Inspiration
I am a blockchain enthusiast and have always wanted to build my first Decentralised Application. As Bitcoin rally, it created a wave of blockchain technologies being adopted by corporation and more certainly will follow. The main inspiration to this project was the headline that European Central Bank has launch and issued the first ever blockchain bonds on the market. I wanted to build something that provides accessibility and inclusion to the retail markets on financial products and this resulted in Seventise.
What it does
Seventise is a capital market protocol. It provides the option to issue bond using Ethereum blockchain. Potential investors who want to participate in the auction can bid for these bonds. The auction mechanism is uniform pricing auction. The entire auction is automated and powered by Ethereum while the winning condition is written off-chain.
How it was built
Solidity, HTML5, CSS and Javascript are the languages used. It started with an idea on a notebook when I was doing an internship researching about DeFi protocols. Many of them used token distribution as a way to raise money and the main concern in their marketing campaign was to address the concern of a rug pull. So, I believe a better way to raise capital is through bonds. That way, investors do not lose all their capitals and the protocols can gain credibility in repaying the bonds.
Challenges faced when building
Winning condition for the auction. Using memory in Ethereum is expensive and as much as possible, for loops should be avoided. So, we decided to make the winning condition algorithm to be written in Javascript while Solidity facilitate the payment and recording of essential data.
Accomplishments that we're proud of
Bringing the idea from paper to the world wide web and Web3! It was a lot of fun mixed with confusion and debugging.
Lessons learnt
Solidity codes are the gateway to million of ETH. It is definitely worth trying to make it as secure as possible. Setting up the environment with truffle, ganache and chrome to test and develop the application. Interacting with metamask through web3 was certainly the highlight!
What's next for Seventise: Primary Market on the blockchain
Building a staking mechanism for the protocol and a mobile app for all thing blockchains and a community to come together and discuss exciting new ideas
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