With banks/institutions "controlling" the volume of the Forex Derivatives, price manipulation, stop-loss hunting, fake-breakouts, and many such technical factors are a common occurrence.

This leads to small, retail investors and new traders making heavy losses.

What it does

What we intend to do is take the entire Order Management System onto a blockchain platform, thereby making it decentralized. This will allow a buyer to directly perform transactions with a seller within a price band set by a regulatory body.

Traders will be able to directly trade the asset/instrument/currency pairs directly with another trader.

How we built it

  1. Created the solidity contracts for buy and sell functionality

Challenges we ran into

  1. Choosing a blockchain network
  2. UI for an easy use

Accomplishments that we're proud of

  1. Won 3rd position in TiE Global Business Hackathon by TiE University, 2021.

What we learned

  1. Blockchain
  2. Decentralized network
  3. About Forex Market and its need

What's next for Block ForEx

  1. Detailed research on blockchain networks
  2. Build our own blockchain with a combined concept of PoW (Proof -of-Work) and PPoS (Pure-of Proof-of Stake).

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