DeFi Product Proposal: ScoTra

DeFi Product Proposal: ScoTra
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DeFi Product Proposal: ScoTra
Part 0
You know how it is challenging for small investors in the exchange market to access information about stocks. Well, I am proposing a new decentralized finance project that will create a platform that brings together stock analysts and small investors so that small investors can be more informed about stock trading.
The proposed product will live on the Ethereum blockchain tech stack. The Ethereum blockchain is the most appropriate stack for the proposed products as it allows smart contracts and the running of decentralized applications (Vujičić, Jagodić, & Ranđić, 2018).
Part 1
Background Information
ScoTra will be a new decentralized finance (DeFi) solution that will allow small stock investors to access the information and tips they require to make an informed decision in the stock market. A key issue faced by many small investors in the stock market face is the inability to access information that can be used to make decisions such as where to invest their money. In addition, some small traders lack the trading tools and software that they need to quickly analyze the financial information that is generated by various companies in various global stock exchange markets. ScoTra will mainly seek to offer a money market solution by providing an ecosystem where the users can trade data on various stocks, mine NFTs unique to the protocol, stock analysis apps, and other stock-related virtual goods. The platform will allow the users to use software development kits in the Ethereum blockchain to develop virtual goods that they can trade, monetize, and market. The conventional stock market does not provide access to information on the performance of a given stock, which makes it challenging for a stock investor to effectively buy and sell shares in the stock market. As such, ScoTra is created to solve this challenge. Users in ScoTra will be able to mine NFTs and develop stock analysis apps to trade in the platform.
Relying on the platform, stockbrokers will be able to monetize their knowledge of stocks as they can sell stock tips, stock analysis, or stock analysis apps for trading on the platform to investors. The sale of various virtual products on the platform will allow the users to earn the SCOTRA token, which can facilitate the acquisition of assets in the platform, or can be converted into fiat money. In addition, the platform will allow stock traders in various global stock markets to connect and form a community of traders. To this end, the platform will be a meeting place for experts in the stock market with the small investors keen to secure information about the performance of stocks in the markets.
ScoTra will be run on the Ethereum blockchain. Its protocol will be made up of software development kits for projects, Application Programming Interface, a marketplace based on Escrow, and a smart wallet for storing coins. To this end, developers in the platform shall have access to SDK for various programming languages that they can use to develop stock analysis apps for sale in the protocol (Vujičić, Jagodić, & Ranđić, 2018). The ScoTra wallet will be an essential part of the ScoTra protocol that will facilitate the interaction of the investors and the stockbrokers. Also, the wallet shall be used to record the user’s transactions in the ScoTra protocol. The API in the protocol will be used to help users keep track of their transactions and ease access to smart contracts. Consequently, the ScoTra website shall be able to display data without requiring the use of Web3 extensions. An Escrow-based marketplace as a part of the protocol will be essential in the facilitation of the exchanges among the protocol users.
Workflow
The workflow of ScoTra will depend on whether one is a buyer or a seller. When registering as a buyer, the first step shall be the registration and verification of the user. In this step, a potential user will be asked to provide identification and contact information. In the second step, the user will acquire a wallet address where they can purchase the cryptocurrency they need to operate on the platform. In the third step, the user will transfer the cryptocurrency to the ScoTra wallet address. In the final step, the buyer will be able to purchase an NFT, stock analysis app, or lease either of the two. When purchasing a virtual product in the platform, one should begin by placing a request for the acquisition or leasing of a virtual asset from the ScoTra marketplace. After placing the request, one shall receive offers from the sellers that they can browse and accept the virtual asset that meets their needs. Once the ideal virtual asset is decided upon, the buyer can transfer the quoted amount to ScoTra so that ScoTra can send the purchase virtual tool to the user.
For the seller, one has to register in the same way as the buyer. To sell a virtual item on the ScoTRa marketplace, one should navigate to their collections and decide the NFT or apps they would like to lease out or sell. A button labeled 'Sell Item' appears which prompts one to fill in the listing details and set the amount that an interested buyer should pay in SCOTRA as well as any additional fees. The final step involves confirming the listing. One can make alterations or cancel the listing at any given time. To create a virtual item on ScoTra, one should start by creating an account on the platform. Then, one should decide on the project decide on the name, and provide a description for the project. One should then link the wallet by copying the linking code. Once the three steps are completed, one should be in a position to mint tokens. A seller should be aware that minting the NFT will require one to possess SCOTRA or ETH in their wallet.
The ScoTra marketplace shall have five main marketplace fees. A transfer fee will be paid by the buyer for every purchase made and will be due to the seller (creator). The per-item fee will be the one-time purchase fee that will be paid to the seller for a purchased item. Ratio cut and ratio extra will be a fee charged to the buyer every time they make money using the purchased item. The marketplace fee will be a standard 2.5 percent for every transaction completed in the ScoTra marketplace.
Part 2
Customers...