AjoDAO is a Solana blockchain DApp that reinvents group savings with digital "pots," mirroring the traditional Tanda club model.
AjoDAO isn't just an idea; it's a solution that addresses a real need. The evidence is in the numbers. Our initial questionnaire yielded over 100 responses, and what's particularly exciting is that over 90% of respondents indicated that they are currently part of Ajo groups or have a history of participating in them.
This data showcases a substantial and engaged audience, ready and waiting for a platform like AjoDAO. It's a clear indicator that we're entering a market with existing demand, making AjoDAO's potential for success all the more promising.
A significant number of respondents from our research expressed concerns about the lack of fund transparency, fund security, and limited financial control within existing savings groups, often referred to as "Ajo" or "Akawo" or "Adashe" groups in Nigeria. This problem is especially pronounced in traditional setups, where tracking contributions and managing the group's finances can be challenging.
Our investigation into platforms that aimed to address these issues highlighted a disheartening reality—some of these platforms have misappropriated client funds, exposing the pressing need for better fund transparency and security. This unfortunate history underscores the critical importance of building a solution that people can trust.
Another key challenge identified is the geographical restrictions imposed by the reliance on specific currencies. Many existing solutions are confined to certain regions due to currency limitations, limiting accessibility and financial inclusion for individuals and communities in other parts of the world.
AjoDAO is our answer to the challenges presented. We're introducing a revolutionary approach: a DAO-based group savings platform where the use of funds is regulated by individual members of the group. This means each participant has a say in how their funds are utilized, promoting transparency, and empowering users to take control of their financial future.
But that's not all. We're taking it a step further. AjoDAO offers opportunities for groups to decide to lock their funds in high-yield, low-risk protocols. This allows groups to make the most of their collective savings, potentially earning more from their contributions, and all while maintaining the utmost security.
Our commitment is to bridge these financial gaps and empower users with a more inclusive and reliable financial tool. With AjoDAO, financial control and transparency are in your hands.
- Create a new profile: Users can create a new profile by providing a name, email, number of deposits, and total amount deposited.
- Create a new pot: Users can create a new pot by providing a description, name, cycle (daily, weekly, or monthly), and creation date.
- Join a pot: Users can join an existing pot.
- Deposit into a pot: Users can deposit contribution amount into pot.
- Pot rotation: Implement a system where the pot is rotated among the members, ensuring each member gets the pot amount once in the cycle.
- Withdraw from pot: Users should be able to withdraw their share from the pot when it's their turn.
- Penalty for defaulters: Implement a system to handle defaulters, i.e., members who fail to contribute to the pot in their turn.
- Update pot status: The status of a pot (open or closed) can be updated.
- Pot closure: Implement a feature to close the pot once all members have received their share.
- Group based DAOs for proposals, votes etc