A decentralized autonomous organization (DAO), called Avici Money, is developing a financial services infrastructure on the Solana network, with the ambition of providing services as if they were an internet-native “bank.”
Although They will explicitly clarify that they are not a bank in legal terms, The initiative aims to offer products specific to these entities, such as debit and credit cards, and the granting of loans without collateral.
The pillar of their proposal is the creation of a “trust score” (“trust score”) that works independently of traditional credit rating systems.
This score would be the basis for users to access personal, mortgage or business loansusing funds from investor pools in the Solana network itself.
The project already has an application in the testing phase (beta). Through this platform, developers they claim having processed more than 1.2 million dollars in payments through its Visa cards and having nearly 4,000 monthly active users.
Currently, the functionality allows users to deposit funds in fiat to convert them into stablecoins and use them in merchants.
Avici’s long-term goal is for this model to allow reduce dependence on interest rates set by central banks.
However, the project is in an early stage and its large-scale viability has yet to be demonstrated and stress tested in the market.
As explained in Criptopedia (educational section of CriptoNoticias), DAOs—the organizational system chosen by Avici for his company—work through smart contracts. DAOs aim to eliminate hierarchies and central authorities, democratizing decision-making through votes.