Lucky Nweke

Founder and CEO

Lucky, is a next-generation blockchain innovator in web3 development and blockchain technology. He is certified in Emerging Tech, Blockchain, and Leadership by IBM, Buffalo University, Duke University, and McKinsey & Company. He is an expert in blockchain, product development, IT management, enterprise software, automating learning processes, and creating decentralized networks. He has worked with multiple companies around the world like Crowdbotics, Nu10, Nivapay, Swapbitssa, Suncontract, Unimoon Network, and Simple Studios to create outstanding solutions. He is an expert in Rust and has led development teams to build and launch projects and also worked on two Soroban projects as the only blockchain and backend developer to help them launch on the current Soroban Testnet.

To provide more context, he has handled the full stable coin integration for two big crypto payment companies - Nivapay and Swapbitssa. Even if this was a gigantic problem for them, he was able to tackle the problem in a short period. He is well known and recommended for his speed and excellence in delivery. Aside from development, he also does Cybersecurity and has protected web3 and web2 companies with full-proof security architecture and audits. He also is the Founder of Havilah Blockchain Studios and is a Top Smart Contract Consultant at Deep Guard.

LinkedIn: https://www.linkedin.com/in/kingfavourjudah/

Github: https://github.com/kingfavourjudah

Twitter: https://twitter.com/thefinancelion

Charles Mbaogu

Co-founder and CTO

Charles is an expert developer who has worked on multiple DLT technologies including Cryptography, MPC, zk-Proofs and other security protocols used in blockchain. He is a well-developed and achieved Senior Developer who has worked with different companies in the past like Gibchain Academy, Spezin, Maringo, Criddgeai, Sarai, Miracleherbert Agency, and Daolity.

He is now the CTO at Havilah and VP, of Engineering at Havilah Blockchain Studios. Charles has worked with many EVM and non-EVM chains including the new Aptos and is an early user of Movelang. 

LinkedIn: https://www.linkedin.com/in/devcharlezen/

Github: https://github.com/devcharlezen

Ben Charles 

Co-founder and Lead Product Designer

Charles is a design genius and has been able to work on multiple products producing success. He is currently the Leader Designer at Havilah Blockchain Studios and leading Product Design for the Venture Studio. He is focused on enhancing user experiences in blockchain and decentralized technologies, simplifying and enhancing Web3 software, by designing secure, scalable, and user-friendly interfaces.

LinkedIn: https://www.linkedin.com/in/bencharlesx/

Chigozie Emmanuel

Co-founder and Marketing Lead

Chigozie has been the Co-Founder of an e-commerce and logistics company that ran locally for many years with lots of great customer experience. He led the business at those companies. He is an expert social media Entrepreneur with expertise in E-learning, Writing, E-commerce, and Transportation/Logistics. Skilled in Problem-solving, Customer Success Management, Digital Transformation, Microsoft Office, and Multi-Skilled project management. He is also the current Project Manager at Havilah Blockchain Studios.

LinkedIn: https://www.linkedin.com/in/chigozie-emmanuel-574670215/

The rest of the team:

2 Developers

2 Designers

1 Compliance and Legal Officer

1 Financial Analyst [Accountant]

Total team: 10 persons.

Response to the reviewer’s feedback: 

1. This app is trying to do a lot, but even after the revisions, it lacks a lot of details about how they plan to do those things.

Response: we had drawn up all of this in our Architecture. But since we are working on just three features for our initial MVP, here is how it works:

• Stellar for Payments — users will be able to receive and send tokens using their wallets. We plan to integrate with services such as ClickPesa, MyKobo, and MoneyGram to perform on-ramp and off-ramps.
• Soroban for P2P Escrows — we will leverage Soroban smart contracts to address the issue of peer-to-peer transactions. Once two people connect on the platform to use this feature, an Escrow will be created to help them make a smooth transaction without needing to meet physically. 
• Savings on our App — users can save their crypto and earn APY % from Rehoboth Earn. 

Crypto Payments

Problem: everyone is well familiar with the growing need for cross-border payments and the connection of a more digitally advanced global market through payment rails for ease of commerce. In Africa particularly, this is a major problem as local businesses need good and reliable infrastructure to make instant payments to businesses in other countries and this sometimes is a hassle with traditional banks as they do not provide instantaneous forex services for international trade. 

