The final mile..
It is time for another update of the progress that's been made on the BNPL Pay platform. With less then a month to go before the re-launch of the protocol, we have some exciting updates to share with the community.
The Audit
One of the most recognized and industry-leading audit companies has completed its initial audit on the BNPL Pay smart contract. Those who have been following our project know we previously had Hacken do audit work but we wanted to make sure we had multiple firms review the code base in order to assure as much redundancy as possible went into the validation of protocol security. As per the last update, the entire codebase has been rebuilt and we decided that along with a fresh codebase, we need a fresh pair of eyes to review it. It just so happens that with some fortunate timing, we were able to secure one of the most prestigious and trusted firms in the industry to review our code; Peckshield.
Having completed their preliminary audit they summarized their findings in the following table:
As is visible from the breakdown of issues, there were no High or Critical issues to be addressed. All medium and low level issues were quickly resolved post finding and have been cleared with the meticulous guys at Peckshield.
The preliminary report has been posted in our telegram group for the community to view. Please note that as we complete work on the front end, we are adding minor changes to the smart contract that primarily affect the display of data (not critical infrastructure). We will have Peckshield do a final audit of the complete code prior to launch, so that the hash will match with the final smart contract deployed.
Progress on the App
We are making great headway in the completion of the front end. Along with speeding up all the functions, page loading, general responsiveness of the app, we have also added a few of the following features:
Collateral for Loans
Users can use BTC, ETH and other stable coins as partial or full collateral for their loans. This will allow Banking Nodes to onboard riskier loans if they so chose.
Interest only loans
This option allows users to chose whether they wish to take an interest only loan which ends with a single balloon payment, or a regular interest+principle monthly scheduled loan.
We have also allowed for payment to be made on behalf of a borrower by a separate wallet. This will allow sticky situations with slashing to be avoided if funds can be secured for a delinquent or late repayment.
Off-Chain Loan requests
We will allow users to save gas on loan requests by initially requesting an off-chain loan (no gas cost). After this soft loan request has been accepted by the Banking Node, only then is a user required to submit an on-chain (with a gas cost) request for the capital. When an on-chain loan is approved by the Banking node, the funds are immediately transferred to the borrower, and the loan term begins.
A cleaner layout with easier to understand information
We have removed and redesigned some info-heavy screens to better aggregate the data for users. More real time data, more relevant data and a cleaner interface to help users navigate the platform.
Night Mode
We have added the option for a night mode. This option will later be enhanced to allow custom skins to overlay on top of the interface.
Final word
Progress is being made on the final leg of the sprint towards launch. Our expected launch window is mid to late May. A specific date will be announced closer to the day. Our expected launch should have a handful of Banking Nodes online and ready to go from the get go.
Details about the Airdrop, launch day and other exciting announcements will be coming in May. We hope to see you all on launch day.
