Idea for zero collateral loans

The first thing I noticed when I got into crypto mainly Ethereum, through making a Gitcoin account, was how terrible Sybil attacks were and what great things could the ecosystem make by tackling this problem. Today with the Gitcoin passport, tx data analysis, game theory, and quests this has improved although the war against this kind of attack will continue.

Today I want to tell you about this idea I’ve been having for zero collateral loans. I spoke to a friend who is a core developer and he told me to post it to Ethereum magicians, but I am more interested to see it being implemented on an L2, because this idea will benefit low-income people the most.

The idea is pretty simple, give loans to people based on x (x <= than 1) times their past gas spend at the time of the loan, given they have a Gitcoin passport, and/or some other identity the community decides.
The requirements for this kind of credit score could change and be decided by the community but a base would be mandatory.

Would the debtors pay?
The idea is, given that the persona or identity built by the user is probably of value greater or equal to the loan (meaning building a new persona would have equal cost) the hypothesis is the debtor would not abandon the identity.

How to charge the debtors?
The idea is to change the protocol to add a tax to debtors, this tax would be a small increase in gas cost for every tx until the debt is paid.

How the loans are given?
Loans would be given in the gas token, EHT or OP if OP becomes a gas token. And would be paid by the gas increase tax, with the same token. There would be no interest charged to the debt (personal opinion), and the tax would be small.

There would be a window based on the amount received by the debtor to pay the debt before the tax gets added to every transaction.

I think the opportunity for zero collateral loans should be a public good.

All feedback is welcomed.


Good idea. I agree with you.


Dumb idea. The borrower can just transfer the loan to another address and stop using the address from which the funds were borrowed