Kitty Party

Inspiration

We were inspired by the Arisan borrowing system and wanted to make a fun twist on top of it. We also wanted to create a crypto platform for both crypto and non-crypto users.

What it does

Kitty Party is a savings system that aims at attracting both crypto and non-crypto users alike.

By having a unique system in which users that are do not own any crypto-currency are also able to participate, it aims to serve as a gateway to introduce newbies to the crypto ecosystem.

Actors in system

Kitty Kreator - The person that is familiar with cryptocurrency, and the one to initiate and get people together

Kittens - The people (2 or more) that may or may not be familiar with cryptocurrencies, join the Kitty Party.

Overview

Let's say the Kitty Kreator gathered 5 friends, as such there will be 5 rounds. Having a random friend become a winner each round (every friend will win at least once). Every time the money is placed in the contract, it accrues interest, as such, everyone will always walk away with more money than they put in. While each friend gets a lump sum of money at once. The Kitty Kreator will get the original money he placed in as well as the interest gained at the end of the five rounds.

Example

A Kitty Kreator gathers 5 friends(A, B, C, D and E), each willing to put $1 each per round. The Kitty Creator will have to put up $5=5x1 him/herself, this allows for the Kreator to earn the interest, as well as to act as a security, in case any of the Kittens breaks away from the party.

A Kitten can be someone that contributes directly to the Kitty Party through cryptocurrency or someone that pays through the Kitty Kreator through fiat. The Kitty Kreator can pay on behalf of the Kitten to the Kitty Party

Round 1

The 5 Kittens put in $1. The interest is accrued over a set period (e.g. amount to $0.50). The random lottery is run, and let's say Kitten C wins. Kitten C will now get $5.50 ($1 x 5 + $0.50), and the party proceeds to round 2.

Round 2

Round 2 happens the same way round 1 did, except now, since Kitten C had already won, only Kittens A, B, D and E can win. Kitten B wins the second round and walks away with $5.50 again (assuming interest is the same as the first round).

Round 3

Kitten C decides to leave the party and no longer pay the $1. Kittens A, B, D and E are the only ones paying to the Kitty Party. As such, to make up for the loss difference, the difference will be paid up by the Kitty Kreator to make up for the loss due to Kitten C walking away, as such the next winner(Kitten A) will walk away with $5.50, while the Kitty Kreator will have a receive a reduced amount by the end of all the rounds.

The Kitty Party ends either when the Kitty Kreator runs out of money or all Kittens have won at least once.

How we built it

Using scaffold-eth to expedite most of our prototyping process. This means we use a combination of React and Solidity. To gather interest, we are using liquidity pool farming. We are also using Polygon to reduce transaction fees.

What's next for Kitty Party

As we understand Kittens leaving the Kitty Party will land a huge blow to the Kitty Kreator, and the system places a lot of responsibility unto the Kitty Kreator. We seek to alleviate this by introducing a form of a reputation system in future iterations to ensure that the quality of life use of our system will be better.