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20 ETH - Build and Validate Your Open Finance company
consensys, labs, defi, open
The rules of our economy were written for a different century. Individuals have gained access to move money easily within their own country, due to federal laws and national banks. Additionally, communities are becoming more global and inter-continental transactions continue to increase.
And yet, individuals are significantly penalized for the cost of transacting globally. Consumers will pay $30 billion in fees just this year to process transactions, which will be pocketed by intermediaries like banks and governments. The unbanked are unable to conduct transactions due to a lack of credit score, and countries with high inflation currencies will be trapped utilizing a worthless asset.
Crucially, blockchain technology is uniquely positioned to create a more open, more equitable, and more effective banking and financial infrastructure as people, goods, and currency move throughout the world. We are looking for entrepreneurs and builders to design these new protocols and financial instruments for global financial activity. We leave it to you to design the new conditions for global financial activity, and offer the following provocations as a place to get started:
**How might we design custom financial solutions for individuals transacting in a global market?**
Only charging transaction fees for transfers between people that don’t know each other on the platform and a higher burden of proof for platform “Friendship,” creating a complete picture of someone’s financial history that considers all transactions including paid and requested transactions, allowing transactions for unbanked or populations without government-issued identities.
**How might we reinvent the definition and evaluation of financial risk?**
Gamifying assessment of risk tolerance, humanizing the process of smaller sized financial risks under a certain dollar threshold, leveraging a combo of local experiences and ever-present technology to make educated bets around financial risk.
**How might we encourage experimentation and education with DeFi?**
Allowing users to model out investment profiles and risk tolerance with crypto, creating learning experiences utilizing low-stakes testnets experiences that can be tied to crypto onramps services.
# Validation Requirements
“Everyone has a plan until they get punched in the face.” - Mike Tyson
We’re raising the bar with this hackathon. While user validation was strongly encouraged in previous Relays, this time it’s a requirement. Why? Because **even the best ideas change dramatically when they meet the reality of what people really need**.
[Link to Labs Video Series](https://www.youtube.com/watch?v=u5HxZtwlzOU&list=PLlvxisTo5m9sQ7QGeuqMf2oAFhqfqZFaJ)
Successful applications will be expected to produce user research in the form of videos and/or transcripts, included in the submission.
# Submission Requirements
Winning Submissions will make the most compelling case for their project with:
* Users Testing + Testimonials
* A prototype (code or no-code)
* Beta-product page + lead capture
* Pitch deck
* Video Demo
# Submitting Open Finance Bounties - Details and Instructions
Important note: All submissions will be required to supply your full name + address + email.
**Review the Submission**
Review the submission instructions on the readme.md on the Road to DevCon Relay repo.
All bounty submissions must be received no later than 11:59 PM EDT on December 17th, 2019 to be considered.
Projects will be assessed from December 16th to December 21st, 2019, and winners will be announced by Gitcoin and Labs.
# Winning Submission Examples & Prizes
Win $$ and an opportunity to receive further funding in the Labs Micro-Grants program.
First place wins 20ETH
2nd Place wins 10ETH
Winners also get
1. Eligibility to win the Best-in-Show UX Prize, also sponsored by ConsenSys Labs
2. ‘Access to the Relays Alumni Network
3. Eligibility to apply to the Labs Micro-Grants Program
Examples of previous Relays Winners…
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