This has led to the teeming number of businesses and individuals in this category looking for foreign exchange services in other places like the black market. The high risk of using black market vendors is that, sometimes a large amount of physical cash is considered money laundering in addition to the potential security risks of those traders being attacked by armed men. If they were to acquire USD from the CBN for example, the bureaucracy is too high and takes at least 1 month after the necessary filing has been completed. 

This affects people who have to pay the “school fees” of their family members schooling abroad. The craziest part is that recently, the CBN has banned Bureau de Change operations in the capital city of Nigeria due to the current devaluation of the local currency which leaves many people who have to make these payments desperate.

Rehoboth’s solution: we are providing forex to everyone cheaply and instantly using cryptocurrencies. Not only can they buy the stablecoins instantly but also be able to send it in a matter of minutes unlike making a Western Union transfer or wire payment which takes a long time. We will provide them with stablecoins like USDC and EURC which are globally accepted payment currencies and they can purchase the goods and services they need.

P2P Escrows

Problem: doing business with strangers can be a hassle, especially with a web3 payment rail. Africans have a huge need to pay for goods and services outside their respective regions with urgency but sometimes they can’t do this if they don’t know this person. Escrows solve the problem just like Upwork and Fiverr for freelancers but not only freelancers need this service. So with the huge success of these freelancing job boards, we are planning to expand the idea to physical goods and services to make commerce easier.

Rehoboth’s solution: we are making use of the Stellar Soroban blockchain to create transparent contracts where money can be held and released upon the user’s approval. People can now do businesses that can be verifiable on-chain upon request. This helps the supplier or service provider to do business in a more relaxed manner. And with the success of Upwork and Fiverr, we believe we will see a huge percentage increase in businesses done between African countries and other international trade regions where they can transact with.

Savings

Problem: everyone needs to save, especially in an economy like Africa. Most people aren’t taught how to be good with their finances from an early stage in life and so have to learn the hard way if they do eventually do. We plan to make saving a habit of every African, especially among young people. Now, not only do people need to save, but businesses too. Saving is highly important for capital formation in business.

Rehoboth’s solution: we are simply going to help them tuck away their money in a vault for a while and earn extra APYs over some time. Just like Binance Earn people will be able to make extra cash from their crypto but it will feel like a trad-fi banking product. We plan to make this extra money from staking platforms, exchanges, and banks. We also plan to help them automate this so they don’t have to worry about how to be consistent since we can make scheduled deductions from their accounts in a regular manner to help them keep up with their saving goals. This way, we have helped more people using crypto.

2. It's not clear if the app is custodial or non-custodial, how a user accesses their account in the app, how the app interacts with the Stellar blockchain, or how it connects to any on- or off-ramps to onboard users.

Response: our solution is custodial. Here is our explanation:

Custodial or Non-custodial

Rehoboth users will not have to deal with seed phrases and private key management as this could lead to potential loss of funds or theft through hacks. We are targeting people who might not even have a bank account because they believe in holding physical cash or using money agents. We are going to be abstracting the complexities of the blockchain for them so they can use our product easily and drive better and quicker adoption.

The current regulatory response for a custodial wallet [also applies to self-custody wallets]: As for legal considerations, it is widely known that Nigeria has many crypto trading platforms that are mostly centralized so this is not a problem at all. All we would need is the right registrations from the SEC and stay compliant with CBN regulations and then we can even operate closely with the traditional banks as currently provisioned by the CBN law recently released on cryptocurrencies in Nigeria.

As we all know cryptocurrencies generally have posed some challenges. In response to these challenges, Nigerian regulators have taken various steps to address the cryptocurrency landscape:

• The Central Bank of Nigeria (CBN): The Central Bank of Nigeria (CBN) just recently released new guidelines to regulate the operations of bank accounts for Virtual Assets Service Providers (VASPs), otherwise known as cryptocurrency. The framework provides minimum standards and requirements for banking business relationships and account opening for VASPs and creates effective monitoring of the activities of banks and Other Financial Institutions (OFIs) in providing service for Securities and Exchange Commission (SEC) licensed VASPs/Digital Assets (DA) entities in the country. Among other things, the document also seeks to ensure effective risk management in the banking industry about the operations of licensed VASPs.

• Securities and Exchange Commission (SEC): The SEC recognizes cryptocurrencies as securities and has been working on regulatory frameworks to govern digital assets. This includes licensing requirements for cryptocurrency exchanges and other market participants. Additionally, in 2022, the SEC issued the Rules on issuance offering platforms and custody of digital assets as part of its regulatory efforts on digital assets.

