Super Ultra is thrilled to participate in the Moralis x Google 2022 ‘Defining DeFi’ Hackathon with its new micro-lending DeFi app: KOLO.
The total prize money for the hackathon is $165,000, and guided by these three principles:
Build: The DeFi project of your dreams
Learn: Watch world-class web3 tutorials and take part in shaping tomorrow’s dApps
Define: What a decentralized finance dApp should look like
KOLO was conceived and created for the Hackathon in just six weeks.
The Goal of KOLO
KOLO is a micro-lending GameFi platform using blockchain technology that redistributes game revenue to users and selected projects on the KOLO platform. KOLO seeks to provide basic financial needs to its users by providing simple passive income revenue streams and micro-financing funding.
Why does micro-lending need a better solution?
Current micro-lending options are unsustainable and not an option for many entrepreneurs and SMEs. Nearly 80% of micro-loans depend on banks, leading to high-interest rates that make it extremely challenging for beneficiaries to pay back. On top of this, lack of education and transparency are also major issues when it comes to micro-loans.
How KOLO solves this
KOLO provides its users easy and direct access to micro-lending in an innovative and fun way. It does this in three ways:
Redistributed Financing: Redistributing ad revenue earned on the platform and through affiliated games to create micro-loans
Blockchain-based Transparency: Public Ledger of blockchain allows anyone, anywhere to see a transparent record of financial payment
Low operating costs: Blockchain reduces the need for high-interest rates, typically brought about by reliance on banks, and reduces operating costs
How KOLO works
There are two ways to engage with KOLO.
1. Watch to Invest
Simply watch ads and earn KOLO tokens! The ad revenue generated by the app is redistributed into a general fund.
2. Play to Invest
Play games and watch ads within the game. Once again, ad revenue is redistributed to users!
Other ways in which KOLO is expected to generate revenue is through in-app purchases, such as NFTs.
Earning while watching ads and playing games is fantastic, however, perhaps the most unique and important component of KOLO is its DAO function to support micro-funding for SMEs in need. The voting system is straightforward: 1 KOLO = 1 Vote.
Example of a successfully funded project on the KOLO platform.
Super Ultra made use of Google Cloud for KOLO by:
Deployment of both front and backend applications.
Hosting the backend database.
Cloud Run - It has the container for backend deployment
SQL - It hosts the database and tables for storage
API Services - Has some services that enable the functionality of our applications
Google Firebase for front-end deployment
Super Ultra made use of Covalent for KOLO by:
Covalent API was used for fetching currency exchange prices which is critical for payout in KOLO.
Any project that received the most votes will indicate the currency to get paid in and covalent will be used to calculate the exchange rate.
Regarding KOLO, Lead Game Producer at Super Ultra David Phalaris had the following to say:
For me, this project is all about having a positive impact on the world while having fun. For many projects, you need to buy your way into a DAO, but with KOLO you can play your way and earn your spot. From there, you can vote on meaningful projects to get funding that otherwise may have never had a chance.
KOLO marks another major milestone for Super Ultra. The tagline for KOLO is “Make doing good fun” which is in line with Super Ultra’s values of putting gamers/users first. KOLO is a unique blend of DeFi and GameFi where all stakeholders earn by contributing to the ecosystem through engagement. For more information on KOLO, please visit: https://kolo.superultra.io/
About Super Ultra
Super Ultra is a game development and publishing studio based in Hong Kong. With a team of seasoned game developers, blockchain developers, and creatives, we are gamers at heart looking to bring accessible and addictively fun games to the world and most importantly - put the players first.