Develop an easy-to-use platform for anyone inside or outside Lebanon to use, and that provides peer-to-peer and customer-to-business payment services using cryptocurrencies.
This project aims to create a cryptocurrency platform to be used by Lebanese residents and that provides a tool to potentially solve the problems that inhabitants are facing when it comes to payments. An intuitive interface to the tool will allow residents to exchange money using LBP and USD using an underlying cryptocurrency blockchain. Lebanon residents can as a result get access to international markets, something that has been restricted by capital control measures implemented by local banks. The tool will also make cashing remittances easier from sources outside Lebanon. Moreover, it would provide people with an e-wallet where they can temporarily place their money. The e-wallet replaces credit cards and bank wires, and could also be beneficial for businesses and organizations that have international dues to pay to foreign suppliers.
Challenges
Challenges
There are several challenges related to the following:
Ease of use: The tool should be easy to use for all users
Multi-language support: The tool should be implemented in multiple languages
Reliability: The system should be fully functional with no downtime
Blockchain-based: The system should be built on top of existing blockchains
Security & Reliability
Scalability: The system should be scalable to hundreds of thousands of users
Multi-currency: Support LBP and USD transactions and offer LBP to USD exchange
Legal Issues: Abide by the legal conditions of the country and decentralized finance.