• Financial Intelligence Unit (FIU): The FIU has put forth measures to enhance anti-money laundering (AML) and counter-terrorism financing (CTF) compliance in the cryptocurrency space. This includes requiring cryptocurrency exchanges to register and report suspicious transactions.

The Securities and Exchange Commission, Nigeria (SEC), categorizes virtual crypto assets as securities within its purview. In Nigeria, anyone offering crypto or digital asset services is considered a Virtual Asset Service Provider (VASP), categorized as:

• DAOPs (Digital Assets Offering Platforms) - These enable digital asset issuance, similar to Initial Coin Offering platforms.
• DACs (Digital Asset Custodians) - They provide safekeeping services for virtual assets, including crypto wallets and exchanges. This is where we can be classified.
• DAX (Digital Assets Exchanges)

These electronic platforms facilitate the trading of virtual assets, like well-known crypto exchanges such as Binance and Quidax. This classification system helps regulate and define the roles of various players in Nigeria’s crypto and digital asset landscape, including those seeking crypto licenses in Nigeria. 

Here are the fees to pay for the registration:

• Application fee: ₦100,000 ($65.86)
• Processing fee: ₦300,000 ($197.58)
• Registration fee: ₦30 million ($19,758.38)

Conclusion: The law for cryptocurrency business in Nigeria between custodial and self-custody wallets is the same thing. Most self-custody wallets are operating illegally or aren’t licensed in Nigeria. For example, they might obtain a FINTRAC MSB License in Canada and use it for doing their business but the SEC or CBN doesn’t recognize them. Companies like MoonPay when they were coming to Nigeria had to relicensed within this jurisdiction even if they offered decentralised solutions. So since it doesn’t matter if you’re a custodial or self-custody solution, we have decided to maintain our custodial solution which gives us to best leverage to offer our services.

How can a user access their account:

They can sign up and log in to their Rehoboth account using their emails, Google, Facebook or Apple ID. It will be like signing up for a web2 platform. After KYC, you will have access to your wallet where you can make your deposits.

How the app interacts with Stellar:

1. Cross-border Payments:
   • Sending and Receiving Money: When a user sends or receives money across borders, the app leverages Stellar's fast and low-cost transactions. It converts fiat currency to USDC on the sender's side and then back to the recipient's preferred currency upon receiving. 
   • Path Payments: This feature allows payments in one asset to be automatically converted to another based on the recipient's preference. The app utilizes Stellar's pathfinding algorithm to find the most efficient conversion route across liquidity pools within the network.
2. Use of Soroban Smart Contracts:

• Escrow Agreements: For trustless business transactions, the platform can leverage Soroban smart contracts to hold funds securely until specific conditions are met, ensuring fair resolution for both parties.

3. Technical Interaction:

• SDK Integration: The app will integrate with the Stellar Horizon API and potentially the Soroban API to send transactions, query balances, and interact with smart contracts.
• SEP Integration: Specific Stellar Enhancement Proposals (SEPs) like SEP-6, SEP-24 and SEP-31.

How will we conduct On-ramps and Off-ramps:

On-ramps (Fiat to Crypto):

1. Bank Transfers:

• Integrate with traditional financial institutions or licensed payment processors to enable seamless bank transfers for fiat deposits.

2. Peer-to-Peer (P2P) Trading:
   • We will leverage Soroban for direct fiat-to-crypto trades between users within the platform, potentially using escrow mechanisms for security.
   • Manage risks associated with P2P transactions and user verification.
3. Cash Deposits:
   • Explore partnerships with physical locations like convenience stores or kiosks for cash-to-crypto conversions (depending on regulations).
   • Address logistical challenges and security concerns associated with cash handling.

Off-ramps (Crypto to Fiat):

1. Bank Transfers:
   • Enable withdrawals to bank accounts through similar partnerships as for on-ramps.
   • Address potential delays and transaction fees associated with bank transfers.
2. P2P Trading:
   • We will leverage Soroban for P2P trades for users to sell crypto directly to other individuals within the platform.
   • Implement robust KYC/AML procedures and dispute resolution mechanisms.
3. Cash Withdrawals:
   • Explore partnerships with physical locations for crypto-to-cash conversion, subject to regulatory feasibility and security considerations.

