WE WON @ ETHLisbon 🇵🇹
We won the Hackathon Challenge by Sommelier Finance for our Credit Scoring System with an Adapter for Compound called CreDough 🍩 .
After a long 48h of Hacking we have built a Credit Scoring System leveraging technology of Sommelier Finance, Compound, iExec, Euler Labs, Filecoin Foundation and WalletConnect.
Recap of the Hackathon
The Hackathon took place at one of the most impressing Venues in Lisbon.
One of the first things you will notice is the astonishing Venue of the Hackathon. The Hackathon took place in the historical Academia das Ciências de Lisboa, where you are surrounded by artefacts of the long heritage of Portuguese culture. Especially with strong influence of the times of the Portuguese Colonial Empire reaching back to the 15th Century.
We believe it must have given us some inspiration and in-direct influence on coming up and building our Hackathon Project, being at the Academy of Science.
We had a lot of ideas we were passionate about. However, we ended up developing a Credit Scoring System allowing for under-collateralized Lending & Borrowing called “CreDough 🍩” or “Quantative Ethereum Credit Reputation Service”.
Calculation of the Credit Score:
FICO Based Weighted Average Model with MLx = debt, y = active borrowings, z = transactions, β = length of credit history, CSONC = Credit Score On-Chain, CSOFC = Credit Score Off-Chain, φ = ML adjustment FactorCSONC = O.3x + 0.2y + 0.35z + 0.15βCSOFC = αCS = φ(r1(CSONC) + r2(CSOFC))
Basically CreDough 🍩 calculates a weighted average out of your On-Chain Credit Score and your Off-Chain Credit Score.
The On-Chain Credit Score gets calculated based on various Factors like your Wallet Transaction History, how often you got liquidated, borrowing debt and on-chain income.
Your Off-Chain Credit Score would basically be passed to CreDough 🍩 trough an API connection to your Web2 Online Banking.
Since we are dealing with sensitve Data it was important, that CreDough 🍩 at no point of time will store financial Data of its Users. Off-Chain Data solely gets used to calculate the Overall Credit Score and will only be visible to the User.
CreDough 🍩 is fully open-source. The Github Repository can be found here.
ETHLisbon used taikai.network to organize the Hackathon. The full Project Page can be found here.
Key Takeaways from the Hackathon
- Build something everyone wants to do, else it can affect the Team Spirit; espacially with lack of sleep.
- Make sure your Idea is alligend with the Sponsor Bounties and Hackathon Challanges, if you care about winning.
- Fast decisions matter more then good decisons; you are not trying to build a Company and it is not meant to be doing that within the scope of a Hackathon. At the end its just an idea/proof-of-concept and you are heavliy constrained by time during the Hackathon. Problems will come anyway, rather try to iterate and keep the coding flow up then to overdiscuss everything. If your Team geniunly wants to take the Idea further, you can do it after the Hackathon — if you win you will even have better chances for grants and funding.
- Be organized well, use kanban boards and other tools ot keep everyone on track, accountable and avoid inefficent communication.
- Visuals matter too, make sure your presentaion (and frontend) is appealing.
- Have fun & make friends, we are all together very early in a historic point of time when it comes to Technology. Lets make memories we can share for a lifetime.
What comes next?
There is a lot going on right now here in Lisbon. Right after the Hackathon we went to the ETHLisbon Afterparty by the Filecoin Foundation.
After we won we didn’t have time yet to touch grass or even get proper sleep 💤 . Right the next day the WebSummit, FILLisbon and the Solana Hackerhouse started. Even this Medium post was written on the go commuting to another Venue.
Some of our Team Members got right after ETHLisbon involved in the Solana Hackerhouse working on an Options Market on Solana (more tba).
After things calmed down and conference season is over, we will start thinking more about if CreDough🍩 was just a fun experience during ETHLisbon or if we gonna take it further in some form.
For now we are focused on what is happening in the next weeks.
We gonna make a Recap of everything that is happend and will happen here in Lisbon and talk about what will write about what will come next.
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Further Credits to Mohak Malhotra the Co-Author of this Article.
