Comprehensive technical documentation for the INVORA protocol, covering architecture, implementation, and security considerations.
INVORA is a Solana-based digital finance protocol that transforms verified digital invoices into programmable, on-chain credit infrastructure. The protocol enables businesses to access under-collateralized credit by leveraging their transaction history, credit scoring, and verified invoices as credit signals.
Unlike traditional lending platforms that require full collateralization, INVORA uses a sophisticated credit scoring engine that evaluates multiple data points including on-chain transaction history, behavioral patterns, and off-chain business data to provide accurate risk assessments and enable flexible credit access.
The protocol is built on Solana to leverage its high throughput, low transaction costs, and fast finality, making it ideal for real-world trade financing applications that require quick settlement and institutional-grade reliability.
On-chain registry for digital invoices with verification mechanisms. Each invoice is stored with metadata including issuer, recipient, amount, due date, and verification status. The registry ensures invoice immutability and provides transparent tracking of invoice lifecycle events.
Multi-factor scoring system that evaluates creditworthiness based on on-chain transaction history, payment behavior patterns, invoice payment records, and off-chain business data. The engine generates dynamic credit scores that update in real-time as new data becomes available.
Smart contract-based loan origination and management system. Handles loan requests, collateral management, interest calculation, repayment tracking, and liquidation logic. All operations are executed transparently on-chain with deterministic outcomes.
Automated settlement system for invoice payments and loan repayments. Integrates with Solana's native token transfer mechanisms to ensure fast, secure, and transparent fund movements between parties.
Business creates a digital invoice specifying amount, recipient, due date, and payment terms. Invoice is signed by the issuer's wallet and submitted to the protocol.
Protocol verifies invoice authenticity, checks wallet signatures, validates payment details, and confirms the business has sufficient reputation or history. Verified invoices receive on-chain attestation.
Credit scoring engine evaluates the invoice and issuer to determine eligible loan amount, interest rate, and terms. Assessment considers invoice value, payment history, credit score, and risk factors.
If approved, borrower can execute a loan against the invoice. Funds are transferred instantly from the protocol's liquidity pool to the borrower's wallet. Loan terms and repayment schedule are encoded on-chain.
When the invoice recipient makes payment, funds are automatically routed through the settlement engine to repay the outstanding loan. Any remaining balance is transferred to the invoice issuer. The protocol tracks all payment events on-chain.
INVORA employs a multi-dimensional credit scoring model that evaluates multiple risk factors to provide accurate creditworthiness assessments:
Loans are structured as short-term credit facilities tied to specific invoices. Loan amounts are typically between 50-80% of verified invoice value, with interest rates determined dynamically based on credit score, invoice quality, and market conditions.
The protocol uses automated repayment mechanisms that trigger when invoice payments are received, ensuring timely loan closure and minimizing default risk. All loan terms are transparently encoded in smart contracts and can be audited on-chain.
INVORA operates as a non-custodial protocol. Users retain full control of their assets through their Solana wallets. The protocol never holds private keys or has the ability to unilaterally move user funds.
All protocol smart contracts undergo rigorous security audits by leading blockchain security firms. Audit reports are published publicly and the codebase is open-source for community review.
Every protocol interaction requires explicit wallet signature from the user. This ensures that no action can be taken without user authorization and provides a complete on-chain audit trail.
The protocol employs conservative loan-to-value ratios, real-time credit monitoring, and automated liquidation mechanisms to minimize credit risk exposure. Diversified liquidity pools spread risk across multiple borrowers.
Multi-step verification process ensures invoice authenticity before credit extension. The protocol validates wallet ownership, checks historical patterns, and requires recipient acknowledgment where applicable.
Dynamic interest rates and loan availability adjust based on protocol liquidity levels. This ensures the protocol remains solvent and can meet withdrawal demands while optimizing capital efficiency.
INVORA smart contracts are deployed on Solana using the Anchor framework. The protocol consists of multiple program modules that handle different aspects of invoice financing.
