in college. Now that her youngest child is entering
kindergarten she is exploring opportunities to develop technology to help other families.
Role in team: Project Manager
Full Name: Andrea Vargas Gutiérrez
Bio: Andrea is currently completing her master’s degree in Computer Science at the Instituto Tecnológico Autónomo de Mexico. She graduated from Actuary
from the same university and has completed several courses during her professional development, including a Fintech course and a diploma course
in Insurance. Professional with a 2-year experience in blockchain technology. Her experience includes courses, hackathons, and seminars in addition
to the use of blockchain for research projects. This year, she has been working as a Data Analyst at SmartIA, a Start-up that seeks the creation
of technological solutions to a wide range of problems.
Role in team: Blockchain Strategist
Full Name: Doménica María Ponce de León González
Bio: Doménica completed her bachelor’s degree in Marketing and her master’s degree in Business Administration in Tecnológico de Monterrey.
She has worked in the Student Affairs department since 2011 in different institutions, assisting students in specific projects but mostly focusing
on marketing and finances. Furthermore, serving as an administrative member of these institutions. She has worked in independent and local
businesses as creator of their brand, name and vision.
Creativity is one of her strengths, when looking for solutions, she is always looking forward to having fun in the process.
Role in team: Marketing
Full Name: Arturo Castañon Vargas
Bio: He has a Bachelor's degree in Computer Systems Engineering at Tecnológico Nacional de México, he has been working as a Web Developer
for more than 3 years, and is an active member in different programmers communities like Facebook Developer Circles CDMX and Angular CDMX.
Also, he is currently an instructor in one of the most important edtech bootcamps in Mexico City (Devf). In his free time, he loves practicing sports
like mountain bike or climbing, learning new technologies like blockchain and sharing knowledge with other people.
Role in team: Blockchain and Web Developer
At the moment we have been working for equity and getting prepared for fundraising.
Completed milestones: Idea and prototype validationWe have developer a prototype of the Dapp, the smart contract was deployes on the Ropsten testnet. The first test was run by five people between 25-28 years old and from different professions. The objective was to know their perspective of ROSCAs, to prove the system and to qualify their experience considering design, usability, reliability and functionality. The results of the focus group brought up the conclusion that nobody in the group would participate as a ROSCA administrator but considered the method as a great way of saving. During the practice the results showed us what elements are missing for the user’s interaction and some system errors that must be modified for future updates. The variables were qualified above the average, being “design” the lowest and “reliability” the highest. As reliability being one of the main purposes of the dapp, the results encourage us to continue with its improvement, and look forward to refine the entire experience for further testing. Planned milestones: 1.- Product development: The objective for product development is to define payment rules, add the function to create and manage multiple groups at the same time, integrate wallets and a platform to generate interests. During this period of time we want to make sure that the product works and can be run for more than one saving group. 2.- Piloting and user testing: During the second half of the period the objective is to test and refine the MVP, as well as the UX. It is important to integrate the experience and feedback of the user to deliver a platform that shows empathy, comprehension of the user and a friendly interaction exposure. As well, during the same period time the mobile development will be fixed, tested and refined. 3.- User acquisition/growth: At the end of the testing and refinement period we would be able to execute a marketing plan focused on social media to begin with customers acquisition. It is important to mention that we want to use the first months to ensure a functional platform, in order to be marketable.