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title: Hack For Freedom Submission

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# Hack For Freedom Submission 

## eldorado.io - El Dorado Business Accounts
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## Project Description
El Dorado offers a digital USD savings account and a peer to peer exchange, so people can trade their devaluated Venezuelan Bolivars for digital dollars and bitcoins among other assets. We provide a vehicle for doing P2P payments, remittances and access a new suite of financial products powered by blockchain. This will allow financial inclusion to flourish by introducing unbanked Venezuelans to the benefits of digital currency.

So for the Aragon's Hack For Freedom Hackathon, El Dorado decided to develop their Business Accounts iniciative. El Dorado Business Accounts is a tool that allows Small and medium-sized enterprises (SME) from Latin America, and focused primarily in Venezuela, to manage monthly payrolls for their employees in an automated way, powered by Aragon's DAOs.

Why focus in Venezuela?

- Given that almost everybody in our team was born in Venezuela, we have been focusing on delivering a service that works for everyone who lives in the country right now. But the reason is not only because we’re venezuelans, but there are several factors that make this choice a very interesting one: 

- Venezuela has a great cryptocurrency adoption. During 2019, it was the country with the highest volume of BTC trades in the platform LocalBTC and it is also the fourth country in volume of the same page in all history (707M$). 

- An estimated 64% of all sales in Venezuela involve foreign currency, according to Vasquez & Yapur in 2020, writing for Bloomberg. One reason for this is the hyperinflation in the country and, the rampant decrease of value of the national currencurrency and the citizens trying to escape from it in an alternate currency. 

- Venezuelans don’t have an official way to payment methods in USD, other than using cash. Some employees don't want to receive their payments in the national currency, but not every venezuelan has access to a saving account in a foreign currency. 

- Countries like Venezuela, have been migrating from the use of the national currency to the USD for payments, because of the rampant devaluation of the Bolivar against the USD. However, the most widely accepted payment-method is cash (64% of the transactions in the country are in USD cash: https://www.elimpulso.com/2020/02/26/ecoanalitica-64-de-las-transacciones-de-compra-venta-se-realizan-en-divisas/), mainly motivated by the lack of banking options other than in the national currency. People have tried to use PayPal, TransferWise and other methods, but they have been cancelled because of the US Sanctions over Venezuela (https://es.beincrypto.com/transferwise-abandona-a-los-venezolanos-dejando-la-puerta-abierta-al-bitcoin/). 

This kind of projects are perfect during the COVID times we’re going through, where managing payrolls in cash are really hard and also, receiving money in cash limits the ways of how the money owner can spend it in digital services / goods.

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## Project Team*
* Guillermo (Founder, ) https://github.com/guillermoeldorado
* Juan (Dev) https://github.com/andreujuanc
* Carlos (Dev) https://github.com/fonstack
* Rafael (Dev) https://github.com/rplusq
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## A prototype
Links to Github Repo
    - https://github.com/eldoradoio/business_dao
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## Beta-product page + lead capture url
    - https://eldorado-business-dao.web.app
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## Pitch-deck 
https://eldoradoio-my.sharepoint.com/:w:/g/personal/guillermo_eldorado_io/EQf_i2dhv2RLj0p0YNguCmoBIEvdaGhuNJSnSUQ_5GTJBg?e=lUTFca
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## El Dorado Mobile App - Uses USDC and Circle API
https://www.youtube.com/watch?v=XJQxN02AO70