Inspiration

Decentralized finance payment after delivery service for online shoppers. Reign improves financial access to the ecommerce market and empower holders by increasing purchasing power. 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. Censorship in developing nations can lead to capital controls, poor governance, and corruption costing the global economy $3.6 trillion dollars every year. This creates a high barrier to entry for the public. Especially in places like Africa, Asia, or South America where women have more difficulty opening bank accounts, loan applications, and insurance. Some people do not have access to a banks, do not like using banks, or pass credit checks from KYC regulations.

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. Ethereum has an average transaction fee of $15 to $50 USD, and can go up to $300 during busy periods. This makes running daily financial applications impractical... However Polkadot blockchain is built differently. Anyone can BNPL from anywhere, anytime with Reign via a cross chain assetPolkadot.JS wallet with message passing (XCMP). Polkadot with DOT, created by Ethereum Co-Founder Gavin Wood, aims to solve the problem of high gas fees by providing a heterogeneous multi-chain interchange and translation architecture, enabling customised side-chains to connect with public blockchains.The user-friendly interface fosters adoption by increasing defi liqudity and financial freedom for all. With REIGN, shoppers get the financial freedom to split their purchases into 4 interest-free payments where the private key is self-owned. Foster adoption by all by increasing defi liqudity for consumers and businesses. The future of digital ownership and collectibiles is placing assets on the blockchain for supply chain traceability.

What it does

Reward Loyal Shoppers with Tokens from Staked Assets

Make it Reign. Buy now, pay later. Our user friendly wallet account has analytics for operations and tracking to using a user friendly interface, used as a crypto wallets with shopping rewards and options for payment-after-delivery in addition to having security measures like a recovery phrase verification. With Reign, customers can sign up and easily apply for credit. They will be given $250 check out with Reign asset and the integrated crypto wallet here they can choose a repayment plan. The value proposition is multiple tiers the default tier is for payments over three months, all with different spending limit. It rewards customers for their loyalty to online shopping per our Reign with potential compound rewards depending on reward frequency and the total reward value. Privacy collection at users have signed what we do is their consumer pattern target ads consumers will get better recommendations personalized merchants will get more consumers. Direct users paying the monthly account fee [$8/month] until repayment is paid in full (interest-free) in addition to administration fees. Advertising revenue from consumer shopping data collected from the mobile app used for analytics. Direct ads based on geography, gender, age and spending habits as one of three revenue sources.

Empower customers by increasing shopper control, freedom, and loyalty. Help businesses grow by increasing the average order value and increasing shopping while allowing businesses to turn a profit with gamechanging blockchain technology. Every member has their own domain for on-chain identity ex: lucy.REIGN, or bob.REIGN to reward loyal shoppers. The portion of the whole cryptocurrency not spent in a transaction is used as an accounting measure. Like double-entry accounting, each transaction has an input and output. Send and Receive tokens with QR codes. Polkadot is a decentralized blockchain providing creators open infrastructure to break free from extractive middlemen and platforms.

Supply Chain Traceability using Web3

Blockchain traceability of financial transactions on a secure ledger with Deterministic Contracts. Transparent, traceable, and verifiable transactions as smart contracts are publicly visible and tamper proof. They only execute when both parties fulfill all requirements eliminating counter-party failure. As a sharded multichain network, Polkadot is able to process many transactions on several chains in parallel, eliminating the bottlenecks that occurred on legacy networks that processed transactions one-by-one. 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. Financial Freedom for all. Increases access to financial resources for ALL. Platform owned collectively by stakeholders depending on % of eligible token supply that is being staked - decreasing the need for a intermediary middlemen thus reducing fees. This will depending on the staking record, reward/slash, redeemables, and reign payouts. Empower customers by increasing shopper control, freedom, and loyalty. Help businesses grow by increasing the average order value and increasing shopping. Merchants make commission on purchases paid through REIGN 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 at the SAME time as it tracks the status of a user's assets and reflects accurate locations for assets transferred via XCM. REIGN handles heavy transactions at scale of global commerce with 166,666+ tps capacity [61% higher compared to Visa Benchmark]. Print and adhere time-stamped label to trace assets, Scan barcodes as items go through the supply chain with Polkadot's Substrate Pallet QR code tags are read as they arrive to their destination. Allows for industry-wide compliance with assets with cross chain message passing XCMP on Polkadot wallet, when each buyer enters their name.REIGN address. This includes the following supply chain traceability advantages:

  • On-chain invoices have unique identification numbers, with immutability of blockchain on Reign's QR Scanner
  • Improve creditability and public trust of data shared by lowering losses from counterfeit/gray market trading strengthening corporate reputation through providing transparency of materials used in products
  • Contributing transaction data with upstream and downstream and improve visibility and compliance over outsourced contract manufacturing with a distributed ledger
  • Reduce paperwork and administrative costs with fast entry, process efficiency and interaction to improve creditability and public trust of data shared
  • SMEs can achieve accelerated, almost immediate financing. On-chain data can be accessed by the financing institutions in an open way without any third-party auditing agency
  • Increase traceability material supply chain to ensure corporate standards met by reducing data silos via connected blockchains.

