Stellar Community Fund

By Rehoboth Finance

Rehoboth Finance

SCF #27

$23.3K

Legacy v5.0 Activation Award

Awarded

Crypto savings wallet for Africans

Products & Services

Rehoboth is a crypto wallet that gives users the ability to earn yield in a secure, safe, and transparent manner. One of the biggest problems facing some African currency devaluation due to economic factors and crypto is one of the leading ways for people to hedge against the high rate of inflation. This is why Rehoboth is on a mission to curb economic waste and shield users against high inflation rates.

Our shared goal with SDF is to provide people with equitable access to the global financial system through savings products that help them generate yield while they go about their daily business. Are we the only ones doing this? Of course not. That is why we believe we will be such a phenomenal success as others who have walked this path have. We have a very good founder-market fit and will prove that as we go in this application to show we have the data and skill set to solve this problem. Another major thing we have looked at is that people who hold crypto don’t actually like to spend it. Data has shown and proven that we are in fact in the heart of the biggest crypto mine in the world, Nigeria. Nigeria has beaten every country in high volumes of crypto trades and you can easily tell why. Everyone wants to invest. Most people really don’t care about buying stuff for clout right now as they can sense the urgent need to save. Finally, a major constraint comes around being able to use a crypto wallet seed phrase and not lose your money. There is an issue with writing down your private key and being able to operate a non-custodial wallet. This is why we’re opting for a 3-key Multi-sig wallet where users have their funds but we can help them sign transactions and in the case of losing their keys, we can recover their funds and move them to a new account.

Problems Rehoboth Solves

1. High Inflation and Economic Uncertainty: Problem: African currencies are prone to devaluation due to economic factors, leading to high inflation rates. This poses a significant challenge for individuals seeking financial stability. Solution: Rehoboth provides a crypto wallet that allows users to earn yield in a secure, safe, and transparent manner. By leveraging crypto assets, users can hedge against currency devaluation and inflation, thus safeguarding their wealth.

2. Limited Access to Financial Services: Problem: Many people in Africa lack access to traditional financial services, limiting their ability to save and invest effectively. Solution: Rehoboth aims to provide equitable access to the global financial system through savings products that help users generate yield. By offering these services, Rehoboth empowers individuals to build wealth and achieve financial security.

3. Hesitancy to Spend Crypto: Problem: Despite the growing popularity of crypto in Africa, many people are reluctant to spend it, preferring to hold onto their assets for investment purposes. Solution: Rehoboth addresses this issue by offering a platform that combines both payment and investment functionalities. By providing opportunities to earn yield on crypto holdings, Rehoboth incentivizes users to save and invest while still offering the ability to make payments when needed.

4. Security Concerns with Non-Custodial Wallets: Problem: Users often face challenges in securely managing their crypto assets, particularly when it comes to safeguarding private keys and seed phrases. Solution: Rehoboth implements a three-key multi-signature wallet system, providing users with enhanced security and peace of mind. In the event of lost keys, Rehoboth can assist in recovering funds and ensuring uninterrupted access to assets. By addressing these problems, Rehoboth aims to provide a comprehensive solution that promotes financial inclusion, stability, and security for users in Africa and beyond.

How are we integrating with Stellar?

1. Payment Processing and Asset Management: Rehoboth will leverage Stellar's blockchain technology to facilitate payment processing and asset management within its platform. This integration allows users to conduct transactions seamlessly and securely, benefiting from Stellar's fast and low-cost transaction capabilities. Rehoboth will interact directly with Stellar's blockchain to process payments between users, manage crypto assets such as yUSDC and yXLM, and ensure the integrity of transactions. This integration streamlines the payment process, enhances user experience, and ensures transparency and security in asset management.

