Inspired by block-chain systems and the security of a decentralized system. P2Secure allows an intermediary to handle collateral when lending or borrowing assets, with security and credibility.
What it does
Allows parties to place a collateral in a contract with specified return dates when lending or borrowing assets as well as placing a service fee. This insures the lender from risks liabilities and ensures that the borrower will return the assets.
How we built it
The contracts are made through a block chain app platform called Ethereum and stored in the block chain. The front end website, accesses the block chain by communicating with the backend which is written in express.js and data is retrieved. We used Mongoose to access the Mongo Database which holds user data and we store a hashed password in AES-256-CTR which is decrypted to compare with the password given from the front end. A token is generated from the hash password if authenticated, which is then used in every API call by the front end to ensure security.
Challenges we ran into
-Limited knowledge on Block Chain Applications
-Poor documentation of Ethereum
Accomplishments that we're proud of
-We completed most of the project
-Nobody collapsed from lack of sleep
What we learned
-Node package manager
-Resolving merge conflicts and how to designate tasks to minimize merge conflicts
-How blockchains work
What's next for P2Secure
-Transact using a widely accept cryptocurrency (Ethereum)
-Implement a reputation system for lenders and borrowers