Manages the lifecycle of digital invoices on-chain. Stores invoice metadata, verification status, payment history, and ownership information.
create_invoice - Creates new invoice accountverify_invoice - Marks invoice as verifiedmark_paid - Records invoice paymentcancel_invoice - Cancels unpaid invoiceImplements the credit evaluation engine. Calculates credit scores based on on-chain transaction history and maintains credit profiles for all participants.
initialize_profile - Creates credit profileupdate_score - Recalculates credit scoreget_evaluation - Returns credit assessmentrecord_event - Logs credit-affecting eventsHandles loan origination, collateral management, repayment processing, and liquidation logic. Integrates with credit scoring and invoice registry programs.
request_loan - Initiates loan requestapprove_loan - Approves and disburses loanrepay_loan - Processes loan repaymentliquidate - Executes collateral liquidationManages protocol liquidity pools that fund loans. Handles liquidity provider deposits, withdrawals, and fee distribution.
deposit_liquidity - Adds funds to poolwithdraw_liquidity - Removes funds from pooldistribute_fees - Distributes protocol feesrebalance - Rebalances pool allocationThe protocol uses several account types to store state. All accounts are owned by their respective programs and include rent-exempt reserves.
struct Invoice {pub id: Pubkey,pub issuer: Pubkey,pub recipient: Pubkey,pub amount: u64,pub currency: Currency,pub due_date: i64,pub status: InvoiceStatus,pub verified: bool,pub created_at: i64,pub metadata: Vec<u8>}struct CreditProfile {pub owner: Pubkey,pub score: u16, // 0-1000pub grade: CreditGrade,pub total_borrowed: u64,pub total_repaid: u64,pub defaults: u8,pub on_time_payments: u16,pub late_payments: u16,pub last_updated: i64}struct Loan {pub id: Pubkey,pub borrower: Pubkey,pub invoice_id: Pubkey,pub principal: u64,pub interest_rate: u16, // Basis pointspub term: u32, // Dayspub disbursed_at: i64,pub due_date: i64,pub amount_paid: u64,pub status: LoanStatus}INVORA provides webhook endpoints for real-time notifications of protocol events. Configure webhooks to receive instant updates when invoices are created, paid, or when loans are approved or repaid.
Register your webhook endpoint through the INVORA dashboard. All webhook payloads are signed with HMAC-SHA256 for security verification.
POST https://your-api.com/webhooks/invoraHeaders:X-Invora-Signature: <hmac_signature>X-Invora-Event: invoice.createdContent-Type: application/jsoninvoice.created- New invoice registeredinvoice.verified- Invoice verification completeinvoice.paid- Invoice payment receivedloan.requested- New loan request submittedloan.approved- Loan approved and disbursedloan.repaid- Loan fully repaidcredit.updated- Credit score recalculated{"event": "loan.approved","timestamp": 1735689600,"data": {"loan_id": "loan_abc123","borrower": "wallet_address","amount": 4000,"interest_rate": 8.5,"term_days": 30,"invoice_id": "inv_xyz789"}}Always verify webhook signatures to ensure requests are from INVORA.
import crypto from 'crypto'function verifyWebhook(payload, signature, secret) {const hmac = crypto.createHmac('sha256', secret)hmac.update(JSON.stringify(payload))const expected = hmac.digest('hex')return crypto.timingSafeEqual(Buffer.from(signature),Buffer.from(expected))}In addition to the SDK, INVORA provides a REST API for backend integrations and non-JavaScript environments.
https://api.invora.finance/v1API requests require JWT tokens obtained through wallet signature verification.
Authorization: Bearer <jwt_token>/invoicesCreate a new invoice
/invoices/:idGet invoice details
/credit/evaluateEvaluate creditworthiness
/credit/scoreGet credit score
/loans/requestRequest a new loan
/loans/activeList active loans
INVORA leverages Solana's high-performance architecture to provide fast transaction finality and low costs suitable for high-frequency trade financing operations.
The protocol is designed for horizontal scaling. As transaction volume grows, additional validator nodes and RPC endpoints can be added without protocol changes. The modular program architecture allows independent scaling of different system components.
Account data is optimized for minimal storage requirements. Historical data is archived off-chain while maintaining on-chain proof of existence. This approach keeps on-chain state lean while preserving full auditability.
The protocol supports load distribution across multiple liquidity pools and credit scoring instances. This prevents single points of congestion and ensures consistent performance during peak usage periods.
INVORA will transition to decentralized governance, allowing token holders to propose and vote on protocol upgrades, parameter changes, and feature additions.
Integration of advanced machine learning models for more accurate credit scoring. Support for additional data sources including cross-chain transaction history.
Bridge functionality to enable cross-chain invoice financing. Initial support for Ethereum and Polygon with wrapped asset integration.
Secondary market for trading invoice-backed securities. Allows investors to purchase loan positions and provides additional liquidity options for businesses.
White-label solutions for financial institutions. Enterprise-grade API with custom integration support, dedicated liquidity pools, and institutional custody integration.