Bloom Finance - Gift Cards that Grow in Value! It's your money. You deserve the interest that accumulates on your deposit for as long as you hold your gift card!
Custom Gift Cards created by companies/businesses that, when purchased, earn interest on the deposit, where a portion of the deposit is paid to the company in advance to help with revenues during COVID19, the remainder held in an NFT that earns interest for the holder (to be spent at the company). The interest on the deposit is a bonus to both the Gift Card holder (more value to spend) and the business (more value to be received). As long as the Gift Card exists, it will grow in value! You can spend all or a portion of the value held in the Gift Card, and the remainder will continue to Grow! And if you have a small amount left on the Gift Card that you cannot spend, you can either top-up the Gift Card, or destroy it to receive all of the remaining funds! As a Gift Card holder, you can visit Bloom Finance to view your Gift Cards, check the balance, see how much interest has built up and more! Did you lose your Gift Card? Don't worry, it is always in your Ethereum Wallet as an NFT. You can always print a copy of the Gift Cards that you own, and they will continue to be fully redeemable in the store! Welcome to Gift Cards 2.0!
How it's made
1. Purchase a Gift Card from your favorite store. We store your deposit as a stable-coin held within an NFT. The NFT is your Gift Card. It is yours. Trade, transfer, sell, redeem, destroy - it's up to you! 2. Watch the Value of your Gift Card Grow! As long as the Gift Card NFT exists with a deposited value, it will grow with interest! We use Aave to deposit stable-coins and receive a yield-bearing coin that accrues interest. Each Gift-Card is an NFT connected to its own Smart-Wallet which holds the Aave yield-bearing token and accrues interest. The NFT is the owner of the Smart-Wallet and only the owner of the NFT can access or redeem the assets held in the Smart-Wallet. 3. Redeem your Gift Card! The value of your card is simply transferred to another Smart-Wallet owned by the Gift-Card creator (the business that created the Gift Card for purchase). Any business can Register for a Membership which allow them to create various types of Gift Cards. Memberships are also an NFT connected to a Smart-Wallet which also earns interest on all Gift Card Redemptions until the funds are withdrawn! The Growth never stops! --- The mechanism is simple; 1. We use ERC1155 to create and manage NFTs for both Memberships and Gift Cards. 2. We create a "Bridge" contract that stores a Mapping from the NFT Token ID to the Address of a Smart-Wallet (actually, it is more like a Dumb-Wallet in its simplicity). 3. We use a Controller contract to Mint an NFT for each Gift Card and at the same time we create a Smart-Wallet for each NFT through the Bridge. We then associate the NFT with the Smart-Wallet address in the Bridge contract. In order to redeem assets from the NFT linked Smart-Wallet, you must be the Owner or Operator of the NFT. 4. We then accept an Asset Token for Deposit, transfer the Assets into Aave's lending pool, and receive aTokens from Aave which are then transferred into the Smart-Wallet for the NFT.