Daret - Decentralized ROSCA Platform on Blockchain

A decentralized financial platform leveraging blockchain technology to facilitate money circles (ROSCA) and crowdfunding services.

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Inspiration

Many people find themselves in financial difficulty and in desperate need of money. Traditional bank loans can be difficult to obtain due to insufficient collateral, high interest rates, and other factors. Moreover, some lenders avoid banks because of ethical or religious beliefs that conflict with the institutions' interest-based business models. Our goal is to provide a decentralized, secure, and scalable solution for people in urgent need of financial assistance using web3 technology.

What it does

Daret is a decentralized platform that enables users to access financial services related to money circles (ROSCA) and crowdfunding. We aim to solve the following key problems in the financial industry:

  1. Cost of Trust By leveraging blockchain technology, we can increase trust among participants in ROSCAs and crowdfunding campaigns. Smart contracts ensure that funds are distributed transparently and securely, minimizing the risk of fraud.

  2. Accessibility Our platform aims to make financial services more accessible to individuals who may be excluded from traditional banking systems. By providing a decentralized platform, we can reach a wider audience and reduce barriers to entry.

  3. Efficiency Daret streamlines the process of creating and participating in ROSCAs and crowdfunding campaigns. Users can easily set up and join money circles or contribute to projects with minimal hassle.

How we built it

Daret is built using a combination of on-chain and off-chain technologies. The on-chain part is built using smart contracts, which are developed in Solidity. The off-chain components are used to store and run expensive on-chain computations, such as filtering and categorizing ROSCAs and crowdfunding campaigns. Our tech stack includes:

  • Backend: MySQL, JavaScript, ExpressJS, Web3js, and REST API, Coingecko API.
  • Frontend: ReactJS, Magic Link(for user login), and Ant Design (UI library)
  • Cloud services: AWS RDS MySQL, AWS ElastickBeans and Vercel
  • Smart contracts: Solidity

Challenges we ran into

  1. Testnet failures
  2. Optimizing the balance between on-chain and off-chain components to improve performance and reduce costs
  3. Identifying and addressing high gas costs associated with development testnets
  4. Successfully integrating with third-party APIs to access necessary data and functionality.

Accomplishments that we're proud of

  • Creating a decentralized platform that can bring real utility to the financial industry
  • Addressing key issues in the financial sector by leveraging web3 technology
  • Building a platform that is accessible and user-friendly

What we learned

To create a sustainable tech product, it has to fit into the economy of scale and efficiently serve both supply and demand. By using web3 technology, we can provide a more transparent and secure solution for users in the financial sector.

What's next for Daret - Decentralized ROSCA Platform on Blockchain

  • Add an incentive program where users can earn coins for participating in Darets and crowdfunding campaigns. These coins can be redeemed for exciting rewards, making saving money even more enjoyable!
  • Improve the UI/UX for a seamless experience
  • Focus group: After the initial release, we plan to form a focus group with a diverse set of users to gather feedback and improve the platform.
  • Backendless: We aim to transition to a backendless architecture, opening the platform to the entire web3 ecosystem.
  • Third-party Validators: We will work with validators to help users verify their credentials and establish trust on the platform.

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