Birevim Case Study: Nexspecto and the Digitized ROSCA Model

Birevim Case Study: Nexspecto and the Digitized ROSCA Model

 

 

 

About the Company: Birevim

 

Birevim is an innovative company in Turkey that facilitates homeownership through alternative financing methods. The company has established a strong position in the sector with its savings financing model. Our collaboration with Vinu focuses on accelerating digitalization in Birevim’s financial systems and combining traditional savings models with blockchain technology.

 

Project: Nexspecto and the Digitization of the ROSCA Model

 

Challenges and Needs

 

 

As Birevim aimed to digitize traditional savings models, it faced challenges related to trust, transparency, and speed. In traditional financial systems, manual processes, security vulnerabilities, and trust issues between users could arise. In this context, the Nexspecto project launched in partnership with Vinu was a crucial step in developing a blockchain-based financial solution.

Birevim sought to digitize the traditional Rotating Savings and Credit Association (ROSCA) model and create a decentralized and transparent platform. This digital transformation required securing trust among participants through technological infrastructure.

 

 

ROSCA Model

 

ROSCA is a traditional savings model where participants come together periodically to pool funds, with each participant receiving the funds at a certain time. The model is largely based on trust and operates through manual processes. Birevim aimed to digitize this model to ensure trust among participants and speed up the processes by utilizing blockchain technology.

 

 

 

Solution

 

Vinu developed the blockchain-based Nexspecto platform for Birevim. Nexspecto digitized the ROSCA model, turning it into a decentralized finance (DeFi) platform on the blockchain.

 

 

Features of the Nexspecto Platform:

 

• Blockchain-Based Smart Contracts: Smart contracts operating on the Ethereum blockchain ensured that all transactions were managed securely and transparently. Contributions and funds from participants became traceable and verifiable.

 

• EIP-2535 Diamond Proxy: This solution allowed the Nexspecto platform to dynamically update its functions. This made the platform flexible and able to quickly adapt to evolving user needs.

 

• EIP-1167 Minimal Proxy: This structure allowed the main smart contracts' functions to be called from different addresses, optimizing transaction costs and enabling participants to make transactions with lower fees.

 

• Transparency and Security: Blockchain technology provided the security and transparency necessary to make all transactions traceable and verifiable, minimizing potential issues arising from human errors.

 

 

Development Process

 

Nexspecto was developed on Ethereum, Polygon, and Arbitrum EVM (Ethereum Virtual Machine) based networks. Polygon Mainnet was used for V1 testing, and the project’s native token, PECTO Token, was minted with a total supply of 1.2 billion tokens. The token structure was unmintable (no new tokens could be created) and burnable, which allowed for controlled management of the token supply.

 

 

Technology and Solutions:

 

• Smart Contracts: Smart contracts on the Ethereum blockchain ensured that financial transactions were reliable, secure, and transparent between users.

 

• Mobile-Friendly Interface: A mobile-friendly interface was designed to enable easy access for participants, enhancing the user experience and facilitating faster, easier transactions.

 

• Multi-Chain Infrastructure: Nexspecto’s multi-chain infrastructure allowed it to integrate with projects and assets on different blockchains. This increased the platform’s flexibility and scalability.

 

 

Results and Benefits

 

The Nexspecto platform brought significant benefits to Birevim in its digital transformation journey:

 

1. Expanding User Base: Thanks to its transparent and reliable structure, Birevim attracted a broader user base that shifted from traditional savings methods to digital financial solutions

    

2. Faster and More Reliable Transactions: Financial transactions managed by smart contracts were much faster and error-free compared to manual processes.

    

3. Cost Reduction: The EIP-1167 Minimal Proxy structure optimized deployment costs, significantly reducing platform transaction fees.

    

4. Transparency and Trust: The traceability and verifiability provided by blockchain technology enhanced the platform's reliability and ensured user satisfaction.

    

5. Scalability: Nexspecto’s multi-chain infrastructure increased the platform’s growth potential and its ability to integrate with different blockchains, further strengthening its flexibility.

 

Strategic Value

 

The technological solution provided by Vinu in the Nexspecto project not only enabled Birevim to achieve its digitalization goals but also helped the company strengthen its position in the financial ecosystem. Digitalization and blockchain integration have made Birevim a pioneering company in the sector.

 

Future Plans

 

Birevim and Vinu aim to continue developing the Nexspecto platform to reach an even broader user base. The project is expected to integrate with other blockchain networks in the future to create a more extensive financial solution ecosystem. Additionally, diversifying the services offered on the platform and developing new financial products are also long-term goals.