Honey-Bite Crypto Ecosystem

Payment for membership
Payment for bidding
Payment for IDOInvestment

Inspiration

Nowadays there are lots of crypto projects available in the market. But most of the projects are doing fraud with the users. Users invest in those project with a hope to get high returns in their investment but mostly suffer huge losses. To avoid such circumstances, we have created a project which not only give high returns but also protect your funds if the project suffers through losses.

What it does

First any crypto project that wants to be a part of the Honey-Bite crypto ecosystem, needs to be go through a scrutiny process which is done by Honey-Bite members. If it passes the scrutiny process, then the project is listed in either Honey-Bite IDO (Initial Dex Offer) segment or Honey-Bite Venture segment. In IDO segment, user can buy crypto that are not even listed in Dex at an fixed offered price. The project tokens will be credited into user wallet at a specific interval. In Honey-Bite Venture segment, user will bid to invest in a project. After the bidding period is over, whoseover bids are accepted are going to get the project token and whose bids are not selected the amount will be refund. But, for any project their will be an insurance. If the price of crypto goes below a certain threshold in a certain period of time, then the user will be some amount of crypto as refund. We have initiated KYC features for users with high value investment. There is a feature for membership. Any user who have membership can invest in project 24 to 48 hours ahead of non-membership users. Membership and investment will be done using FTM token.

How we built it

The whole project can be divided into 3 parts: Front End - To display the project to the users. Done in React. Back End - To store information related to projects and users. Done in Firebase. Blockchain - To carry out the crypto transaction between projects and users. Done in Fantom Blockchain.

Challenges we ran into

Since, the project involves many parameter checking like whether the user is having a membership or not, tokens will be released at different interval, if a user has KYC then the investment amount for the user is higher compared to the user with no-KYC. If all this parameter checking done on-chain, then the gas fee required to carry a transaction is very high. To overcome this challenge, we have use off-chain signing methods which can be verified on-chain.

Accomplishments that we're proud of

Finally the project is completed for submission. Their are few minor changes that are required to carried over the next version of the application.

What we learned

We have learned a few new things like off-chain signing and debug many errors while building the project.

What's next for Honey-Bite Crypto Ecosystem

The next big add-on to Ecosystem is airdrop. New projects will be registered into the platform where user can invest and after a certain period of time a lottery will be there and lucky user will get free project tokens as airdrop.