Invoic3

Bounties we are applying to

Request Network : We made an invoicing app for companies using the Request Network SDK to create invoices and pay them securely.

Inspiration

After doing internships as students in several companies we discovered that companies can receive a lot of invoices for all the products they use or external companies/people they pay. The problem is that for big companies this process is usually automated which leaves room for malicious people to send fake invoices usually with reasonable amounts to discourage companies from engaging in legal proceedings. This can become very profitable for scammers to make money regularly without taking too much risk. The estimated losses are skyrocketing in the last years averaging 320millions per year. We figured out that blockchain might be a great tool to tackle this problem as we could easily verify the author of an invoice and whitelist them using KYB solutions for Web3.

What it does

Our solution allows a user to connect to his wallet using Account Abstraction and depending on the side you are : pay or create invoices and browse through your invoices. Due to the fact that we use blockchain we can verify the issuer of the invoice and check if he is legit. Only whitelisted businesses can emit invoices and send them to clients. A client can check all his pending and send invoices.

How we built it

Request Finance was our number choice as a sponsor for our project as their tool was very useful for our project. We decided to create a dashboard on React that would include all of the functionalities for our project. After passing the KYB (not implemented due to time constraints), a service seller would be able to create invoices for his clients through the Request Finance SDK. Whatever the user is : client or supplier, he has to connect to his web3 wallet. For this we used Web3Auth which allows account abstraction and therefore creating a wallet with an email. We decided to use Account Abstraction for our project to simplify account creation for companies who aren't familiar with the web3 ecosystem but are interested in securing their invoice processes. For the requests we decided to create a backend on Express as we managed to test successfully the Request Network SDK on Node.js. Then, when a user would create an invoice or pay one, he would make a POST request to the backend using the Request Finance SDK that would execute his request. The pending invoices are visible in the Pay Invoice Payment page, there is a possibility to pay it directly from the array. Then, when the transaction is executed, the Paid Invoices page would allow users the see their invoices history.

Accomplishments that we're proud of

-Team Cohesion: One of our proudest accomplishments during the hackathon was the ability to come together as a team in Warsaw, despite our busy schedules. Each team member had their own commitments and responsibilities, but our shared passion for the hackathon's challenge brought us together. We found a way to synchronize our calendars and put aside personal commitments to ensure that we could work together effectively. This commitment to collaboration demonstrated our dedication to the project and our ability to overcome logistical challenges.

-Continuous Learning: Throughout the hackathon, we embraced a growth mindset and prioritized learning. We were determined not only to solve the challenges at hand but also to expand our knowledge and skillsets. Our commitment to learning ensured that every member of the team gained valuable insights, whether it was mastering a new programming language or understanding a novel technology. This focus on self-improvement was a source of pride for us and contributed to the overall success of our project.

-Resilience and Perseverance: Hackathons are known for their intensity and time constraints, and our experience was no different. We faced tough moments when it seemed like the odds were against us. However, we take great pride in the fact that we never gave up. Instead, we rallied together, brainstormed innovative solutions, and pushed through the challenges. These difficult moments tested our teamwork, problem-solving skills, and determination, and we emerged from them stronger and more resilient.

In summary, our team's ability to unite in the face of scheduling conflicts, our commitment to continuous learning, and our unwavering determination in the toughest of times were our key accomplishments during the hackathon. These achievements not only contributed to our success in the competition but also enriched our personal and professional growth.

What we learned

Technical Skills: Utilizing RequestNetwork: One of the most significant technical takeaways from the hackathon was our deepened understanding and practical use of RequestNetwork. We learned how to integrate this blockchain-based payment solution into our project, gaining valuable insights into decentralized finance and smart contract technologies. Blockchain Interaction: Our experience also broadened our knowledge of blockchain technology. We gained hands-on experience interacting with blockchain networks, understanding transactions, and ensuring data security and transparency. React.js and TypeScript: Throughout the hackathon, we honed our skills in web development by working with React.js and TypeScript. These modern web development technologies proved crucial in building a user-friendly and efficient interface. Node.js: We leveraged Node.js to develop the backend of our application, enhancing our proficiency in server-side development and ensuring seamless communication between the front end and the blockchain. Social and Organizational Skills: Hackathon Planning: We learned the importance of meticulous planning for a hackathon. From defining project goals to allocating responsibilities and setting deadlines, we developed a structured approach to ensure our project's success. Efficient Work Organization: Over the course of the hackathon, we improved our ability to organize our work efficiently. This involved setting priorities, managing tasks, and maintaining clear communication channels within the team. Motivation and Collaboration: Staying motivated throughout the intense hackathon required strong teamwork. We discovered effective ways to boost each other's morale and maintain a positive atmosphere, which ultimately enhanced our productivity. Physical Stamina: Extended Working Hours: The hackathon taught us the importance of physical endurance. We pushed ourselves to work for long hours without sleep, understanding the demands of such intense events. While this was physically challenging, it demonstrated our commitment to the project's success and our ability to meet deadlines under pressure.

What's next for Invoic3

During the hackathon, we made significant progress with Invoic3, but there are several exciting opportunities for its future development. While time constraints limited us during the competition, we've identified key areas for enhancement:

-KYB Integration: One of our immediate priorities is to implement Know Your Business (KYB) functionality. KYB is crucial for verifying the legitimacy of businesses using our platform. Integrating KYB services will enhance the security and trustworthiness of our system, which is vital for both businesses and users.

-Auto Swap System: To make Invoic3 more user-friendly, we aim to create an automatic swapping system. This feature will be particularly beneficial for companies that may not have extensive knowledge of web3 or cryptocurrency. By automating the process of converting traditional currencies to digital assets, we can streamline onboarding and broaden our user base.

-Update Functionality from RequestNetwork: Incorporating the update functionality from RequestNetwork is another exciting avenue for future development. This feature would enable users to easily modify and update invoice details, ensuring the accuracy and relevance of their financial records. This enhancement will make Invoic3 more dynamic and user-centric.

-Additional Features: In addition to the above, we see numerous other possibilities for expanding Invoic3's functionality. These could include advanced reporting and analytics, integration with popular accounting software, and enhanced user customization options.

-User Feedback: We are committed to actively gathering feedback from our users and the community to identify additional areas for improvement. User input will be invaluable in shaping the direction of Invoic3's development and ensuring it meets the evolving needs of its users. In conclusion, Invoic3 has a bright future ahead with a multitude of possibilities for growth and enhancement. Our team is excited to continue working on the project, implementing these improvements, and exploring new avenues to make Invoic3 a powerful and user-friendly SaaS tool.

Built With

• airtable
• ethers.js
• express.js
• nextui
• node.js
• react
• request-protocol
• vercel
• web3.js
• web3auth