Introducing Aurora: The Smart Engine that Drives Peerfin
“Education is the foundation upon which we build our future.” Words of Christine Gregoire, former Governor, state of Washington.
Peerfin aims to achieve a secure future for students, providing help in all its forms. Being a one stop solution for all the financial and non financial requirements of students is not easy, and requires the backing of robust technology.
What is Aurora?
Aurora is the core engine of Peerfin which controls and monitors all activities in the Peerfin platform. It facilitates communication with the NEM blockchain layer by consuming NEM libraries. It is also responsible for handling all the data entered the platform while keeping it secure. In short, Aurora acts as a business logic layer, managing data, smart contracts and communication with the NEM Blockchain.
What does Aurora do?
Financial Support for Students Everywhere
Aurora gives students access to loans from verified lenders around the world. The process of procuring a loan is made simple and efficient through the Peerfin profile and SPQ Rating mechanism. Students sign up on Peerfin after getting endorsed from their respective Universities. After signing up, they go through a verification process.
For a student to apply for a loan, they need to input their career details, achievements, social information etc. When the profile is completed, Aurora automatically grades it. Then, the student posts a loan listing on the marketplace. Aurora adds additional listing information, such as the desired loan amount, interest rate and corresponding yield percentage, and the minimum amount of total bids required for the loan to fund. The bidding on the loan is open for a period of 15 days during which lenders may finance the loan depending on their profile and SPQ.
Thus, any student, anywhere in the world can get financial support by means of cross border lending through Peerfin Aurora.
Skill Profile Development
Aurora is the perfect companion for anyone who registers at Peerfin. It not only helps students avail the best loans from around the world, rather, it helps them keep track of their skills and take up internships, projects or freelance work from all over the world.
And each time you take up a project that improves your skill, Aurora upgrades your profile. Based on your skill profile, it assigns you a special score called the Student Performance Quotient (SPQ). Aurora also opens the portal to thousands of opportunities from companies spanning the entire globe, adding value to your professional expertise.
Apart from helping you enhance your professional skills, by enabling you to take up work from all over the world, it gives you the much needed global exposure, helping you become a global citizen.
Aurora makes Hiring Easy and Efficient
Aurora is a composite opportunity provider for both recruiters and students. Recruiters have conventionally had to spend a hefty sum to find the right talent, and most of the time the effort and capital go down the drain. Peerfin is the perfect solution to hiring-related problems of recruiters everywhere.
It creates a talent pool, consisting of students from all over the world, ranked based on their SPQ scores. This helps you find the right person for the job without having to burn energy and capital. Peerfin thus brings a whole new level of simplicity to the world of hiring.
Scholarships brought to you by Aurora
Powered by a blockchain ecosystem which is fast, transparent and reliable we believe in endowing students the power to customize their own scholarships. It also eliminates human intervention by providing smart contracts, making it reliable and trustworthy. With Peerfin, colleges can implement their own custom scholarship programme using our smart contracts. Students can easily apply and be ranked eligible using their SPQ. With a primary focus on the second and third world countries, the Peerfin Foundation seeks to the largest collective scholarship fund for facilitating global educational ecosystem from around the globe.
The Technology
Peerfin is built upon the NEM blockchain network. The NEM node software verifies transactions, maintains a database, synchronizes with other nodes and maintains stability and trustworthiness to create a network that is fast, secure, and scalable.
Peerfin runs on a hybrid model having private chains and public chains. The data too is stored in a hybrid model with classified data stored within the platform and other data like skill profile displayed on the chain. Peerfin uses both NEM’s private and public blockchain. Provisioned Private NEM Blockchain stores the user’s sensitive/private data. Public blockchain stores the user’s public data.
The classified data is only accessible to Peerfin servers and pre-validated application allowed nodes. Documents and data are stored using the NEM Apostille Design, wherein hash values of the files are created and stored in the NEM private blockchain instead of storing the entire data on the chain. This makes sure that no outside nodes can access or edit the sensitive data while also reducing the bandwidth required to run the chain.
On A Closing Note
Thus, it’s a win-win situation for all. Aurora is the getaway to a future of decentralized finance and talent. With Aurora students no longer have to put their dreams on hold. And recruiters can now gain access to a global talent pool boosting their performance. Thus Aurora sheds lights of joy and prosperity to millions of lives across the globe. Embrace yourself, for a new dawn, has arrived.
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