I'm an international student who pays tuition by exchanging my country's currency into USD, which can cost up to 5 percent of my total exchange. In addition the transfer takes around 3 days to get into my account in the USA, and is inconvenient when you require money in a timely manner.
What it does
We offer a platform in which students around the world can link their college portals and they can easily fund their account on our website to pay in that college's currency of choice. XRP's interledger makes it possible for us to exchange up to 170 currencies with each other, not only with no fees, but within seconds as well.
How I built it
We used Xpring's SDK, and different API's for the XRP cryptocurrency to link with our website. We used XRP's ledger API to create and smoothly transition through the transaction process from the person's bank account, then into XRP, then into the currency of choice.
Challenges I ran into
Google Cloud was a new platform our team had to get used to, and it was frustrating to launch a server on their Linux VM instance. We also had to learn a completely new concept and API usage as handling XRP was the first for everyone. Another issue with the project was with the exchange system, as handling the Interledger between multiple different transactions would result in errors that were hard to find.
Accomplishments that I'm proud of
During the hackathon I learned quite a bit about cryptocurrency, most importantly, I learned about the beauty of blockchain. Blockchain makes it possible to hide data, and give the user the assurance of privacy.
What I learned
I accomplished my goals of creating a platform which essentially functions as a wallet for international students and empowering them to do more without having to worry about when and how their money gets into their account. This is especially touching for me as I personally have to struggle with managing my money with the uncertainty of how much money I will get the next time I exchange currency.
What's next for Rex
We wanted this platform to be massively scalable as exchange fees are not an issue unique to international students. Millions of people travel everyday and have to manage the different currencies and it can be quite a hassle. Using our company, we want to be able to have people put in money in any currency and using that balance on their account with the debit card we make, which would automatically convert their wallet balance into the currency being used at the time of the transaction.