Aura Networks

Screenshots

Problem Statement

Aura Network brings seamless card payment capabilities to the decentralized ecosystem, allowing users to make transactions quickly and effortlessly. It is designed to minimize processing time, ensuring efficiency in every payment. With an interface and functionality that mirror the familiarity of traditional debit card systems, Aura Network bridges the gap between decentralized finance and everyday usability.

Solution

User Onboarding and Proof-of-Personhood: We utilize the Lit Protocol to mint a Programmable Key Pair (PKP) for each user. The PKP is linked to the user’s Gmail account and verified using Worldcoin for proof-of-personhood, ensuring that only authenticated users can access the system. Transaction Signing and Automation: The minted PKP is employed to sign transactions automatically using Lit Actions, simplifying the process for users. Each PKP is associated with debit card details, and authentication is secured through OTP (One-Time Password). This provides a seamless experience while maintaining security. Transaction Execution and Recovery: Transactions are processed on the Polygon network to minimize fees, and we assume a successful transaction upon signing and broadcasting to the network. For recovery or failure scenarios, we leverage the Blockless Protocol to create an off-chain consensus mechanism. This ensures that the transaction status is validated. In case of failure, the Blockless infrastructure sends a request to our backend, which then ensures that the intended recipient receives the funds. Ledger Management via Smart Contracts: All fund transfers are managed through a smart contract that operates as a ledger system. Rather than physically transferring stablecoins, we update the mappings in the smart contract, mirroring a traditional banking system's bookkeeping. Phase 2: Credit Scoring and Limit Allocation In the second phase, we aim to expand the system by offering credit capabilities to users:Credit Scoring Integration: We use Chainlink DECO to securely retrieve and verify users’ credit scores without compromising their privacy. Dynamic Credit Limit Allocation: Based on the credit score, users are provided with personalized credit limits within our system. This credit functionality enhances the platform by allowing users to transact beyond their available balance, fostering greater utility and adoption. Phase 3: Asset-Based Credit Cards and Multi-Chain Asset Locking The final phase focuses on providing advanced financial tools for users:FD-Based Credit Card: Users can create a fixed deposit (FD)-backed credit card within our system. This allows them to lock a portion of their assets to secure credit while still earning yields on their deposits. Multi-Chain Asset Locking and Base Chain Credit Limit: Users can lock their assets across multiple blockchain networks, providing more flexibility and increasing accessibility. The locked assets are aggregated and bridged to the base chain, Polygon, where they are converted into stablecoins like USDC. Based on the locked assets, users receive a credit limit that they can use seamlessly on the Polygon network.