3. It's ambitious, but it just seems like there are a ton of pieces but not a clear explanation as to how they fit together. 

They mention building their own anchor, but not where or for what currency or whether they have licenses, and they mention access to US stocks but when asked about it, mention they plan to "offer Stocks from a US partner company using their APIs and then users can trade using USDC rather than USD Fiat as other platforms do." However, they don't mention what company, or which APIs, or how a user interacts with them, or how they connect to the Stellar wallet.

Response: We have thought about it and decided to remove the US stocks feature.

We aren’t building an Anchor yet. We only said we are planning to do so which would be later and could be a different product altogether as we noticed that there are some gaps with the existing ones. For now, we will be using the most complaint methods for on-ramping and off-ramping crypto which is P2P trading [this is used by MoonPay and YellowCard] and this also means we are leveraging already existing Anchors like ClickPesa, MyKobo, and MoneyGram.

4. It's ambitious, but it just seems like there are a ton of pieces but not a clear explanation as to how they fit together.

Response: we have broadly explained how it works together in our Architecture. I will answer it here as well:

How Rehoboth Works: Simplified Guide

Rehoboth offers a platform for users to manage their crypto assets, earn yield, and potentially convert them to fiat currency. Here's a breakdown of the key steps:

1. Create an Account:

Start by signing up for an account on the Rehoboth platform. This generally involves providing your personal information and completing Know Your Customer (KYC) verification for compliance purposes.

2. Deposit Crypto or Buy with Fiat:

Fund your account by either transferring existing cryptocurrency from another wallet or purchasing crypto directly on the platform using fiat currency (e.g., NGN, KES). Rehoboth offers various methods for fiat deposits, such as P2P bank transfers or Mobile Money.

3. Convert and Save:

Convert your deposited funds to your desired cryptocurrency within the platform. Then, choose a saving option to earn a potential yield on your holdings. Rehoboth might offer different ways to save, each with varying yield rates and lock-in periods.

4. Earn Yield:

Your crypto holdings deposited in specific saving options will start generating yield over time. This yield could come from various sources, like lending your crypto in DeFi protocols or staking coins that offer rewards.

5. Withdraw Earnings:

Once you've earned yield and are ready to access your funds, you can withdraw them from your Rehoboth vaults. This might involve converting your earnings back to your preferred fiat currency and choosing a withdrawal method like bank transfer.

Our current progress

Since our last application, we have made significant improvements in the development of our platform. We have completed major parts of the backend which means integrating Stellar and being able to create wallets for users. We have also progressed in the design modifications and completed what the front end will look like on our website and mobile platform. This shows our unbending focus on using Stellar and also a significant improvement on our development timeline through accurate design thinking.

It is worth noting that our website is live but some parts of our platform are still undergoing development. Our team is dedicated to working on these to ensure our platform maintains an engaging approach while maintaining simplicity and speed when users want to get something done on our platform.

Product and Architecture

Rehoboth empowers individuals with a secure and user-friendly platform to seamlessly manage their crypto holdings, earn attractive yields, and convert them to fiat currency when needed. We bridge the gap between traditional finance and the crypto world, offering a simplified experience without compromising on security or transparency.

Rehoboth aims to simplify crypto management and unlock earning potential through integrations with Stellar and Soroban. Rehoboth aims to help people solve the crisis of money devaluation and build personal finance using crypto. We offer a user-friendly platform that makes managing your crypto assets, earning passive income, and converting them to fiat currency simpler than ever.

One of the biggest pain points Rehoboth aims to solve is the complex and intimidating nature of entering the crypto world. Many potential users are discouraged by technical jargon, overwhelming interfaces, and the perceived difficulty of navigating DeFi protocols. This often leads to missed opportunities and exclusion from the financial potential of cryptocurrencies. Our goal is to demystify crypto and make it accessible to everyone, regardless of their technical expertise. By simplifying the experience and building trust, Rehoboth empowers individuals to confidently explore the exciting world of crypto and unlock its financial possibilities.

Problems Rehoboth Solves

Currency devaluation: Rehoboth is built to combat the currency devaluation effect that comes from the economic challenges facing Africa currently. Nigeria for example has seen an inflation rate of almost 100% since last year alone. We are giving them access to crypto and stable coins especially as a more reliable store of value to enable them to stay afloat in such times and not lose their wealth quickly.

