I have been a blockchain hobbyist for many years now, and I have seen the meteoric rise of various cryptocurrencies. Ethereum has become the preeminent platform for developing financial services which no longer require banks. The problem, however, is that demand for transaction space on the Ethereum network has vastly outpaced the network's bandwith. This means that the cost of buying, selling, and trading Ether has risen by an order of magnitude. We on the Dotchain team aim to reduce the cost of trading cryptocurrency between friends and make it affordable to anyone.
What it does
Dotchain is the decentralized Venmo: we want to make it cheap, quick, and easy to transact with your peers by compartmentalizing transactions. By doing this, users will only need to pay the Ethereum network fee upon entry and exit from the contract. While they are using the contract, their actions are logged on a new blockchain independent from Ethereum, and the network fees of this new chain are reduced as the scalability problem is circumvented.
How we built it
Dotchain is a decentralized app, or Dapp which any Ethereum user can deploy and use. It uses a smart contract to hold users' initial deposits for its lifetime. Meanwhile, users can use the front-end of the dapp to trade cryprocurrency among friends.
Challenges we ran into
Learning React Native and Solidity posed the biggest challenges as these skills had little overlap with the classes we have taken. Additionally, Understanding some of the principles behind blockchain technology such as cryptography and smart contracts provided a challenge as well.
Accomplishments that we're proud of
We are proud to have developed a system which we believe can significantly reduce congestion on the Ethereum network. We believe Dotchain is an essential tool in the adoption of cryptocurrency for non enthusiasts and everyday people.
What we learned
We learned how to design a UI using React Native and its component technologies. We also learned how to write in Solidity, the language used for Ethereum smart contracts.
What's next for Dotchain: A Temporary Private Blockchain
In the future, Dotchain will enable interested parties to create temporary forks on blockchains other than Ethereum, and allow people around the world to compartmentalize their transactions using any cryptocurrency. Additionally, we aim to provide additional financial services beyond compartmentalized transactions.