Inspiration
Since the past year, my interest in the Finance Industry has grown significantly, I started monitoring market scenarios closely and started about various financial technology and new updates. A very alarming fact to note is that in India only 24% of the Adult Population is financially Literate. With more than One Billion people living in India only 2% of them have credit cards. It became increasingly important to me to build such DeFi exchanges, to not only increase awareness amongst the youth population but provide them the opportunity to learn and build their wealth. I strongly believe that such baby steps will lead to rapid growth and unmeasurable economic benefit.
What it does
In a rapidly advancing FinTech world, It is essential for India as a global super power to make efficient progress in the field of Blockchain. CryptoByte[App-Name] is a Cross Platform Mobile Based Decentralized Financial Exchange which allows users to buy and sell Cryptocurrencies with the click of a button at low brokerage rates. It provides users with First Hand Market Experience of Buying and Selling Cryptocurrencies. It manages personal finance for small brokers and retailers. CryptoByte Eliminates the Middle Man and does not depend upon financial intermediaries to conduct trade, thanks to the independent nature of smart contracts on the Blockchain. It performs complex algorithms and financial functions on the Digital Ledger maintained on the Blockchain. With Rapidly expanding youth-base in India. FinTech and DeFi exchanges provide an excellent opportunity for the youth to be financially literate, for them to be at par at a global level.
Target Audience
To Harness the power of the Almost a ~Trillion Dollar~ Industry, CryptoByte has been specifically designed for the Youth Population of India who will be the next workforce and the forerunners of the Indian Economy. They can easily buy and sell and maneuver their path to financial literacy themselves. In such a volatile environment, the User Interface of the application is pretty simple and well designed. In a matter of minutes you can easily buy and sell transactions worth thousands or potentially millions. Anyone even Without the knowledge of Stocks and Bonds can easily learn to invest and perpetually invest. Its low brokerage rate and smooth functioning makes it a trusted platform to invest.
How we built it
Built upon scalable technologies, it has the potential to bear the burden of thousands of users. But still, the number of users it can have is still variable as the app is newly developed and having no users. But with such easy to go interface and trusted new technologies this app has the prospective to invite thousands of users to operate transactions and let us manage their personal finance.
Accomplishments that we're proud of
We are Proud that we were able to create a scalable Defi Exchange within a mimimal time span of 48 hours. I am also proud that I improved my CSS skills and learned more about APIs. Before this hackathon I relied on tutorials as my main source of information but I am proud that I have been able to complete this project from scratch
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