Currently, there is no Swiss bank coin in place where investors can participate in even though the Swiss banking sector is known for its reliability and longevity. Trust in the Swiss financial system can only be shown by engaging with bank products or accounts. However, investors are interested in a decentral solution. This allows them a broader risk diversification as well as participating in a complete industry.
We created a proof of concept of a new stable coin that could be issued by Julius Bär Bank against deposits. This coin has a negative interest rate which transfers the coin money to the Swiss national bank.
IOS app https://appdistribution.firebase.dev/i/76d65a80342899e4
What it does
- a CHF-S a stable coin pegged to swiss francs on Algorand
- We publish real time data concerning CHF-S using Streamr, public link at https://streamr.network/streams/0x4ab637f2880fb13fd5d6817eb4ee6981e2002d40%2Fchfs-swiss-stable-coin (main ethereum account with 0 ETH so not persisted)
How we built it
We use used Flutter-Flow and Google Flutter for our mobile app, all written in Dart, using Algorand Dart SDK
The negative interest rate calculation was done using Dart and Algorand explorer, it is supposed to run in backend server and move 0.75% CHF-S per year our of all CHF-S token holder.
We host an Algorand testnet node on AWS EC2 Virutal machine
Challenges we ran into
One nasty bug in an unofficial Algorand SDK make us sweat :-) we learned that it is not ideal to use not supported SDK ;-)
Accomplishments that we're proud of
We went from zero friday 20:00 to a lot of deliverables that make sense and we are proud of our work
What we learned
Algorand blockchain, Streamr and some part of Casperlabs SDK
What's next for SwiFi
Convince Julius Bär partner to move from a PoC to a prototype using Algorand.
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