Omada

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Inspiration

We constantly have friends asking us for advice for investing, or ask for investing advice ourselves. We realized how easy a platform that allowed people to make collaboratively make investments would make sharing information between people. We formed this project out of inspiration to solve a problem in our own lives.

The word 'Omada' means group in Greek, and we thought it sounded official and got our message across.

What it does

Our platform allows you to form groups with other people, put your money in a pool, and decide which stocks the group should buy. We use a unanimous voting system to make sure that everyone who has money involved agrees to the investments being made.

We also allow for searching up stocks and their graphs, as well as individual portfolio analysis.

The way that the buying and selling of stocks actually works is as follows: let's say a group has two members, A and B. If A has $75 on the app, and person B has $25 on the app, and they agree to buy a stock costing $100. When they sell the stock, person A gets 75% of the revenue from selling the stock and person B gets 25%.

Person A: $75 Person B: $25 Buy stock for $100 Stock increases to $200 Sell Stock Person A: $150 Person B: $200

We use a proposal system in order to buy stocks. One person finds a stock that they want to buy with the group, and makes a proposal for the type of order, the amount, and the price they want to buy the stock at. The proposal then goes up for a vote. If everyone agrees to purchasing the stock, then the order is sent to the market. The same process occurs for selling a stock.

How we built it

We built the webapp using Flask, specifically to handle routing and so that we could use python for the backend. We used BlackRock for the charts, and NASDAQ for live updates of charts. Additionally, we used mLab with MongoDB and Azure for our databases, and Azure for cloud hosting. Our frontend is JavaScript, HTML, and CSS.

Challenges we ran into

We had a hard time initially with routing the app using Flask, as this was our first time using it. Additionally, Blackrock has an insane amount of data, so getting that organized and figuring out what we wanted to do with that and processing it was challenging, but also really fun.

Accomplishments that we're proud of

I'm proud that we got the service working as much as we did! We decided to take on a huge project, which could realistically take months of time to make if this was a workplace, but we got a lot of features implemented and plan on continuing to work on the project as time moves forward. None of us had ever used Flask, MongoDB, Azure, BlackRock, or Nasdaq before this, so it was really cool getting everything together and working the way it does.

What's next for Omada

We hope to polish everything off, add features we didn't have time to implement, and start using it for ourselves! If we are able to make it work, maybe even publishing it!