- People keep their money in banks under the impression that they control it, but in reality, banks control the money.
- Decentralized Exchange provides the foundation of Blockchain Technology, namely 'Your Money, Your Control,' and this has always fascinated me. As regulations become more stringent, an increasing number of people are turning to decentralized exchanges, realizing the true power of blockchain and decentralized exchanges.
- Banks have complete control over the money and can even refuse to allow people to withdraw their own money in an emergency.
- What's a better way to exchange your money and get the opportunity to help others by the fees you pay which you have to pay anyhow to the big Institutions.
- Sumbitting under the track: Raising Funds for Ukrainians
What it does
- CaritoSwap allows anyone from anywhere in the world to instantly buy and sell cryptocurrencies using Celo Blockchain.
- It does not discriminate against anyone and is open to all.
- People can earn Carito Token by providing liquidity and earning a consistent passive income.
How we built it
- We forked UniswapV2 and deployed it on the Celo(Alfajores) Blockchain, as well as rendered our own UI that is hosted using Spheron Protocol and linked the smart contracts with the UI, so that users can experience the magic of decentralization.
- We have also made some changes in the Uniswap's smart contracts to automatically transfer 0.025% of the total fees to the The Charity Account Address. -Tools Used: Solidity, Remix, Celo Blockchain, React, Metamask
Challenges we ran into
- It was difficult to integrate the smart contracts with our user interface.
- Making changes to the smart contract to incorporate the automatic transfer of 0.025% of the total fees to the Charity Account Address without compromising the security of the smart contract.
Accomplishments that we're proud of
- Our decentralized application (dapp) closely reflects the Blockchain philosophy of "Your Data, Your Control" and "Your Money, Your Control".
- Additionally, 0.025% of the total fees collected will be automatically donated to charities and non-profit organisations that provide social services to those in need in the Ukraine.
What we learned
- We learned how to deploy on the Celo blockchain, which is really simple (thanks to the tutorial docs produced by the Celo Foundation) and also extremely affordable, allowing developers to experiment with the dapps easily and users to experience the wonder of Blockchain almost for free.
- Learned about under the hood working of decentralized exchanges.
- Created our own Cryptocurrency on the Celo Blockchain.
- Blockchain technology is very interesting and will continue to advance as more and more work is done on it. DeFi will play a significant role in the widespread adoption of Blockchain technology.
What's next for CaritoSwap
- More features like farming, staking, and limit orders will be added
- Establishing a truly community-driven protocol whereby the community votes on all protocol functioning decisions
- Create more opportunities to raise funds for Ukrainians
- We are going live very soon! So Stay tuned and watchout for us 😉❗
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