Unreliable savings and earning rate: Rehoboth is providing users with the opportunity to save and earn like pros even if they have as little as $10. They will be able to build a financial plan around their goals and earn with crypto. We communicate expected earning rates and underlying strategies for each saving option, fostering trust and informed decisions of our customers.

The lack of trust in doing business with strangers: Rehoboth utilizes smart contracts to build trust in P2P transactions. We are using smart contracts to securely hold funds until specific conditions are met, ensuring trust in P2P transactions. The escrow smart contract will serve as a Proof of Funds for P2P transactions. This will foster a positive and transparent community environment where users can build trust and reputation through interactions.

Transaction speed when paying for procurements overseas: Rehoboth utilizes Stellar's fast and low-cost international transaction network for efficient and affordable cross-border payments. We support various fiat currencies for on-ramping and off-ramping, removing conversion hurdles and simplifying international transactions

Complexities and the risk of loss when it comes to using blockchain or crypto wallets:  Rehoboth presents a clear and intuitive platform, removing the complexity often associated with blockchain and crypto wallets. We provide integrated learning materials to empower users with knowledge and confidence in managing their crypto assets. It will be crypto with the simplicity of using a bank app.                       

How are we integrating with Stellar?

Stellar Integration for Payments:

Rehoboth can leverage Stellar's robust features for various payment functionalities:

1. Fiat-to-Crypto On-ramping:

• Partner with Anchors on Stellar, like ClickPesa, MyKobo, and MoneyGram allowing users to buy crypto directly with fiat currencies using various methods like bank transfers, mobile money, or e-wallets.
• Utilize AMMs like Stellar DEX to efficiently convert deposited fiat to desired crypto at competitive rates.

2. Cross-border Payments:

• Leverage Stellar's fast and low-cost transactions to facilitate international payments between users.
• Implement Stellar's Path Payment to find the most efficient conversion route across available liquidity pools within the network.
• Consider integrating SEP-6, SEP-24, and SEP-31 standards for streamlined cross-border transactions with clear fees and transparent exchange rates.

How Stellar Works with Rehoboth

Wallet Creation:

1. User signs up: Users create an account on the Rehoboth platform, providing necessary KYC/AML information.
2. Rehoboth generates a Stellar address for the user: Instead of users having individual Stellar addresses, Rehoboth assigns them internal identifiers linked to a centralized master wallet managed by the platform.
3. User receives internal ID: This ID allows users to deposit, withdraw, and manage their Stellar-based assets within the Rehoboth platform.

Deposits of Tokens:

1. User initiates deposit: Users choose the desired token for deposit and specify the amount within the Rehoboth platform.
2. Rehoboth receives deposit: Users send the tokens to a designated deposit address provided by Rehoboth, which could be a single address for all users or separate addresses for different tokens.
3. Rehoboth credits user account: Once the deposit is confirmed on the Stellar network, Rehoboth updates the user's internal account balance within the platform, reflecting the deposited tokens.

Crypto Withdrawals to External Wallets:

1. User initiates withdrawal: Users specify the desired amount of tokens and provide the recipient's public Stellar address within the Rehoboth platform.
2. Security checks: Rehoboth implements security measures like two-factor authentication and withdrawal limits to prevent unauthorized transactions.
3. Rehoboth initiates Stellar transaction: Using its centralized Stellar account, Rehoboth sends the requested tokens to the user-provided external address on the Stellar network.
4. Transaction confirmation: Once the transaction is confirmed on the Stellar network, the user's Rehoboth account balance reflects the deducted tokens.

Off-ramping and On-ramping:

Off-ramping (fiat withdrawals):

1. User initiates withdrawal: Users specify the amount and desired fiat currency for withdrawal within the Rehoboth platform.
2. Rehoboth initiates Stellar transaction: Rehoboth utilizes its centralized Stellar account to convert the user's tokens to the requested fiat currency through Stellar's decentralized exchange (DEX).
3. Fiat transfer to the user: Rehoboth partners with payment processors to transfer the converted fiat currency to the user's designated bank account or e-wallet.

On-ramping (fiat deposits):

1. User initiates deposit: Users choose the desired amount and fiat currency for deposit within the Rehoboth platform.
2. Payment through integrated processor: Rehoboth integrates with payment processors that support fiat deposits (e.g., bank transfers, and mobile money).
3. Fiat converted to tokens: Upon receiving the fiat deposit, Rehoboth utilizes its Stellar account to purchase the user's chosen token on the DEX and credits their internal account balance.

