SendYa

We enable users to send equivalent amount of local fiat currency over USDC on-chain, eliminating the need to exchange USD for local currency for daily expenses.

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Inspiration

The inspiration for this project comes from my experience sending money for my family in Haiti via Western Union which charges 7-10% and the government which prohibits citizens from receiving their money in USD. Noting the challenges faced by people who rely on remittances due to unfair exchange rates and lack of transparency, we sought to leverage blockchain technology to create a solution that ensures fairness and trust in the market remittances. Haiti receives approximately $3.5 billion in remittances each year.

What it does

It retrieves and aggregates exchange rates from multiple trusted sources and publishes these rates to the blockchain via Chainlink Function. By using smart contracts, it ensures that these rates are determined transparently and cannot be manipulated. The system integrates with existing On-Ramp platforms, providing users with access to fair exchange rates and secure transactions.

How we built it

Blockchain Platform: We chose Polygon POS for its robust smart contract capabilities and low gas fee.

Smart Contracts: Developed to handle exchange rate aggregation, transaction management.

Chainlink Function: Implemented to fetch real-time exchange rates from multiple external data sources, ensuring accuracy and reliability.

APIs and SDKs: Created for seamless integration with existing platforms.

Whatsapp: To provide an easy and user-friendly experience for accessing exchange rates and managing transactions.

Circle Programmable Wallets: To make easy for people to create and use web3 wallet using their Whatsapp number and make transactions without have to pay gas.

Challenges we ran into

Ensuring the reliability and accuracy of exchange rate data from external sources was a significant challenge. We solved this problem by aggregating data from multiple sources.

Accomplishments that we're proud of

Successfully developed and deployed smart contracts that ensure transparent. Created a user-friendly experience that makes it easy for individuals in underdeveloped countries to access.

What we learned

The potential of blockchain technology to bring transparency and fairness to financial services, particularly in areas where traditional systems have failed to do so.

What's next for Harmonizer

Continuously improve the system by incorporating user feedback, add new features such as lending/investments, strengthen relationships with local businesses for off-ramp and NGOs to promote financial inclusion and literacy.

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