I am getting started with Celo in order to compete in the “Make it Mobile Hackathon”. So apologies in advance if my question is out of place or has been discussed somewhere else.
My question revolves around micro-loans in the Celo network. One nice feature that I read about was the identity verification of users based on the smartphone (Verification - Celo Docs).
My use-case is basically a micro-loan and the repayment process afterwards: if Alice borrows 10 cUSD from Bob today and they agree upon a 12 month loan, is there a way to “enforce” Alice to repay Bob? One naive option would be to have a smart contract observing Alice’s transactions and if needed redirecting a small percent fee of her transactions back to Bob to repay the loan. Nevertheless, this would not work because Alice could just buy a new phone or open a new wallet, thus bypassing this “control”.
It would be great to discuss possible different scenarios/suggestions.
Thanks for the help.