RefundLedger Whitepaper
Introduction
RefundLedger is the autonomous VAT refund machine backed by collateral staking built for SolanaPay and VISA cards.
Our mission is to avoid taxes to short-term de-leverage unelegible individuals’ purchase power.
The system could leverage the budget of a trip, hence this system could be applied to a wider credit system bridging real economy into blockchain BAAS technologies.
Problem
On average, 1/5 of the budget of a foreign traveller goes to unelegible taxes: a downside both for local economy and travellers. Most of the refundable processes are not filled.
- The VAT refund process generally takes long time to be effective on wallet;
- Unelegible taxes damage up to 25% the entire budget allocated for a trip;
- There is no automated system for instant knowledge of refund elegiblity and effective refund check.
As a case study, Chinese tourists in Europe:
- Number of outbound trips from China to EU (reference movement, 28% of total): 2.49 M
- Average on-site spending of 5.000 $ per traveler (EU reference)
- Average elegibility: 12%
The classic VAT refund system discourages the VAT refund itself and does very little to boost budget extensions to spend on local economy: the problem is both for locals and travellers.
Solution
An instant VAT refund system for travelers backed by a pre-departure staking and an automatic AI-powered testing of double NFT generation from receipts and transactions.
In a short way, our solution:
- Pre-departure staked collateral;
- Double NFT generation from transactions: value with applied VAT and type of good; iterative refund elegibility calculation; the first NFT will be storing the transaction value, the second NFT will be storing the receipt motivation (the good, that will also be taken by the payment transaction); the second NFT will be checked by our AI bot that will confront it with government APIs and rate the eligibility of a VAT refund;
- Instant VAT refund;
- Unstake + APY benefit available after final goverment approval.
Process
Here after, please find the overall process that goes through the validation of the VAT refund and the final unstake for service de-activation.
Then next you can surf into ho the whole process takes place, from web2 to web3.
Summing up benefits and accessed services:
RefundLedger customers will pay 1–2% per transaction and an avg of 9.8% to 40% for staking APY fee.
On mobile
Launching in at the end of Q2 2022, there will be available a mobile dApp to track all the movements and the efficiency of the system. All data and privacy are safu and regulatory-compliant.
Use our dApp
Easily track your expenses, refunds, stakes and loans through smartphone, tablet or PC
Stake easily
Pre-departure, stake a quantity of coins as collateral*
*staking on AAVE and SOLEND integrations will be available in Q1 2023
Get instant refund on eligible goods
We instant-refund VAT on elegible goods through our unique double NFT (transaction and good) generation system and our AI-managed APIs
Why Blockchain
Blockchain is the technology we are using to design our concept of service delivery to the world; the safety ensured by it, is what allows automation to work at its best. In particular, trustless automation will pass through the deploy of multiple smart-contracts.
A smart contract is an arrangement between two entities in the form of a computer code. These codes are then run on the blockchain, as a result they are stored on public databases and cannot be altered. In a smart-contract the transactions take place when the conditions in the agreement are met without the involvement of a third party. This solves issues like trust, speed and safety. The smart contracts will be used to activate the service after staking, to interrupt the service at unstake, to generate double NFTs based on the transactions and purchases and to refund the customer based on the the double NFT verification system.
The blockchain we firstly selected is Solana, while could be considered Ethereum or any L2 when they could result conveniently better (mostly referring to gas fees); the web2 operations will also be enabled by blockchain oracles (such as Chainlink) that will enable the connection with APIs with both the government side and the VAT refund agencies.
The refund system will be assured by the staking of a quantity of coins that would be required to the customer before starting the contracts.
Integrations and expected partnerships
RefundLedger is built to support SolanaPay to get the needed transaction informations and to refund immediately the traveller.
To make our system run smoothly, we are integrating it with payment card issuers like Visa and Mastercard to ensure the best user experience and allow the customers choose their preferred way to pay and acknowledging that we are still early in the crypto adoption for payments.
We plan a partnership with globally-recognized VAT refund agencies like Global Blue to ensure a fast-track service delivery and to be able to provide as much pluggable value as possible to the existing services: this is how we bridge the traditional processes into a new and faster blockchain-backed application of technology.
Our system will support integrations with lending platforms, allowing not only instant refund but also instant loans. In this way, the system will be offering a wider number of services and applications for both businesses and individuals and not only restricting the applications to trips outside the own country.
AAVE and SOLEND will be the first integrations and we will transit from an on-platorm staking to an eternal platform staking. This would minimize the risk both for us and for the client itself, allowing this last to access multiple choices of usage of our service.
Roadmap
Conclusions
This is the beginning of a new era for decentralized services and for the application of blockchain-as-a-service. This concept will be the crucial point of contact between the decentralized world and global communities, allowing us to actualize our vision of widespread adoption of DeFi cryptocurrency.
RefundLedger Team
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