Fin Zone - WIME

Inspiration

Web3 provides us with an interesting space to disrupt the status quo. Thus, we want to build a solution to a problem that is seen to be "too difficult to solve".

What it does

Provide an API suite for financial institutions that provide wealth inheritance and protection services to provide clients with digital assets, e.g., cryptocurrencies, and NFTs, with inheritance matters such as

will writing to specify a list of beneficiaries
transferring of assets upon the asset holder's death
data for the bank's documentation

How we built it

Blockchain: Ethereum L2 Layer: ZK Sync Dev Environment: Hardhat Storage: IPFS Oracle: Chainlink Identity: Wallet Connect Client: React, ethers.js

Challenges we ran into

Lack of web3 experience

Most of us came from web2 background, and this is our first web3 hackathon. Most of the time was spent learning the ins and outs of blockchain.

Lack of understanding of existing regulations

While brainstorming on a problem to tackle, we often find ourselves in grey areas when discussing certain pain points due to the uncertainties of the feasibility of our proposed solutions.

Should there be legal guidance, we can further refine our ideas to adhere to existing regulations and not aim for infeasible/impractical ideas.

Accomplishments that we're proud of

Completing the tasks

A number of our group members were largely occupied by their final-year projects. But due to their determination to gain as much experience and knowledge as possible, we were able to deliver our ideation submission.

What we learned

Web3 tech stack and general architecture

We managed to gain a high-level understanding of what it takes to build a web3 solution despite having no prior experience.

Importance of regulations when solving a problem

Due to the relative infancy of the web3 space, many sectors are still unregulated. Thus, it is important to consider regulations to validate the feasibility before settling on an idea.