RosettaSwap - A RWA Marketplace by NIOV Labs

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Inspiration

Newcomers to web3 often struggle with the complexity of converting native currencies or tokens to fiat currency, making their first experience on NFT marketplaces like OpenSea or Rarible as confusing as explaining quantum physics to a toddler. The volatility of cryptocurrency prices adds to the uncertainty, scaring away potential users faster than you can say 'blockchain.'

What it does

At NIOV Labs, we recognize this problem as an inherent roadblock. Our mission is to bring Real World Assets (RWAs) to the blockchain by creating an ecosystem of Asset Backed Tokens (ABTs). Our platform offers the benefit of exposure to more liquidity on the blockchain while retaining the stable nature of pricing items in US Dollars. If you want to charge $10k for a car, you don’t want to update your prices every hour, nor do you want to worry about the stability of your favorite stablecoin.

Our platform seamlessly integrates real-world fiat pricing with blockchain transactions. Sellers can list their assets in fiat values, while buyers can pay using on-chain assets. This way, the price remains stable and predictable, making it easier for users to engage in transactions without worrying about cryptocurrency volatility. This solution is particularly beneficial for high-value items such as real estate, vehicles, and other real-world assets, where price stability is crucial.

We are not bridging actual fiat currency to the blockchain. Instead, we allow people to price their assets in fiat amounts. Our solution goes beyond merely displaying fiat currency values; we enable payments and pricing in these amounts. Essentially, we're bringing real-world assets to the blockchain and allowing people to transact in real-world amounts.

How we built it

Built on an Ethereum Virtual Machine (EVM) compatible blockchain, our platform leverages smart contracts to facilitate transactions. We use Chainlink oracles to fetch real-time fiat-to-crypto exchange rates, ensuring accurate conversion at the time of purchase. The system is designed to be user-friendly, with an intuitive interface that hides the complexities of blockchain technology, providing a seamless experience for both buyers and sellers.

We took measures to reduce the number of API calls to the blockchain, preserve gas, and maintain speed. Our backend, powered by Express, caches events emitted on-chain to create a transaction record for tax purposes. We also developed a smart contract that performs several combined functions to make the frontend load faster.

Challenges we ran into

Building the platform in three weeks was challenging, especially since initial progress was hindered by leadership issues. This experience led us to adopt a more professional approach, treating the project as if we were running a business.

Ensuring accurate real-time fiat conversion and integrating reliable oracles presented significant technical challenges. We also had to address the volatility of cryptocurrency prices and develop a secure, scalable backend for managing ABTs. Additionally, creating a user-friendly interface that could abstract the underlying complexity of the blockchain was a significant design challenge. Our smart contracts were repeatedly rewritten as a result.

Accomplishments that we're proud of

We are proud to have developed a platform that bridges the gap between the fiat and crypto worlds, making blockchain transactions accessible to a broader audience. Our innovative approach to pricing stability has the potential to revolutionize how real-world assets are bought and sold on the blockchain. We successfully addressed the challenges of real-time data accuracy and user interface design, delivering a robust and scalable solution.

We successfully created a functional ecosystem where users can transact in fiat-equivalent amounts using blockchain technology. Integrating real-time oracles for fiat conversion and developing secure, reliable smart contracts for ABTs are key achievements. Moreover, our user-friendly marketplace interface, which simplifies blockchain interactions, marks a significant milestone towards mainstream adoption.

What we learned

Throughout this project, we learned the importance of user-centric design in driving the adoption of blockchain technology. We gained valuable insights into integrating real-time data services and ensuring the reliability of oracle-based systems. Additionally, we discovered new ways to enhance the security and scalability of our platform, making it more resilient and user-friendly.

What's next for RosettaSwap

Looking ahead, we plan to expand our platform to support a wider range of fiat currencies and integrate additional blockchain networks to enhance interoperability. At this stage, this feature is as straightforward as allowing people to price and pay in normal ERC20s, just like any other marketplace.

Additionally, we are looking at using CCIP as our solution for cross-chain commerce. We aim to create a comprehensive ecosystem for Asset Backed Tokens, enabling seamless transactions of real-world assets on the blockchain and driving mainstream adoption of web3 technologies.

Built With

• ethers
• express.js
• hardhat
• mongodb
• react