1st Prize Finance Vertical Winner
This project was inspired by the hackathon vertical challenges stating a need for a marketplace for digital assets, for a more cost- & time efficient book building process and for more transparency in asset valuation.
What it does
SYNAPSES is a valuation platform that rewards users for accurately estimating the price of any asset, including previously non-bankable assets, such as a piece of art. The value of the asset is determined based on the wisdom of the crowd, stating that the average opinion of a large group of people is more accurate than any expert. The problem with existing valuation solutions is that they are centralised and traditionally made by a few experts, which can possibly lead to mistakes or manipulations.
On SYNAPSES multiple users create reviews for assets and evaluate their price. The final price is determined as a weighted average of all reviews, where the weight depends on the rating of the validator determined by the accuracy of his previous valuations. Anyone can submit any asset for valuation.
How we built it
We created a website using React that handles user asset (picture file) submissions and other functionality. Using the Metamask extension the website attaches the reward for the valuation. The website handles calls to the Ethereum network and stores public data on AWS S3 & private user data on MongoDB Atlas.
Challenges I ran into
Integrating different services (MongoDB Atlas and AWS S3) whilst ensuring that users are authenticated and their data remains secure.
Accomplishments that I'm proud of
Building a secure & scalable back-end for our web application.
What I learned
Determining common causes for varied issues voiced by target groups from different industries. Assessing the benefit-cost ratio of potential features to be implemented in the solution (particularly in retrospect). Working efficiently in a small team with a clear task division and on a tight schedule.
What's next for SYNAPSES
To be decided.