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How it works
The Kona Protocol consists of a backend, a frontend and a smart contract in the Ethereum network.
The UI helps borrowers and investors interact with the smart contract more easily, while the backend helps with some tasks such as KYC and integration with third party providers.
In the following diagram we can see how is the flow for a single loan, from the smart contract point of view. In the image, the FE and the BE are grouped as if they were a single thing:
At the moment there's a match between loan IDs in the smart contracts and loan IDs in the backend, which is necessary as the backend works as a first filter before registering loans in the SC, and also because it has extra information such as the receivables list, KYC, third party information, etc.
In order to integrate a new receivables provider, they need to provide Kona with:
- 1.A wallet address that will be used to register loans
- 2.An endpoint that returns information about the status of a loan, or the status of a receivables list (to be discussed) to be integrated with our oracle
We would then configure the following:
- 1.Permissions for that wallet in the SC
- 2.A prefix that they can use for the loan IDs
- 3.We would integrate our oracle with their endpoint so that the SC can check the status of a loan/receivables