A decentralized community savings and reputation system built on Pharos.
Overview:
BlockCircle is a trustless, decentralized platform bringing the power of community-driven finance to the blockchain through the proven ROSCA (Rotating Savings and Credit Association) model. Built on the Pharos Network, BlockCircle lets users form savings circles, contribute funds cyclically, and access pooled credit through transparent, reputation and collateral-based mechanisms—all without relying on traditional banks or credit institutions.
Each BlockCircle represents a savings group where members contribute a fixed amount of stablecoin each month. At the end of each cycle, one member receives the pooled amount.
Cyclic Contributions: Each pool runs for N months with N members. Everyone contributes monthly, and one member wins per cycle.
Bid-Based Winner Selection: Participants bid based on the lowest amount they are willing to accept from the pool (lowest bid wins).
Smart Escrow Management: Pharos smart contracts handle deposits, validate bids, and distribute funds automatically.
To ensure trust and safety, BlockCircle uses Reclaim Protocol to enable zk-based KYC and identity attestations.
Prove creditworthiness using off-chain sources (e.g., UPI, banking history, salary slips) with zero data disclosure.
Onboard underbanked users securely and Sybil-resistantly.
Meet compliance needs without storing personal data.
BlockCircle uses an on-chain Reputation Score system to encourage long-term good behavior.
+2 points per successful cycle contribution.
High-reputation users unlock collateral-free access to pools.
Users with lower reputation must lock RWA-backed or token-based collateral.
Profiles track total contributions, pool memberships, and cycle completions.
Contributions are held in Pharos-based escrow contracts.
Winning bids are automatically released upon cycle closure.
Non-compliance triggers on-chain penalties or forfeiture of collateral.
Pharos Network is a scalable, privacy-aware L1 chain ideal for deploying decentralized savings applications like BlockCircle:
Fast, low-cost transaction finality
Native support for zk proofs and identity integrations
Developer-friendly environment for modular smart contracts
Ideal foundation for scaling community finance primitives
Rural and urban communities looking for interest-free group credit in a secure, decentralized format.
Self-employed individuals without formal credit history can use Reclaim zkProofs to prove trustworthiness and get credit.
DAO contributors, DeFi natives, and community leaders seeking alternative lending platforms governed by social trust and smart contract logic.
Mobile-optimized dApp with social login + zk onboarding
Reputation NFTs to track user behavior and gamify contribution
On-chain governance for setting pool rules and parameters
Cross-pool analytics for understanding credit and social dynamics
Yield integrations for optimizing idle escrow funds
BlockCircle aims to rebuild trust and access to capital for individuals, freelancers, and underserved populations using decentralized technology, all anchored to the Pharos Network.
🛠️ Progress During Hackathon – BlockCircle During the hackathon, we made significant strides in turning BlockCircle from idea to implementation: ✅ Project Initialization & Setup Repository initialized on GitHub: Web3Spell/BlockCircle Detailed architecture and feature planning completed Smart contract structure and ROSCA pool logic scoped out ⚙️ Smart Contract Development Core contract implemented to handle: Pool creation based on number of users Monthly cycle duration logic Contribution tracking and escrow management Winner selection via lowest-bid mechanism Pool metadata includes cycle start, end, total value, and user mapping 🔐 Identity & Reputation Integration Reclaim Protocol zkKYC integration initiated Logic for reputation points (+2 per completed cycle) designed Reputation-based vs. collateral-based participation routes added 📊 Member Profile System Users now have on-chain profiles tracking: Total number of pools joined Cycles completed Collateral requirements Reputation level and participation type 🧪 Initial Testing Local deployment tested for: Pool lifecycle Escrow deposit and release flow Bid submission and winner determination 🔗 Deployment Prep Smart contracts prepped for deployment on the Pharos testnet UI wireframes designed (to be implemented post-hackathon)
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