Soroban Integration for P2P Escrow

Soroban can enhance P2P transactions by adding smart contract functionality:

1. Secure Escrow:

• Develop Soroban smart contracts that hold funds securely until specific conditions are met, like both parties confirming delivery or fulfilling agreements.
• Utilize multi-signature wallets within the smart contracts for added security and control over funds.

How the P2P Escrow will work:

1. Initiate P2P transaction: Users agree on terms and select the "Soroban Escrow" option within the Rehoboth platform.
2. Smart contract deployment: Similar to the previous scenario, a pre-defined Soroban smart contract is deployed, holding buyer funds securely in a multi-signature wallet.
3. Delivery/service completion: Buyer confirms receipt or seller confirms service completion within Rehoboth.
4. Dispute resolution involvement:
   • No dispute: If both parties confirm completion, the smart contract automatically releases funds to the seller.
   • Dispute arises:
     • Evidence submission: Both parties submit evidence supporting their claims within the platform.
     • Admin review: Rehoboth admins review the evidence, transaction details, and smart contract terms.
     • Admin decision: Based on their review, admins make a final decision on releasing funds to the buyer, seller, or holding them in escrow temporarily.

How are users getting access to Forex?

Stablecoins as Forex: Reasons and Benefits

Stablecoins are gaining traction as an alternative to traditional methods for forex transactions, offering several advantages:

Reasons for using stablecoins in forex:

• Unlike traditional currencies, stablecoins are pegged to assets like fiat currencies or baskets of other currencies. This significantly reduces their price fluctuations, making them more predictable and less risky for forex transactions.
• Stablecoins leverage blockchain technology, enabling faster and often cheaper cross-border transactions compared to traditional systems. This is due to the elimination of intermediaries and faster settlement times.
• Unlike traditional forex markets, stablecoin markets operate 24/7, allowing for greater flexibility and convenience for users.
• Blockchain technology provides transparent and secure transactions, reducing the risk of fraud and manipulation.
• Stablecoins offer the potential for financial inclusion by providing access to financial services for individuals without traditional bank accounts.

Steps involved in accessing stablecoins on Rehoboth:

1. The user creates an account and verifies identity (KYC/AML).
2. The user chooses the desired “stablecoins” to purchase within the Rehoboth platform.
3. Rehoboth allows users to select their preferred payment method (e.g., bank transfer, mobile money).
4. The user initiates the purchase with the chosen payment method and the transaction is processed.
5. Rehoboth users can also convert deposited fiat currency to the selected stablecoin at competitive rates.
6. Purchased “stablecoins” are credited to the user's Rehoboth account, ready for business transactions.

What tokens do we support?

For now, we are only supporting tokens on Stellar Network but we hope ti add new chains as we go. Here is the list:

USDC

EURC

XLM

BTC

How will the savings feature work?

1. Depositing or buying stablecoins:

• You can either transfer existing stablecoins like USDC or EURC from your wallet to your Rehoboth account.
• Or, you can directly purchase stablecoins using Rehoboth's platform with supported fiat currencies (e.g., NGN, UGX, KES) through the available payment methods.

2. Earning yield on your deposit:

• Rehoboth doesn't hold onto your deposited stablecoins idly. We put them to work through different methods:
  • Lending to institutional borrowers: We might lend your stablecoins to companies or institutions who need them, similar to how a bank lends out your deposited money.
  • Investing in government treasuries: We might participate in government-issued bonds which are a highly safe alternative to lending money to regulated financial institutions.
  • Investing in real estate: We might acquire real estate properties which are a safer alternative to holding the cash and flip the assets quickly to help users earn interest on pooled funds.

3. Sharing the earned yield with you:

• Rehoboth doesn't keep all the profits earned from using your deposit. We share a portion of it back with you as interest on your savings.
• The amount of interest you earn depends on:
  • The amount you deposit: The more you deposit, the more you potentially earn.
  • The duration of your deposit: Keeping your money in longer usually earns you more interest.
  • The current yield being generated: This depends on the interest rates Rehoboth gets from lending or staking your stablecoins.

4. Benefits of using Rehoboth Savings:

• Safety: Stablecoins are generally considered less volatile than other cryptocurrencies, offering a more stable way to store your value.
• Inflation resistance: Stablecoins are pegged to real-world currencies like the US dollar, potentially protecting your savings from inflation.
• Passive income: You can earn interest on your deposited stablecoins without actively trading or investing them yourself.

