InflaLot

Desing of the Site
InflaLot Automation

Inspiration

A lottery, often seen as a game of chance with slim odds of winning the grand prize, is about to undergo a profound transformation. The revolutionary world of Web3 development is poised to reshape our perception of possibilities. Introducing InflaLot, an awe-inspiring Web3 project that unlocks the power of knowledge and dedication. It empowers individuals who invest their time and effort in understanding the global market by offering them the opportunity to place their bets on the monthly inflation of the US dollar. Get ready to embrace a future where your wisdom and insights hold the key to extraordinary rewards. With InflaLot, the boundaries of luck will blur, paving the way for a new era of limitless potential. Dare to dream big, for in this realm of innovation, the unimaginable becomes your reality.

What it does

The smart contract securely reserves all the bets made by participants in the game. At a predetermined date, it retrieves the latest inflation data for the dollar and compares it with the inflation estimations provided by the players. The objective is to determine which player's estimation comes closest to the actual inflation rate.

The smart contract's evaluation takes into account not only the accuracy of the estimation but also the timing of the bet in relation to the import of the inflation data. This means that even if a player who placed their bet closer to the import date has a more accurate estimation, another player who bet earlier but still had a reasonably close estimation could still win the prize, ensuring fairness in the game and encourages players to make their estimations based on their understanding of economic trends and indicators, rather than solely relying on last-minute predictions. It adds an interesting dimension to the game, as players need to carefully analyze and predict inflation trends, while also strategizing their betting timing to increase their chances of winning.

Once the smart contract determines the player with the closest estimation, the prize is awarded accordingly. This incentivizes participants to stay informed about economic factors and make well-informed estimations, fostering engagement and enhancing the overall experience of the game.

Overall, this innovative approach to betting on inflation not only adds an element of excitement to the game but also promotes financial literacy and encourages players to stay updated with real-world economic developments.

How we built it

First things first, we used Figma to build the prototype of the project. Then we utilized the React Framework to build the front-end of the dApp. Once we finished, we integrated it with smart contracts, coded on solidity.

Challenges we ran into

One of the biggest Challenges that we ran into was the management of the time between the work on the project and the college. Also, as first time hackers, we had to learn most of the code that we used before using it, while in the Chainlink Hackathon. That turned out to be really time consuming in the Web3 and front-end integration.

Accomplishments that we're proud of

As a team built up of a majority of first time hackers, we are already proud that we have gotten this far. We were able to integrate the Web3 technology with the front-end development. We were also able to add our own designs and drawings in the InflaLot dApp as well. Our excitement only grew as we continued to code and saw how much potential it had to entertain and reward people for their hard work.