Inspiration for Pegasus
There has been numerous instances where people have always wanted to purchase a piece of property which was on the market and had a lot of potential to become profitable but due to their financial situation, they cannot necessarily purchase the property all on their own. To obtain the necessary funds required to go through with this process, they would approach a bank for a loan or any other money lending services which usually results in high return interest rates which leave the people in debt hence further condemning them to an even worse financial state than they were in before.
What does Pegasus do?
Pegasus is a decentralized peer-to-peer crowdfunding platform whose sole purpose is to promote financial inclusivity in the world of investment properties. Pegasus gives people a very efficient way to collectively invest in property and acts as the backbone for the facilitation of every process, from the listing of the property to the raising of funds to purchase the property to the actual purchasing of the property to the establishment of renting it out to tenants to the tenants paying rent and rent being redistributed back to the initial investors. Our target market is persons that lie within the middle-class income gap and lower.
How was Pegasus built?
We built Pegasus using two primary platforms namely, Solidity for our back-end and React for our front-end. Development tools such as Truffle box were used to integrate our front-end with our back-end and also run tests of our smart contracts more efficiently through the use of a "Windows Powershell" ran under administrative privileges. Our system also incorporates the use of MetaMask to facilitate all the transactions made with Ether and we have integrated "Limepay" to manage all the transactions made using a credit/debit card hence giving users numerous options of how they can get money onto the platform (Unfortunately due to the lengthy process that must take place to get our dApp registered on the LimePay platform, we were advised to by one of their representatives to just list it for now but we have provided our algorithm for how we were planning to integrate their platform with ours in our code).
Challenges we ran into
As we're all very new to Solidity, with two of us having completed some tutorials earlier and two of us completely new, almost every step along the way was a challenge from defining the concepts of the contracts, to creating a functional front end, to defining the payment logic, etc. However, there was no bigger challenge than to deploy the contracts on our local network with Truffle... One problem lead to another and error messages were often misleading.
Accomplishments that we're proud of
What we learned
We learned the whole anatomy of a decentralized application, from ideation and use-case brainstorming to defining the user-flow and the logic of the contracts. Two of us got to taste the flavours of solidity completely first time, to know what are blocks and how do you chain them together. For others, it was taking the next step in their programmatic journey.
What's next for Pegasus
1) integrate KYC-AML solution such as Civic for every potential user on the platform. 2) integrate LimePay for making the project more accessible for a user on the street. 3) Implement an investment verification system to ensure that each opportunity is only listed once and that it exists, for properties it would be What 3 Words. 4) Deploy on public Ethereum network
Business and Marketing:
1) Gain first initial test projects and first investors to gain early market feedaback 2) Increase popularity and gain users to enable financial liberation