ChainTrust

Inspiration

Driven by a desire to explore the potential of ERC-6551, I sought to apply it in a manner that could address a real-world challenge. This led me to the realm of trust funds, where I identified a need for a more accessible and efficient solution than what traditional methods currently offer.

What it does

ChainTrust is a platform that leverages the power of blockchain technology to simplify and democratize the management of trust funds. It allows users to create and manage digital trust funds that are transparent, secure, and highly accessible.

At its core, ChainTrust utilizes ERC-6551, a standard for non-fungible tokens (NFTs) with an associated wallet address. Each trust fund is represented as an NFT, initially owned by the ChainTrust smart contract. This unique approach allows any assets to be owned by the NFT, providing a new level of flexibility and control.

One trust conditions are met, the trust becomes transferable to only the pre-selected beneficiary. Eventually, this process will be automated but currently, anyone can call the function and transfer the trust to its beneficiary for them.

How we built it

Building ChainTrust involved a blend of innovative technologies and smart contract standards. The platform was primarily developed using Next.js, a popular JavaScript library for building user interfaces. This allowed for the creation of a responsive and intuitive front-end that users could interact with easily.

On the blockchain side, ChainTrust utilizes Ethereum smart contracts, specifically adhering to the ERC-6551 standard. This standard was chosen as it allows for the creation of non-fungible tokens (NFTs) with their own wallet addresses, a crucial feature for the functioning of the platform. The smart contracts were written in Solidity and deployed on the Fantom network. To interact with these contracts, the platform uses the 'wagmi' library, which simplifies the process of preparing and writing contract interactions. This combination of technologies and standards formed the backbone of ChainTrust, enabling the creation and management of digital trust funds on the blockchain.

Challenges we ran into

The biggest challenge was understanding and implementing ERC-6551. This was a new and complex standard to work with. It required a deep understanding of the Ethereum blockchain, Solidity, and the specifics of the ERC-6551 standard. Implementing it correctly to create NFTs with their own wallet addresses was a significant challenge.

Accomplishments that we're proud of

I am glad I was able to successfully implement a new ERC standard all on my own. Perhaps the most significant accomplishment was creating a solution to a real-world problem. Trust funds are traditionally complex and inaccessible to many people. ChainTrust makes trust funds more accessible and transparent, leveraging the power of blockchain technology to provide a better solution.