PiggyBankOnChain

PiggyBankOnChain

Inspiration

The inception of PiggyBankOnChain was sparked by the recognition that traditional savings methods are becoming increasingly disconnected from the dynamic landscape of blockchain technology. As digital finance continues to evolve at a breakneck pace, we identified a pressing need to meld the reliability of conventional savings with the cutting-edge possibilities offered by the decentralized finance (DeFi) ecosystem.

What it does

PiggyBankOnChain is designed to facilitate saving goals not just for individual users but for their close ones as well—be it for children within a family to access on reaching adulthood, or for any cherished moment worth saving towards. The platform addresses the common concern of securing funds until they're meant to be accessed, whether that's tied to age, time, or even specific asset price points. For example, if a user wishes to have their funds accessible when Bitcoin hits a million dollars, PiggyBankOnChain makes that possible. Moreover, the addition of sending wishes or messages with transfers introduces a personal touch to the act of saving or gifting, fostering a deeper connection between the sender and the recipient.

Coupled with account abstraction, PiggyBankOnChain significantly lowers the barrier to entry for new users onto the blockchain, enabling crypto enthusiasts to onboard their friends and family through social media integrations. Simply connect using social media, share your address, and start receiving crypto gifts wrapped in warm wishes.

A groundbreaking feature of PiggyBankOnChain is its ability to cater to equity stakeholders. Users can lock their equity tokens within the platform, ensuring their stake remains secure. Despite the tokens being locked, stakeholders can still collect dividends, bridging the gap between long-term security and immediate financial benefits. This feature is particularly appealing to those who wish to participate in the growth of a company or project without relinquishing the opportunity to earn dividends, even as their equity is preserved for future liquidity events or milestones.

How we built it

The frontend was developed using React and Next.js, providing a user-friendly interface that interacts with the Ethereum blockchain through the Fuse web SDK, wagmi, and viem.

PiggyBankOnChain was designed using Solidity for smart contracts, focusing on three types of vaults:

Time-Locked Vault: Enables users to lock funds until a specified date, promoting long-term savings. Time and Price Locked Vault: Introduces a sophisticated mechanism that allows users to set conditions based on asset prices, offering a strategic way to reach financial goals. Users can withdraw funds when the token's price exceeds their set limit or when the lock period ends. Dividend Piggybank: Aimed at passive income enthusiasts, this vault distributes dividends from investments, enhancing the savings experience. Additionally, we created a router contract to index messages on-chain and collect transaction fees for sending wishes/messages. A Dividend Distributor contract was also developed to distribute dividends to equity holders.

We integrated Fuse account abstraction to ensure that users can create goal vaults effortlessly without worrying about transaction fees. Users can send and receive tokens along with wishes/messages to goal vaults.

The backend was developed using full dockerization, Go, and PostgreSQL, foundry. It is capable of indexing and collecting transactions made through the router and storing data on piggybank vaults' creation based on events and call data on the chain. Also authentication was created.

Challenges we ran into

In our journey, we faced several obstacles that tested our resolve and adaptability. One of the primary challenges was grappling with the intricacies of the Fuse SDK web documentation. Understanding how to effectively utilize their account abstractions proved to be a daunting task, mainly due to the complexity and lack of clear guidance within the documentation.

Additionally, as this was our first hackathon, we might have allocated too much attention to the project infrastructure. This focus inadvertently resulted in a shortage of time for integrating our backend components to frontend. Our inexperience in managing time and resources effectively under the pressure of a hackathon environment led to this oversight.

Furthermore, we encountered difficulties in refining the equity token logic to accurately handle dividend distribution. Despite our efforts, we were unable to rewrite and optimize this logic to ensure correct dividend management, which remains a significant hurdle in our project development.

These challenges, while daunting, provided us with valuable lessons in project management, technical problem-solving, and the importance of clear documentation and guidance in using new technologies.

Accomplishments that we're proud of

Despite the challenges we faced, our team is immensely proud of the milestones we achieved during this hackathon. One of our most significant accomplishments is the successful delivery of a working MVP (Minimum Viable Product) on the blockchain. This achievement marks a pivotal step in our project's development, demonstrating the viability of our core idea and the functional capabilities of our product.

We are particularly proud of our ability to effectively utilize account abstraction and oracle price integration. This was a complex feature that posed considerable challenges, yet we managed to integrate it successfully into our platform. This integration not only enhances the user experience by simplifying transactions but also sets our project apart by incorporating advanced blockchain functionalities.

Moreover, our main concept has been proven to work as envisioned. The product, in its current state, operates on-chain, affirming our technical skills and the practicality of our idea. While there is still work to be done, such as finalizing our backend integration and undertaking extensive refactoring of both the frontend and smart contracts, the foundation we have built is solid and promising.

What we learned

Building PiggyBankOnChain was an enlightening experience that stretched our understanding of blockchain technology, smart contracts, and the DeFi landscape. We delved deep into the concept of account abstraction, a revolutionary approach that enables users to interact with blockchain applications in a seamless and gasless manner. This exploration highlighted the potential of making blockchain technology more accessible and user-friendly. We also gained insights into the mechanics of creating locked vaults, incorporating price oracles, and the intricacies of distributing dividends through smart contracts.

What's next for PiggyBankOnChain

As we look to the future of PiggyBankOnChain, our roadmap is defined by a series of strategic steps aimed at enhancing our product's functionality, user experience, and market presence. Here's what we have planned:

Code Refactoring and Full Backend Integration: Our immediate focus is on refining the codebase and ensuring seamless integration of backend services. This step is crucial for improving performance, security, and scalability.

Social Media Account Integration: We plan to enable users to link their social media accounts, facilitating easier sharing and engagement. This feature will enhance the social aspect of saving and investing, allowing users to connect and share their financial goals and achievements.

UI Improvements: A user-friendly interface is key to our product's success. We will continue to refine and improve the UI, making it more intuitive, engaging, and accessible to a broader audience.

Implement a time lock with vesting. You can allocate your funds for your family in one go, securing their future.

Token Pricing Implementation: Implementing real-time token pricing will provide users with valuable insights into their investments and savings. This feature aims to empower users with the information needed to make informed financial decisions.

Beta Launch on Mainnet: Our goal is to run a beta version on the mainnet, allowing us to test our product in a real-world environment, gather user feedback, and make necessary adjustments before the official launch.

Securing Funding for Product Enhancements: To bring our innovative ideas to life, such as NFT gift cards and the ability to add time-locked wishes, securing additional funding is essential. These features will not only differentiate our product but also add value for our users.

Marketing Campaign: Raising awareness and attracting users to our platform will be achieved through a comprehensive marketing strategy. We plan to leverage social media, partnerships, and community engagement to build a strong presence and drive adoption.

Our journey ahead is filled with opportunities and challenges. We are committed to continuous improvement and innovation, ensuring that PiggyBankOnChain becomes a leading platform for savings and financial growth on the blockchain.

email: krystian.mejor@gmail.com