Loonfund Architecture

Loonfund consists of (a) a web interface, and (b) a network of Ethereum nodes. The web interface is used to interact with the smart contracts, using a javascript compatible api Web3. A user is assigned a public key in the web interface which will allow them to identify themselves. The web interface communicates with an Ethereum node running on the same machine. This requires the user to have a private key stored in the node, and to initially unlock their account by entering a password at the node.

Since it is build on Ethereum, loonfund does not rely on traditional client-server architecture. The conventional backend is replaced with the ethereum blockchain. The web intereface then only includes client-side code. The back end is comprised of the smart contract.

There are two categories of users on Loonfund:

-Lendee. The lendee' is in need of capital and launches a fundraiser, they can they receive money from other users. The lendee Should be able to convert real currency to Loonfund currency, which will allow for easy use early on. Loonfund aso aims to accept bitcoin. I use BitPay to allow lendees to accept payments in bitcoin and then transfer the funds directly to their bank account. Bitcoin is invaluable to this operation. Having a single, digitally transferable currency will enable seamless transfer of funds to developing countries.

– Lender. A user who lends money to a borrower. Normally, this would be a person with access to excess capital, motivated by philantropy.

Advantages of LoonFund The main advantage of Loonfund is that it provides an unalterable history of previous transactions. This includes users’ lending history, as well as the history of all project. The transparent nature of the system will make Loonfund more attractive than its centralized competitors.