We’re excited to share incredibly innovative uses of Bloom across a variety of uses from lending, to identity, to commerce. One of our favorites addresses a huge problem, securely transacting in developing worlds.
Detsy: Decentralized platform for selling handmade items
Countries all over the world have craft good economies. Unfortunately, many of these countries face weak financial infrastructure and volatile local currencies. Detsy is the first peer-to-peer platform for conducing online commerce, focused on local craft goods.
- Project: Detsy
- Description: Decentralized Craft Goods Marketplace Powered by Dai and Bloom
- Code: GitHub Repo
- Project Overview: DevPost Page
Detsy is a decentralised Etsy-like platform for handmade items, empowering those in struggling banking systems. The platform allows shoppers to buy locally produced goods. They integrated with Bloom to provide secure login and identity verification capabilities. This verification is later needed for fiat transactions, enabling real world use cases.
A Global Marketplace Solution
The team was inspired to create a system to allow people in countries with less developed banking systems, sell their products online to people all over the world — trustlessly without relying on the volatile local currency. Sellers and creators receive their money instantly in the form of the stablecoin DAI. This allows them to shield themselves from the volatile nature of their local currency, while retaining value of the income they generated.
The team emphasized the importance of a smooth buying experience. For the crypto-savvy shopper, you can pay with DAI. For the non-crypto-savvy shopper, they added an option to execute blockchain transactions with credit card. See the repo here.