Inspiration
There is currently a need for solutions to simplify the ways online products are bought and sold. In the blockchain space for people who are not familiar with on-chain wallets, meta transactions to allow easier onboarding for new users. The solution is a decentralized finance payment after delivery service for online shoppers. Reign Circle improves financial access to the ecommerce market and empower holders by increasing purchasing power. Loyalty rewards for online shoppers via generative NFTs help foster adoption by all by increasing defi liqudity for consumers and businesses.
Since 2016, the number of credit card use has been decreasing. Online payments is not assessable for everyone and limits ability for people to online shop. Some people do not have access to a bank account, do not like using credit cards, can't get a credit card, or cards are maxed out. This addresses the 70% cart abandonment by online shoppers. BNPL 83% of retailers experienced improved conversion, fewer cart abandons with 72% retailers experienced higher average order values and basket sizes. More people are going online to shop. This is a trillion dollar market that has a total available size of $6.3 trillion in the E commerce field worldwide. Number of people buying goods and services online will increase to 2 billion by end of 2021 with 29.8% of transactions using a digital wallet as the growth of Web 2.0 has accelerated the digital ecosystem for online commerce.
Reign Circle
Reign Circle uses NFTs to power consumer digital assets. These may include rewards for BNPL loans, loyalty points, gift cards, fan tokens, digital currencies and more. NFTs on the same blockchain are able to be minted, swapped, and burned without significant overhead. The ability to tokenize any asset is the basis of the Reign Circle's ecosystem, making the platform suitable for addressing these inefficiencies in centralized finance. This innovative payment solution will make it easier for merchants to easily issue and distribute store credit, and enables customers to store, exchange, and redeem this store value. Branded digital assets are developed to accelerate consumer engagement, market intelligence, and overall value that consumers can spend everyday.
Create Reign Circle NFT generative art collection at Scale competing for the “NFT Art Collection at Scale” where the 3-tiered loan NFTs images are uploaded as JSON files with hash encryption of metadata onto IPFS.
Frictionless user experience by embedding NFT generative art collection digital asset directly into merchant's application using Circle’s APIs. This has 3 payment flows for sending/receiving payments: 1) Charge a card 2) Use an existing card 3) Add a new card.
NFT marketplace for secondary reign circle sales and future launches/minting of additional items of your NFT generative art collection series on Rarible.
For merchants, it rewards customers with tokens such that long term customers incentive to keep spending online. It creates a gateway that enables shopping with cryptocurrency people that don't normally have access. Platform owned collectively by stakeholders - decreasing the need for a intermediary middlemen thus reducing fees. Empower customers by increasing shopper control, freedom, and loyalty. Help businesses grow by increasing the average order value and increasing shopping bringing digital assets to merchants and consumers worldwide. Reign Circle will increase the mainstream adoption of crypto and blockchain technologies. Merchants make commission on purchases paid through our application and token governance. Lending pool from tokens used to fund the REIGN loans. The blockchain technology enables network of custom-made blockchains of tokens and account balances with parallel transactions from all chain networks.
How we built it
The process starts with a credit application check for tiered loans with digital signatures. Chainlink's PriceFeed Data API for real-time verification. There is a wallet password for a secret phrase for security in addition to a future option to enable loved ones and family members to access accounts in the event of an emergency. We are interested in the "Buy Now Pay Later" potential of NFTs - Meta transactions allow easier onboarding for new users where each loan has metadata and unique URIs. Loan Transfers. SafeTransferFrom function Tier1,2,3 loans transfers may be initiated by the owner of an NFT, the approved address or an authorized operator of the current owner of an NFT. Reign Circle NFTs uses EIP-721: Non-Fungible Tokens. These industry-leading standard tokens can represent consumer ownership over digital or physical assets focusing on: 1) Physical property like houses, unique artwork 2) Virtual collectables like unique pictures of kittens, collectable cards 3) “Negative value” assets like loans, burdens and other responsibilities
Generative NFT art that scales. The credit card images are saved as generative art as tokens representing the three loan tiers. This was created with a verifiably random math function to create the background designs. For instance, the circle gradients are of varying sizes with gradient() function with circle at 50%, var(--c1) 15%.
{ schema0: { s1: "#000A52", s2: "#031067", s3: "#D33F49" }, schema1: { s1: "#082172", s2: "#09278a", s3: "#456990" }, schema2: { s1: "#4F3FB2", s2: "#5844d2", s3: "#2BCAC7" }
Users with this virtual NFT can BNPL with a QR code feature physical assets here a picture of the product and we can generate a QR code assigned a physical REIGN asset. Blockchain traceability of financial transactions on a secure ledger. Print and adhere label to trace assets, Scan barcodes as items go through the supply chain where tags are read as they arrive to their destination. Allows for industry-wide compliance. The website can read the data directly from the Reign Circle blockchain to find the record of each product through its signature asset which is encoded in a QR which is then stored in the JSON metadata in IPFS.
Best practices implementation of backend Javascript with Nuxt, Node, and Vue.js with bundle analyzer. Smart contract code only execute if certain circumstances are met, leaving no space for fraud and manipulation. Built on top of Circle Payments, issued by regulated institutions, backed by reserved assets, and 1:1 USD ratio with minting limits to aggregator Raribles and tokenization improving the checkout payment experience for NFT purchases. The marketplace allows for buying, selling, and trading of Reign Tokens with an option of a secondary market. Interfaces for NFT smart contracts to specify royalties so that original content creators can generate revenues on Rarible given the uint256 tokenID, address, recipients and bps. This is based on @openzeppelin/contracts-upgradeable with abi decoder v2 which uses less gas in reference implementation contracts (about 5000). The Rarible mintAndTransfer function can be used to mint Reign Circle NFTs and transfer them at once for lazy (free) minting. Users on Rarible can create tokens offchain, but buyer will be able to mint it and transfer at purchase time. Distributed Storage powered by IPFS, and Pinata. Encrypted streams between Nuxt.JS web app to ensure no tampering of data while in transit (MITM), XSS attacks, proper encryption or key generation/storage from malicious attacks. Protects online assets from attacks commonly used to target digital asset wallets. Deposits where privileged role keys for stablecoin by offline cold storage operations in secure geographically distributed vaults. Reign Circle has a web portal built on top of Circle's sample payment application and a beta mobile app for easy accessibility and Login/logout strategy to prevent data leakage and ensure data privacy. The blockchain governance allows for nominators stake REIGN loyalty tokens for best returns and vote on changes to the network. Even if hackers compromise a server, the network remains undisrupted and database cannot be altered.
Challenges we ran into
- The common NFT image problem is scalable NFT gas fees. For large numbers of Reign Circle NFTs, rinkeby smart contract XXXXERC721 instantiates and tracks 2^128 or (340282366920938463463374607431768211456) different deeds reducing gas fees for querying ENS.
Accomplishments that we're proud of
- Working with Nuxt.JS Circle's sample payment app with it's 3 payment flows for sending/receiving payments: 1) Charge a card 2) Use an existing card 3) Add a new card.
- Every NFT is identified by a unique uint256 ID inside the Solidity ERC-721 smart contract. Scalable applications because UUIDs and sha3 hashes are directly convertible to uint256 for scalability.
What's next for Reign Circle
- Increase security protocols with tamper-proof blockchain history of recording financial contributions in transactions
- Verify the authenticity of data with "time stamps" with immutability blockchain using Solana with 400 millisecond block times. Solana's scalability ensures transactions remain less than $0.01 for both developers and users.
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