How will this improve the Stellar/Soroban community?

Rehoboth's adoption of Stellar and Soroban can benefit the overall community in several ways:

Increased Userbase and Awareness

• By offering user-friendly features and focusing on specific pain points, Rehoboth can attract new users to the crypto space, potentially bringing more individuals into the Stellar and Soroban ecosystems.
• An increased user base leads to more network activity, transaction volume, and potentially higher demand for XLM tokens.

Enhanced Use Cases and Adoption

• Rehoboth's diverse functionalities like P2P payments, escrow services, and forex access can showcase the potential of Stellar and Soroban beyond traditional asset trading.
• This demonstrates the real-world applicability of these technologies, potentially attracting developers and businesses to build innovative applications on top of them.

Improved Developer Experience

• By integrating with Soroban, Rehoboth can contribute to the development and testing of smart contracts on the platform.
• This practical use case provides valuable feedback and data for improving Soroban's functionality and developer tools.

Community Growth and Collaboration

• Rehoboth's success can attract developers and enthusiasts interested in similar use cases within the Stellar and Soroban ecosystems.
• This fosters collaboration, knowledge sharing, and potential joint efforts to push the boundaries of both technologies.

Regulatory Exploration and Insights

• Rehoboth's operations and compliance efforts regarding fiat on-ramping and financial activities can provide valuable insights and data for regulatory frameworks surrounding Stellar and Soroban.
• This can contribute to smoother adoption and wider acceptance of these technologies in mainstream financial settings.

Submission Deliverables

Deliverable 1

Brief description: Complete UI/UX design by adding popups, KYC process flow and user guides. Architecting and deploying a thorough database for all activities on the platform with an Admin Dashboard to manage certain actions. Frontend development of all the features designed on Figma. Making the platform live on our testing subdomain.

How to measure completion: Figma and Website

Estimated date of completion: 2 weeks

Budget: $14,000

Deliverable 2

Brief description: Backend development of the Core APIs and Microservices to be used for the Payment, P2P business and Savings. Complete KYC integration (Persona) and Stellar integration for wallet and Anchors. Blockchain development of the P2P Escrow contract on Soroban.

How to measure completion: Features will be usable on the Website

Estimated date of completion: 2 weeks

Budget: $16,000

Deliverable 3

Brief description: DevOps of the platform for scaling and load balancing will be affected to ensure users can have a seamless experience with the platform and it is always available. Security architecture adjustment and implementation to ensure the system data protection and reliability.

How to measure completion: A shareable DevOps and risk analysis report will be shared from a third-party data security company.

Estimated date of completion: 2 weeks

Budget: $14,000

Total: $44,000

Total Expected Roadmap

Phase 1: Core Foundations (1.5 Months - MVP)

Focus:

Establish a user-friendly platform with core functionalities to facilitate secure and accessible P2P transactions and financial services.

Features:

• Centralized Wallet System
• Fiat On-ramping and Off-ramping
• User Authentication and KYC/AML
• P2P Escrow with Soroban Smart Contracts
• Reliable Savings 

Deliverables:

• Functional Rehoboth Platform: A user-friendly platform with core features for P2P transactions, wallet management, fiat integration, and basic savings financial products.
• Security Audits and Reports: Comprehensive security audits of the platform and smart contracts, ensuring robust protection against vulnerabilities.
• Pilot Testing and User Feedback: Conduct thorough pilot testing with diverse user groups and refine functionalities based on feedback.

Phase 2: Expansion and Ecosystem Growth (3 Months)

Features:

• Commerce and Onboarding Tools for Businesses
• Community-driven Dispute Resolution
• RWA Tokenized Investment Products
• Stellar DEX Integration (Optional)
• Educational Resources and User Support
• Strategic Partnerships

Deliverables:

• Enhanced Rehoboth Platform: Expanded functionalities, improved user experience, and increased value proposition for various user groups.
• Onboarding Strategy and Marketing Campaigns: Targeted campaigns to attract individual and business users, fostering ecosystem growth.
• Community Building Initiatives: Initiatives to build a strong and engaged user community around Rehoboth's vision and values.
• Partnership Agreements: Secured partnerships with complementary businesses, amplifying reach and value offered.