A decentralized autonomous organization (DAO) called Avici Money is developing a financial services infrastructure on top of the Solana network with the goal of providing services as if it were an internet-native “bank.”
nevertheless They will make it very clear that they are not legally a bank. The initiative aims to offer products specific to these companies, such as debit and credit cards and the granting of unsecured loans.
The pillar of the proposal is the creation of a “trust score.” (“Trust Score”) works independently of traditional credit rating systems.
This score is the basis for user access. Personal loan, home loan or business loanusing funds from the Solana network’s own investor pool.
The project already has an application in the testing stage (beta version). The developers claim that they have processed more than $1.2 million in payments using Visa cards through the platform and have nearly 4,000 monthly active users.
Currently, this feature allows users to deposit funds in fiat currency, convert them into stablecoins, and use them with merchants.
Avici’s long-term goal is to enable this model to: Reduce dependence on interest rates set by central banks.
but, project is in early stages And its large-scale viability has not yet been demonstrated or stress-tested in the market.
As explained on Criptopedia (in the education section of CriptoNoticias), DAO, the organizational system chosen by Avici for the company, works through smart contracts. DAOs aim to eliminate hierarchies and central authorities and democratize decision-making through voting.
(Tag translation) Altcoin