2. Yield Generation and Investment Opportunities: Rehoboth aims to utilize Stellar's blockchain for yield generation and investment opportunities, enabling users to earn passive income on their crypto holdings. Through integration with Stellar-based platforms like Ultra Capital, Rehoboth users can acquire crypto assets such as yUSDC and yXLM to generate yield. This integration provides users with additional earning potential while contributing to the overall growth and sustainability of the Rehoboth ecosystem. By integrating with Stellar in these ways, Rehoboth enhances its platform's functionality, offers users access to a wider range of financial services, and contributes to the development of a more inclusive and prosperous financial ecosystem in Africa and beyond.

How Stellar Works with Rehoboth

Blockchain-based Transactions: Stellar serves as the underlying blockchain technology for processing transactions within the Rehoboth platform. Users can seamlessly send and receive payments, convert between different assets, and manage their digital wallets using Stellar's blockchain. Rehoboth leverages Stellar's fast and low-cost transaction capabilities to ensure quick and affordable transfers of value for its users. This integration enhances the efficiency and accessibility of financial transactions within the platform.

Asset Issuance and Management: Rehoboth utilizes Stellar's asset issuance capabilities to create and manage digital assets within its ecosystem. This includes stablecoins like yUSDC and yXLM, which users can hold, transfer, and trade on the Stellar network. By issuing assets on Stellar, Rehoboth provides users with access to a diverse range of financial instruments, enabling them to diversify their portfolios and manage risk effectively.

Yield Generation: Rehoboth harnesses Stellar's robust ecosystem to empower users to generate their own yield by swapping their base tokens for Stellar yield assets offered by ultracapital.xyz. Through strategic integration with platforms like Ultra Capital, Rehoboth enables users to participate in staking activities on the Stellar network, earning rewards and additional income. By leveraging Stellar's blockchain technology, Rehoboth ensures secure, efficient, and inclusive financial services for users in Africa and beyond. This integration enhances the financial sustainability of the platform, incentivizing users to engage in staking activities and facilitating passive income generation on their crypto holdings. Overall, Stellar plays a pivotal role in driving financial inclusion and empowerment worldwide, as Rehoboth leverages its functionality, scalability, and accessibility to offer innovative investment opportunities and yield-generating services to users globally.

How are users getting access to Forex?

Stablecoins as Forex: Reasons and Benefits

Stablecoins are gaining traction as an alternative to traditional methods for forex transactions, offering several advantages: Reasons for using stablecoins in forex:

Unlike traditional currencies, stablecoins are pegged to assets like fiat currencies or baskets of other currencies. This significantly reduces their price fluctuations, making them more predictable and less risky for forex transactions.

Stablecoins leverage blockchain technology, enabling faster and often cheaper cross-border transactions compared to traditional systems. This is due to the elimination of intermediaries and faster settlement times.

Unlike traditional forex markets, stablecoin markets operate 24/7, allowing for greater flexibility and convenience for users.

Blockchain technology provides transparent and secure transactions, reducing the risk of fraud and manipulation.

Stablecoins offer the potential for financial inclusion by providing access to financial services for individuals without traditional bank accounts.

Steps involved in accessing stablecoins on Rehoboth:

The user creates an account and moves to verify their identity (KYC/AML) by making their first deposit.

The user chooses the desired “stablecoins” to purchase within the Rehoboth platform.

Rehoboth allows users to select their preferred payment method (e.g., bank transfer, mobile money).

The user initiates the purchase with the chosen payment method and the transaction is processed.

Rehoboth users can also convert deposited fiat currency to the selected stablecoin at competitive rates.

Purchased “stablecoins” are credited to the user's Rehoboth account, ready for business transactions.

What tokens do we support?

For now, we are only supporting tokens on Stellar Network but we hope to add new chains as we go. Here is the list:

USDC XLM BTC ETH

How will the savings feature work?

1. User Enrollment: Users opt-in to the savings feature within the Rehoboth platform. They can choose to allocate a portion of their crypto holdings for savings, allowing Rehoboth to use these funds for yield generation activities.

