Graduated from the academy as an Ethereum developer?
As many of you know finishing the Ethereum programming course is just the beginning of a long road towards success in crypto. Employers are looking for top candidates and to be at the top you have to showcase your achievements in written-code not just with your certifications.
That’s why I’m inviting all of you to #BUIDL
Alef: A Defi Scholarship Funding Program
The idea is to provide a platform for sponsors to lock in their capital in Compound and fund the tuition fees of smart and dedicated students with the generated interest.
Which is by the way, how many scholarship programs work in traditional finance except this protocol won’t require any approvals from bureaucrats and financial institutions AND of course, it’s gonna be global!
Let’s take this example:
We want to fund a lucky student with a one-year premium subscription in Ivan on Tech academy costing us $34/month x 12 = $408/year
If we assume that Compound will have a stable interest of 7.5%*, then we can determine the amount of capital that sponsors should lock-in using this formula:
Principal = Tuition fees / Interest rate = $408 / 0.075 = $5400 (DAI)
*Interest in Compound is not stable but we can worry about that later.
Here’s what we’re written on Github so far:
• Students //Not needed to be included in the smart contract
• Students are chosen by academies. //Off-chain
• Academies present their offers to the sponsors.
• An offer contains: The academy’s name, the online course, and the amount of capital to be locked (The principal).
• The principal is calculated using this formula:
Principal = Monthly tuition fees / Interest rate
Since Compound’s interest rate changes over time, the principle has to also follow and be updated each month.
• Once an offer is accepted by the sponsor, the funds will be transferred from his address to Compound and a scholarship is officially granted to a student. //In the future, sponsors could raise funds by joining pools and fulfilling academies’ offers collectively.
• Interest in Compound is generated in real-time and transferred to an academy’s address.
• To ensure that the student is worthy of the scholarship, she has to take a quiz each month.
• If she fails a quiz she gets a warning from the academy. After a certain amount of warnings, the academy can choose to close the contract and lockout the sponsor’s money. //Quizzes and warnings can be done off-chain I suppose
• After passing a certain amount of quizzes and maybe a final exam she will graduate and the sponsor’s funds will be locked out of Compound and transferred back to the sponsor’s address.
• Sponsors can also choose to close the contract and lockout their funds at the end of each month.
Now, before you get discouraged thinking about the lengthy and complex code that has to be written, just know that we are all noobs here. I myself don’t have a degree in computer science and can barely define what a “mapping” is. This is an opportunity to put what we have learned into practice and learn by failing.
Here is how I would imagine the roadmap is going to look like (feel free to correct it):
1- Constructing the blueprints of a simple smart contract.
2- Writing the contract.
3- Making it interact with Compound (which might be the most difficult part).
4- Adding more functionalities and abstractions like dynamic arrays and stuff.
5- Developing the backend of a fully functioning Defi protocol.
6- Developing a user-friendly frontend for our Defi app.
7- Give this startup a name?..
I pitched this idea to the Compound community and they liked it. They shared the relevant resources to code on top of Compound so please join their discord they’re super nice
They directed me to a similar project you can check out