Fyber is for those mighty people who like amazon and ebay but also believes in power of decentralization, we provide scalable platform to buy/sell/lend goods in unique way powered by one and only Kyber and Compound network.
Current goods exchanges don't provide enough transparency and trust, crypto goods exchanges are largely used in dark net, but Fyber is here to rescue. We are combining best of both worlds to have right combination of privacy and transparency. Morever, we will be first exchange to provide lending of goods and our unique methodology to handle it. It's still work in progress, but we believe in our product.
What it does
Fyber exchange lets you buy/sell/lend goods using Kyber in any token (For demo we only support limited pairs).
- User pays for the product through Kyber Swap
- After the payment, buyer can securely send his shipping address to seller using status.im
- For proper dispute mechanism (It's still work under progress), we plan to hold funds until product received, allowing user to raise dispute in those cases.
Lending is 2 tier process -
- The buyer sends the required rent to seller.
- The buyer sends security deposit to compound, the security deposit accures interest.
- Once, the rental period ends, there can be 2 possible cases
- The user returns the product - Then we split interest accured to both buyer and seller
- The user don't returns the product - We liquidate him and seller keeps his deposit plus interest
How we built it
We built it using Kyber integration through solidity and web3, compound protocol and react app.
Challenges we ran into
We ran into many challenges, first we started late but thank goodness the deadline got extended . We could not create working dispute mechanism, which will be next steps for our project.
Accomplishments that we're proud of
Having come up with our own mechanism for lending and borrowing with working platform with functional swaps for products and allowing user to lend using compound was a feat for us. We hope to see fyber exchange live for public very soon
What we learned
We learnt about Kyber, Compound and solidity a lot in the journey
Prizes we are competing for
• Kyber DeFi Champion • Kyber Runner-up: $3,000 • Kyber Finalists: $1,500 (8) • Compound x Kyber Prize: $3,500 • Compound x Kyber (Runner-up): $1,500
What's next for Fyber Exchange
- To work on more innovative solutions for offering the best lending and borrowing experience for users
- To complete the beta version of fyber to go live.
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