Molecule Protocol (KYC Demo)
Use NFT as proof of KYC
Project Description
The Molecule Protocol was first started during last year's EthOnline hackathon. The idea is to use NFT tokens to whitelist user wallets. The most common use case is KYC, where once the user is KYC'd, an ERC721 token is minted to the user's wallet. Exchanges or DeFi projects can then verify the user's KYC level using the NFT token. (https://hack.ethglobal.co/showcase/molecule-protocol-reckjQfzFXVAf0Umz)
Then we have developed an unsecured lending vault using Aave's credit delegation vault in the MarketMake hackathon. The idea is to mint a tiered credit worthiness token onchain to approve users to participate in unsecured lending vault. Ideally, a NFT token as a proof of signature on the legal lending contract would also be required so we can connect the off-chain and on-chain requirements. (https://hack.ethglobal.co/showcase/credit3-recVStoe9WKsOYVaO)
In both previous hackathons, only the smart contracts were implemented. This hackathon we put a simple UI connecting the pieces together.
How it's Made
It is made with a React starter code, and integrated with web3 via Metamask. There is a server component that handles the callback from KYC provider and initiate the minting of the NFT token, I simply run out of time to finish (I carelessly assumed the hackathon ends end of day Sunday), so there are parts of the callback being hardcoded at the moment.
