blockchits

ethereum based chit funds application

WorkFlow:

1. Pool Managers (Owners):

1. Signup
2. Create Pool (Pool period will be same as pool size. i.e if pool has 12 members, pool period will be 12 months.)
3. Invite Members to signup and join pool
4. Approve Join Requests
5. Monitor Member Activity of their monthly payments and inform them if payment delayed.
6. End Pool if period is over and all installements are settled (All Pool members should submit requests to end pool)

2. Pool Members:

1. Signup
2. Join Pool (Once, Pool Manager approves, you will be part of pool)
3. Pay monthly Amount
4. Draw chits (Once for every member on every month - Flash Model. i.e first come first serve basis. (Planning to implement lucky draw model in future))
5. Submit Pool End request if pool period is over and all payments to all members are settled.
6. Activity Monitoring. i.e payment info and winners, available amount e.t.c..

Conditions:

Implemented based on traditional models

1. Pool Creation (Pool manager)

1. Must be registered first on platform.

2. Approve Join Requests(Pool manager):

1. Only owner of the pool can approve join requests of pool member.
2. joining member must be registered on the platform
3. Member must not be part of the pool already.
4. Slots must be available to join new members (i.e some empty slots)
5. Pool must be existed on platform and isn't ended

3. Ending Pool (Pool Mangers):

1. Only owner of the pool can end pool.
2. All members must submit requests to end the pool.
3. Pool must not be ended already.

4. Joining Pool (Member):

1. Member must not be part of the pool already
2. Member must be registered on platform
3. Pool must be existed and not ended.
4. Pool Slots must be available to join new members.

5. Draw Chits (Member):

1. Member must be part of the pool.
2. Pool must be existed and not ended.
3. Member must not drawn chits already in previous monts.
4. All Members should be paid payments for the month.

6. Pool Info (Member/Owner):

1. Anyone can view pool info.

7. Pool Status (Member/Owner):

1. Only joined member of pool or owner can see pool status.

8. Pool Requests and pool member info (Owner):

1. Only owner of the pool can see pool status.

Author

👋 © Salman Dabbakuti