How we built it

Web3 Ecosystem

https://github.com/Reign-Protocol/Substrate-Barcode-Scanner

  1. UTXO on Substrate Model Users can own and send utxo reward validators with Reign tokens
  2. Substrate Barcode Scanner Pallet for Reign supply chain QR traceability [substrate-blockchain-1628382201851] Decentralized BNPL with High Level Automation
  3. Sub0 distributed marketplace for buying, selling, and exchange of services with a smart contract functionality. [WIP]

Substrate On-Chain QR Codes for Physical Assets

Send and Receive tokens with QR codes. Polkadot is a decentralized blockchain providing creators open infrastructure to break free from extractive middlemen and platforms. With Polkadot.js wallet funded with enough REIGN to meet the account reserve and scan QR codes allowing small business owners to implement BNPL financing with no middlemen. This browser wallet allows defi users to manage Polkadot accounts and sign/verify transactions. 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 RFID tags are read as they arrive to their destination. Allows for industry-wide compliance. Together, we must act faster together, to design, use and scale truly transformational solutions to accelerate ecommerce adoption around the world. When REIGN wins a slot and runs on Parachain, it will instantatnely activate vesting period for contributer's token addresses, and annual for non-contributers. ICO - Breakdown of all REIGN tokens to be released into circulation on a monthly basis. Options to bond funds with a wallet review stash, controller, and increase the amount at stake (fees). Users can earn rewards by bonding their QR code assets and nominating Polkadot validators. Fishermen can be used to report bad behavior. Percentage of total token supply allocated between Seed, reward (IPO participants), founding team, treasury/reserved, founding team, strategic investors (VC). Year1 includes auction reward, shoppers referral program, and liquidity program. There are 80,000,000 REIGN tokens set aside for rewards on our customized Parachain blockchain aunctions that can be distributed to merchants to reward spending. Industry-leading security protocol that self upgrades. Allowing people to place supply chain asset data from one single chain and transform and store in a decentralized database for query purposes. Inter-chain communication makes it easier for changing core rules, adding new functionalities, and repairing states. Nominators stake their REIGN tokens for best returns and vote on changes to the network. On-chain governance is governed by ALL stakeholders connected to the relay chain. Validator Pools with less stake to maximize rewards since each nominator is paid the same reward. Option to compound rewards to sell or reinvest with maximum 64 nominators in each validator pool with 28 day lockup period, and 84 day time limit to claim rewards controlled by the web interface.

Connect to assets with Chainlink Substrate/ Robonomics Nodes

Chainlink NodeJS Serverless External Adapter with Chainlink/Substrate bridge communicates via its API with a simple JSON specification. Substrate External Adapter and Chainlink feed pallet pallet-chainlink for interacting with the Chainlink job-based oracle system. Go Substrate RPC Client (GSRPC) to run the Substrate docker container to securely connect smart contracts with off-chain data and services enable seamless cross-chain communication across financial networks. This could be done with XCM (cross consensus message format) on Moonbeam, Acala, and HydraDX's XC-20 standard, a Substrate-native asset allowing native communications and token transfers between the two chains without the need for bridges. This makes it easier for instance if buyer Alice was using Ethereum's ETH but seller Bob was on Polkadot's DOT. Reign looked into connecting Polkadot's QR substrate scanner with Iot devices. The use of serverless external adapters with a decentralized cloud substrate-based blockchain node with Robonomics Network extensions for storing digital twins of robotics and IoT devices. Future plans include a stream-oriented library with support general set of sensors and actuators that makes hardware interaction easy. For high level automation to make hardware interaction, robonomics_io crate can be used to implement source - device that intended to read a data and sink - device that intended to write data. Reign supports a new generation of internet technologies (web3) with supply chain traceability.