2. Asset Allocation: Once enrolled, users can specify the assets they want to allocate for savings. These assets may include stablecoins like yUSDC or yXLM, which are suitable for generating yield through staking or other investment mechanisms.

3. Yield Generation Mechanisms: Rehoboth utilizes the staking of assets on Ultra Capital, participating in liquidity pools, or engaging in other yield-generating activities within the Stellar ecosystem. By leveraging these mechanisms, Rehoboth aims to maximize the yield potential of users' savings while minimizing associated risks.

4. Accrual of Rewards: As Rehoboth earns rewards through yield generation activities, the accrued rewards are credited to users' savings accounts on a regular basis. Users can track the growth of their savings and monitor the rewards earned over time.

5. Flexible Withdrawal Options: Users have the flexibility to withdraw their savings at any time, allowing them to access their funds whenever needed. Rehoboth ensures seamless withdrawal processes, enabling users to transfer their savings back to their primary wallets or use them for other purposes.

6. Transparent Reporting and Monitoring: Rehoboth provides users with transparent reporting and monitoring tools to track the performance of their savings accounts. Users can view detailed transaction histories, track accrued rewards, and monitor the overall growth of their savings portfolio within the platform. Overall, the savings feature in Rehoboth offers users a convenient and secure way to earn passive income on their crypto holdings while maintaining control over their assets. By integrating with yield generation mechanisms and providing flexible withdrawal options, Rehoboth empowers users to achieve their financial goals and build wealth over time.

How will this improve the Stellar community?

Communities: Rehoboth is a community-serving product that places the power of savings in the hands of the community and will empower African communities who will in turn, empower Stellar with more adoption. We intend to host meet-ups which will help the users gain more events.

Collaboration: Rehoboth will also help and connect with startups building interesting products and can be the number one place to get fintech help in Africa for Stellar communities as we hope to work with as many willing and promising ideas in the coming years as we know this multiplies the effect of what we’re doing than going alone. Of course, you know the popular saying that says something like “if you’re going far, go with people”.

Commitment to education: Rehoboth will be committed to educating people generally on blockchain technology even through its platform through newsletters and is willing to partner with Stellar to organize hackathons.

Requested Budget

$23.3K

Team

Lucky Nweke

Founder and CEO

Lucky, is a next-generation blockchain innovator in web3 development and blockchain technology. He is certified in Emerging Tech, Blockchain, and Leadership by IBM, Buffalo University, Duke University, and McKinsey & Company. He is an expert in blockchain, product development, IT management, enterprise software, automating learning processes, and creating decentralized networks. He has worked with multiple companies around the world like Crowdbotics, Nu10, Nivapay, Swapbitssa, Suncontract, Unimoon Network, and Simple Studios to create outstanding solutions. He is an expert in Rust and has led development teams to build and launch projects and also worked on two Soroban projects as the only blockchain and backend developer to help them launch on the current Soroban Testnet.

To provide more context, he has handled the full stable coin integration for two big crypto payment companies - Nivapay and Swapbitssa. Even if this was a gigantic problem for them, he was able to tackle the problem in a short period. He is well known and recommended for his speed and excellence in delivery. Aside from development, he also does Cybersecurity and has protected web3 and web2 companies with full-proof security architecture and audits. He also is the Founder of Havilah Blockchain Studios and is a Top Smart Contract Consultant at Deep Guard.

LinkedIn: https://www.linkedin.com/in/kingfavourjudah/

Github: https://github.com/kingfavourjudah

Twitter: https://twitter.com/thefinancelion

Ben Charles

Co-founder and Lead Product Designer

Charles is a design genius and has been able to work on multiple products producing success. He is currently the Leader Designer at Havilah Blockchain Studios and leading Product Design for the Venture Studio. He is focused on enhancing user experiences in blockchain and decentralized technologies, simplifying and enhancing Web3 software, by designing secure, scalable, and user-friendly interfaces.

LinkedIn: https://www.linkedin.com/in/bencharlesx/