Blockchain is a revolutionary technology and it has the ability to transform businesses, with so much activity there is still a lot has to be done to make this technology mainstream, we are developing this MVP of CryptoPay which lets anyone accept payments in Crypto, we are using Kyber Network on chain liquidity and MakerDAO / $DAI stable coin to accept payments in Any token / Anywhere, using our Smart Contracts we automatically swap any ERC20 token to $DAI & ETH based on the user preferences, we also have a feature for users to Pay By Loan and Manager CDP (work in progress)
What it does
- Users can go to https://cryptopay.instadapp.io/ (WIP) - Switch to Kovan for Pay By Loan and Ropsten for Pay Now to submit transactions.
- Create Payment Links / Accept Payments
- Users can pay using any ERC20 token
- Users can Pay Instantly from their wallet or Pay By Loan, with our Smart Contract we create MakerDAO CDP and complete the payment onchain and all in ONE transaction
- Users can set up how they want to split the transaction between ETH & $DAI
How we built it
Solidity, NodeJS, Web3, Firebase, Remix
Challenges we ran into
Our idea was to have user do one transaction for Pay By Loan with any token, our smart contract would ideally create a MakerDAO CDP, issue $DAI and then use the same DAI to complete the payment, but as Kyber Network is available on Ropsten and MakerDAO on Kovan, we had written 2 separate Smart Contracts and deploy them on both the test nets and run into issues while integrating them.
Accomplishments that we're proud of
We are top 7 finalists in #ETHIndia - https://instadapp.io, coming to #ETHSF was a very good experience and exposure for us and we have learned how the ecosystem is growing, we are learning a lot of new things at a rapid pace and that is very exciting.
What we learned
- How complex protocols can be simplified for users by creating Resolver Smart Contracts which intern talks to the Smart Contracts of the actual protocols for reducing transactions, Dapps with good UI/UX to improve users adoption and crypto economics.
- How to build to develop Dapps quickly by finding a good protocol that fits your use cases. We have 2 Dapps from 2 hacks, both of them are developed keeping user cases and adoption in mind, now we have to merge them and make one Dapp that can be launched on Mainnet.
What's next for CryptoPay - Using KyberNetwork & MakerDAO
This is our MVP, we will have to add a few more features like Dashboard, Transactions Page, Manage MakerDAO CDP (Create, Topup, Repay), build a revenue model, audit Smart Contract, launch on Mainnet and take it few pilot users to get feedback.