REIGN is built on Rust with Polkadot and Substrate where blockchains are called Parachains. Polkadot Parachain here from the right is running parallel transactions from all chains in the network at the same time. This allows chain asset exchanges of tokens an account balance this optimizes for scale so for instance the matter of the large amount of metadata blocks. This will take into account exchange rates and fees. Substrate-based blockchain nodes expose a number of capabilities like networking, consensus, and RPC server for node interactions. The multi-chain future is coming to decentralized finance. This is comparable to Visa benchmarks where Polkadot Parachain is 61% faster, in addition to having forkless and future proof upgrades.The inter-chain communication connecting stakers, advertisers with our BNPL Protocol makes it easier for changing core rules, adding new functionalities, and repairing chain states with Library of runtime modules. It allow users to connect to multiple public chains simultaneously, allowing users to view multiple assets without switching networks useful for ecommerce. Nominators stake their Reign tokens for best returns and vote on changes to the network. On-chain governance is governed by ALL stakeholders connected to the chain. Tokens paid out based on storage usage to contributors at name. REIGN with profit sharing opportunities -Incentivize and motivate actions of individual participants

UTXO Model

Buy Now Pay Later with an unspent transaction output (UTXO) is the technical term for the amount of digital currency that remains after a cryptocurrency transaction for Reign to track ownership of all portions of ecommerce transactions. The UTXO model makes REIGN more auditable, transparent, and efficient than centralized financial systems, which rely on accounts, balances, and third parties. They are recorded in the UTXO database and used in later transactions. This allows UTXOs to be combined and split to make payments of any amount. UTXO blockchain input signatures written in Substrate/ Rust with Polkadot.JS. This allows for offline signatures via hot wallets where they may not have private keys. Offline signatures for cold wallets can be signed offline via QR code. Network prioritizes different ecommerce transactions depending on networking layer. Any unspent outputs are recorded into a database as inputs that can be used later for a new transaction. Configured genesis block with validator economics structures to ensure secure transactions. Runtime API warpps transactions in valid transaction types with multiple types like priority, longevity, or transaction tags. UTXO blockchain input signatures for the transaction pool written in Substrate and Rust with Polkadot.JS. Transactions are permissionless, and tamperproof where Transaction pool == blockchain queue. Make use of reward total – remainder and higher reward =higher priority in the queue.

Challenges we ran into

Honestly, I don't know what I'm doing considering most of my blockchain experience has been with Ethereum. This was an ambitious idea done for the sole purpose of learning more about Polkadot blockchain and I am well aware of how unrealistic it is. Specifically the ideas of implementation of bridges with Chainlink Oracle Price feeds node configuration and Substrate's QR Code Pallet while trying to fit everything given the five minute time constraint was quite disappointing. Examples of challenges include:

  • Cross-chain interoperability with Ethereum bridge
  • Network latency issues
  • Annoying UTXO race condition
  • Cumulus substrate's runtime into a Polkadot compatible parachain
  • File Upload extrinsic submissions
  • XCMP requires cross contract calls (ink! with XCM off chain vs chainlink)
  • Wanted to implement sponsor prizes but their challenges seemed too specific.
  • Bunch of compiler errors with Rust Blockchain.

Accomplishments that we're proud of

I wanted to optimize for novelty, creativity and originality in this hack and differ from standard Polkadot projects like DEXs, prediction markets, and stablecoins. The outcome was a cool POC with a local Substrate node. The most interesting part about working with Polkadot's shared security model and the Substate Pallets and how they have a Marketplace for them. Interested to see more improvements in the future. Designs for the the polkadot intro animation and slidedeck were pretty fun.

What we learned

  • Rust programming language is pretty low-level and unforgiving
  • Interesting learning more about Substate and Polkadot especially the cross-chain potential.
  • Opening local substrate dev node with UI components
  • Proxy functions for API endpoints
  • Run time in the WASM
  • UTXO Model used in Bitcoin can be used for Polkadot
  • Sub0 NFT Marketplace
  • Paid Subscriptions Pallet for 4 Tiers
  • Cryptographich Hash algorithms like the 256 standard hash

What's next for Reign

Reign's future MVP development roadmap includes the auditing and deployment to MainNet of the application in the next 2-3 years for all users to increase crypto adoption.

  • Acala Network dApp Hub for Polkadot for incentives, supply and demand balancing. Collateralized Debt Position (CDPs) with collateral ratio, liquidation via LKSM, minting, and BNPL payback loans.
  • Reign Whitepaper
  • MoonBeam smart contract platform staking rank of contracts, reward/stash, and payouts
  • Interview potential merchants and community rewards with Custom chain-level features which supports 4 tier flexible fees
  • Reign multi-collateral token currency with future wallet integrations like Subkey, Parity Signer, or Ledger Hardware wallet compared to Polkadot.JS browser extension
  • UTXO race condition - Write tests in substrate like UTXO.rs test module in substrate
  • Stake DOTs, bid in the auction process for Voting rights for asset allocation
  • Securing blockchain from malicious attacks with Clover operating system parachain and potential integration with other Substrate pallets like laminar turbulence and kusama
  • Substrate modules for controlling robots with Robonomics IOT system that globally monitors the activities of the supply chain.
  • Ethereum ETH and IPFS with elements of the cloud IoT platform based on parachain Polkadot's DOT with ERC20 Substrate Bridge (with Ethereum) with cross-chain compatible name.REIGN addresses

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