Bitsave Protocol
{"title": "Bitsave Protocol", "logoImg": "bafkreifc3ljhtbjgqlteoowbuqaffjtx7kg2xzvv6fv7g4wmvzpeq5m6oy", "website": "https://bitsave.cryptosmartnow.io/", "bannerImg": "bafkreia2bxmmrm6awrr3anwrikm4g64ctkrcupusbdk4k34qiv5lsg7bka", "createdAt": 1713454673809, "userGithub": "BitsaveNigeria", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..AE_kkujo2HDDljqUcCDwlPbiyepzw9FNrvOztfUfa3zfFBPTGIJqdnhj0geqy4adbdp5IH0DfKtOJzT-CsitAg", "type": "Ed25519Signature2018", "created": "2024-04-18T15:17:13.867Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-18T15:17:13.867Z", "expirationDate": "2024-07-17T15:17:13.867Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x72578e136E72A18A832be6762230a820f514d180", "hash": "v0.0.0:dkjUOIkl6HXfTnc9Ov8UlOtz++SNUpINuNaR84LOLBs=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#CryptoSmartNow#107388068"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..x_Si8QZrlThfGetg1kEqQI2kCkWX_ItOSZO23B7ziEM9pX5CdnilhbdnB95s5GvDoCk4yU9LU3Pwl08EB3Y5Dw", "type": "Ed25519Signature2018", "created": "2024-04-18T15:07:00.389Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-18T15:07:00.389Z", "expirationDate": "2024-07-17T15:07:00.389Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x72578e136E72A18A832be6762230a820f514d180", "hash": "v0.0.0:+g1I9noEbzCg57oGkzPWnjQ5xyvrrfO0M6LiQp2Dkcs=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#cryptosmartnow"}}}, "description": "# WHAT IS BITSAVE?\n\nBitsave is a savings protocol that helps users save in Cryptocurrency without losing their savings to Market volatility.\n\n# BITSAVE SOLUTION (simplified)\n\n- Bitsave helps everyday people in African Countries escape inflation in their fiat currencies by saving in dollars.\n- The dollar is not easily accessible to the average African through traditional banks, you have to go through many KYCed processes and get \n- Bitsave helps users create an automatic recurring savings plan with Stables.\n\n**How Bitsave Works**  \n[![save.png](https://i.postimg.cc/RFNQkQHG/save.png)](https://postimg.cc/gXbZRh46)\n\n**1. Creating a Savings Plan and Secure Deposits**  \n- Users initiate a savings plan by depositing funds in a stablecoin—not into a pooled DeFi protocol that might be vulnerable to hacks.  \n\n- During plan creation, the user sets specific parameters, triggering the deployment of a child contract under the Bitsave Protocol Parent contract. \n\nThis contract securely holds the deposited funds and is exclusively accessible via the user’s wallet.  \n[![create-sav.png](https://i.postimg.cc/MT9RpcyH/create-sav.png)](https://postimg.cc/sQZ1ngHC)\n\n- The Bitsave Parent-Child smartcontract design makes it such that each user's savings are directly tied to their wallet, so even in the event of a  protocol exploit, the hacker would need to get each users wallet private keys to access the funds. \n[![dur.png](https://i.postimg.cc/pXzSpx6x/dur.png)](https://postimg.cc/CzM72y06)\n\n- Every user’s savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn’t have access to user funds, except they have access to users' wallet private keys, this minimises the risks of users losing their funds to exploits.\n\n\n**2. Savings Plans and Fee Structure**  \n- When creating a savings plan, users incur a one-time $1 or less, fee for creating the Savings contract.\n\n\n**3. Break Savings Penalties**\nUsers set the penalty fee (1%–5% of their savings) when creating the plan. Users with bad savings habit who want to discipline them selves to save and discourage themselves from breaking their savings usually set the highest fee. If they break their savings early, the penalty is deducted.\n[![pen.png](https://i.postimg.cc/V5P0vXHq/pen.png)](https://postimg.cc/FkGHnkvz)\n\n**4. Multiple Savings Purpose and Naming**\nUsers can create multiple savings plans for different purposes and manage them on Bitsave; vacation, rent, school fees, emergencies etc.\n[![sav.png](https://i.postimg.cc/wTt1JxKt/sav.png)](https://postimg.cc/N5cGvcjY)\n\n**5. Top Up**\nBitsave Top-Up feature makes it easy, for users to create recurring savings for diferrent purposes; so if a user was saving for rent and they wanted to save $100 every month for 6 months, then all they need to do is create a Savings Plan for rent and top $100 every month.\n[![top-up.png](https://i.postimg.cc/mrQrZD0M/top-up.png)](https://postimg.cc/rdwTQ8yF)\n\n## SaveFi vs DeFi .....*Web3 Understands DeFi, Bitsave has introduced SaveFi.