With the rise of the ERC-721 token standard to support non-fungible tokens, people who own these tokens are in need of a marketplace to trade between tokens. Currently there is no trustless way for someone to trade a cryptokitty, or trade a cryptokitty for some land in decentraland. We decided to build a safe trustless marketplace to facilitate these types of transactions.
What it does
Our project allows you to list any tokens that you own in the marketplace, where they are held in escrow while others make offers on them. When you see an offer that you like, you can approve the offer and it will automatically transfer the tokens between the two parties safely, with no need to trust the other party.
How we built it
Using Ethereum, we created a smart contract for the marketplace, and developed using truffle. We built a front end using react and webpack and have it deployed on IPFS to make it full decentralized! We deployed it to the kovan testnet and were able to actually trade different ERC-721 tokens across our live application!
Challenges we ran into
Trying to build a scalable system that actually works take time and it means we had to stay up quite late getting everything working right.
Accomplishments that we're proud of
We are proud to have built a full decentralized application that works, for a use case that is in demand, and have it published on the testnet as well as on IPFS!
What we learned
We learned a ton that we didn't know about the ERC-721 standard as well as how to deploy an app onto IPFS.
What's next for Henko
We want to continue to build out this marketplace to support any ERC-721 token, as well as build out the application to make it more usable.