*\n\nGlobally, there are 4 popular players in Finance;\n-Banks (Including Co-Operatives, Credit Unions, Brokerage firms etc)\n-Centralized Exchanges\n-DeFi\n-SaveFI\n\nSaveFi is Both Decentralized and Affordable because it focuses on savings and not investments.\n[![savefi.png](https://i.postimg.cc/SK3t28Zj/savefi.png)](https://postimg.cc/4Kv1jKRT)\n\nSavings and Investments aren't the same thing.\n[![sa.png](https://i.postimg.cc/tCvwSnX5/sa.png)](https://postimg.cc/KRL04z3k)\n\n- Savings prioritizes safety and availability of funds over interests.\n- Investments prioritizes risks over safety of funds, for financial gain.\n\nBitsave Users are users who just want a tool that helps them keep money for the rainy days.\n\nBitsave users use Bitsave to save and not invest, they want to achieve their savings goals in the left side of this table👇🏽\n[![sav-in.png](https://i.postimg.cc/4dPVtvWG/sav-in.png)](https://postimg.cc/8JF7gv8X)\n\n# WHY BITSAVE?\n\n😌It's easy - Everyone is familiar with the concept of putting money aside for a raining day. And our UX makes it understandable for users to take the savings journey onchain.\n\n🧮It helps Personal Finance and Accountability for Web3 Natives who earn consistent income. Users can track their savings and manage withdrawals and expenses using Bitsave.\n[![sav-plan.png](https://i.postimg.cc/pXgBtfjR/sav-plan.png)](https://postimg.cc/RNLt7nGD)\n\n🧐Bitsave focus is on Savings, not investment, there are already superflous DeFi protocols that caters to investment purposes, Bitsave's Focus is on Savings only.\n\n\n## SAFETY FIRST --> Bitsave Parent-Child Contract Structure \n\nThe Child-Parent Contract Function in Bitsave is a contract structure feature that ensures users' funds remain safe;\n\n**Savings Plan Creation:**\nWhen a user sets up a savings plan on Bitsave, they are NOT depositing funds into a shared liquidity pool.\n\nInstead, a child smart contract is automatically generated based on their selected savings parameters of time, amount, name etc\n\nThat contract is created when a user \"Joins Bitsave\", you can see it here👇🏽\n[![join.png](https://i.postimg.cc/JzqTzm5G/join.png)](https://postimg.cc/cvv7FpjS)\n\nTransaction hash\nhttps://basescan.org/address/0x3593546078eecd0ffd1c19317f53ee565be6ca13\n\n\n**Child Contracts & Security:**\nEach child contract is directly linked to the user's wallet and funds are stored in this contract, making it isolated from other users' funds and preventing large-scale exploits.\n\nSince the funds remain within individual contracts, any attempt to move them requires wallet approval from the user.\n\n**Protection Against Exploits:**\n\nIf a hacker tries to breach Bitsave’s system, they won’t find a single pool of funds to drain.\n\nInstead, they would have to individually compromise each user’s wallet by getting their approval for transactions.\n\nFor instance, if Bitsave has 50,000 users, an attacker would need to obtain 50,000 separate transaction approvals, making the exploit practically impossible.\n\n**Compounding & User Benefits:**\n\nSince the funds are stored in individual contracts, recurring savings and top ups make it easier for users to just manage their savings.\n\n**Bitsave's introduction of SaveFi**\nDecentralized Protection: Users retain ownership of their funds, reducing the risk of centralized failures or large-scale hacks.\n\nNo Third-Party Custody: Bitsave never holds user funds, aligning with non-custodial DeFi principles.\n\nEnhanced Security Model: Even in a worst-case scenario, a hacker would need the user’s direct on-chain approval to steal funds, making mass exploitation nearly impossible.\n\n*The Future of Savings in Web3 is Savefi*\n\n\n## GOAL - 1 Million users \nBring a million savers onchain with Bitsave in 2 years.\n\n\n**Bitsave Events and Onboarding Sessions**\n1. Onboarding Seniors during our Bitsave Pizza Party\n[![DSC-4422.jpg](https://i.postimg.cc/5ts5TRtX/DSC-4422.jpg)](https://postimg.cc/TyWWWQgx)\n\nTweet Report\nhttps://x.com/BitsaveProtocol/status/1848739861081076009\n\n2. Meeting with Local Business People and Onboarding them.\nhttps://x.com/_karlagod/status/1854877185993056286?t=R42F7qUWFMiNrjnBj_i7ow&s=19\n\n\n\n**Our Github Repo**\nContracts\nhttps://github.com/CryptoSmartNow/bs_base\n\nFront End\nhttps://github.com/CryptoSmartNow/bitsave\n\n**Our Contract**\nhttps://basescan.org/address/0x3593546078eecd0ffd1c19317f53ee565be6ca13", "logoImgData": {}, "bannerImgData": {}, "projectGithub": "CryptoSmartNow", "projectTwitter": "cryptosmartnow"}