Tiny Fund Connect - P2P Microinvesting Platform

P2P Microinvesting app, Join Pool, Pool Resources, invest in crypto jointly, Share profits, make informed choices with community polls and discussions #TinyFundConnect

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Inspiration

In today's financial landscape, several critical issues hold back potential investors, limiting their access to the cryptocurrency market:

  1. Limited Accessibility: Traditional investment platforms often have high entry barriers, requiring substantial initial capital. A majority of individuals are locked out of the cryptocurrency market due to these prohibitive thresholds and insufficient funds Example: A study by the World Bank 🏦 found that nearly 1.7 billion people globally 🌎 lack access to traditional financial services, leaving them excluded from the crypto market.

  2. Information & Resource Asymmetry: Making well-informed investment decisions in the cryptocurrency sphere is exceptionally challenging. 🧑 Novice investors often lack the resources, knowledge, and 🧑‍💼 insights required to navigate the complex crypto market terrain. Data Point: Over 70% of retail investors report feeling overwhelmed and underinformed about cryptocurrency investments, as per a recent survey by a leading financial research firm.

  3. Isolation in Decision-Making: Investing in cryptocurrencies can be a solitary endeavor 😞. Without access to a community, users are left to rely solely on their limited knowledge, leading to uninformed decisions. Illustration: Social platforms have demonstrated that collective intelligence leads to better decisions. Yet, there is a significant gap in applying this concept to investment choices within the crypto space.

  4. Lack of a Solution: Currently, there is a noticeable void in the market for an app that combines microinvesting, cryptocurrency trading, and community-driven decision-making. No existing platform seamlessly connects users to pool their funds, trade cryptocurrencies, and collectively vote on investment choices. Tiny Fund Connect steps in to address these pressing issues and revolutionize microinvesting in cryptocurrencies.

What it does

  1. Microinvesting Pools: Users can seamlessly form investment pools with fellow members and pool their resources to invest in cryptocurrencies. This democratizes access to crypto markets, allowing anyone to participate.

  2. Intraday Cryptocurrency Trading : Tiny Fund Connect integrates with leading cryptocurrency exchange BINANCE, offering a frictionless trading experience. Users collectively leverage their pooled funds for cryptocurrency trading thus amplifying profit potential.

  3. Community Polling: Empowering informed decision-making, our polling feature lets users create and participate in polls on potential crypto investments. It's a collective brainstorming tool that brings community wisdom to the forefront.

  4. Community Discussion: Tiny Fund Connect provides a dedicated space for users to engage in community discussions. Here, they can share their thoughts, insights, and questions about cryptocurrency investments. This feature provides a valuable resource for making informed decisions.

  5. Deposits (Powered by Rapyd): Easily deposit funds into Tiny Fund Connect through the integrated Rapyd payment gateway, which supports almost all kinds of debit/credit cards.

  6. Withdrawals (Powered by Rapyd): Users can conveniently withdraw their funds via the Rapyd payment gateway, ensuring swift access to their investments whenever needed. However if user wants to withdraw funds locked in a pool, he/she needs to exit out of pool to unlock those funds for withdrawl.

Architecture

architecture tiny fund connect

Profit/Loss Apportionment

  • Profits/Loss earned on individual trade is apportioned proportionately among the pool members
  • The proportion is considered according to the balance of individual pool Members
  • For instance consider a pool with 2 members with balance of Rs. 50 and Rs.
  • Pool has earned a profit of Rs. 100, Hence Rs. 100 (the earned profit) would be divided in ratio of 1:2 that is pool member with balance of Rs. 50 would earn a profit of Rs 100/3 i.e. ~ Rs 33 and pool member with balance of Rs. 100 would earn a profit of Rs. (2*100) / 3 i.e. ~ Rs. 66.
  • The net effective balance of the members would then be 50+33 ~ 83 and 100+66 ~ 166 and the total pool balance would be 166+83 ~250
  • The loss is also apportioned in the same manner and the net balance would be 50-33 and 100-66, hence the effective pool balance would be would be 150-100 = Rs. 5

How we built it

  1. Backend with Golang Gin Web Server: Using Golang with the Gin web framework was a wise choice for several reasons. Golang's concurrency support enables handling multiple tasks efficiently, which is crucial for a microinvesting app where numerous users interact concurrently. Additionally, Golang's performance and execution speed are exceptional, ensuring rapid response times, which are essential for a seamless user experience in real-time financial applications like Tiny Fund Connect.

  2. Front-end with Vue.js: Vue.js is a fantastic choice for front-end development, especially for a mid-level application like Tiny Fund Connect. Its lightweight nature ensures fast loading times and optimized performance, which are vital for keeping users engaged. Vue.js also simplifies the development process with its clear and organized structure, making it easier to manage complex UI components and enhance user interactions.

  3. Integration of Rapyd Payment Gateway: Integrating Rapyd for payments is a prudent decision as it offers a reliable and secure payment processing solution. Rapyd supports various payment methods, providing users with flexibility and convenience when depositing and withdrawing funds. Its robust security measures help protect sensitive financial data, instilling trust among users.

  4. Security, Audit Logs and Authentication via Pangea APIs: Utilizing Pangea's APIs for embargo, user intel, ip intel, audit logs and authN, Redact is a strategic move. Security is paramount in a financial app, and Pangea's APIs ensure that user data remains protected. The audit logs offer transparency and accountability, essential for regulatory compliance and building user trust.

  5. REST APIs for Speed : Using REST APIs for communication ensures fast data exchange between the client and server. In a real-time financial app, speed is of the essence. REST APIs are efficient, scalable, and widely supported, making them a solid choice to deliver real-time data and updates to users.

  6. Binance Spot Testnet APIs for Trading : Leveraged Binance Spot Testnet APIs for cryptocurrency trading. Testnet APIs allow you to simulate trading without using real funds, ensuring that the app functions correctly and securely.. Overall, these technology choices reflect a well-thought-out approach to building Tiny Fund Connect, ensuring performance, security, scalability, and a seamless user experience.

Challenges we ran into

  1. Integrating Pangea API Selection: Integrating Pangea APIs was a logical choice for security and authentication. However, selecting the right APIs from a wide array of options was challenging. Moreover after thoughtful consideration we decided to design a custom audit log schema

  2. Profit Apportionment Planning: Determining how profits would be fairly apportioned among pool members in a micro-investing app like Tiny Fund Connect required thoughtful planning.

  3. Binance Testnet Integration: Integrating Binance Testnet was challenging, especially for someone more technically oriented than versed in finance. Defining the financial protocols for the product presented difficulties. Integrating Binance Testnet, despite being technically challenging, was crucial to ensure robust cryptocurrency trading features.

  4. Backend Efficiency and Latency: Creating a high-performance backend with low latency posed a challenge, even though significant efficiency (60%) was achieved.

  5. Front-end Memory Consumption and Deployment: The front-end's use of multiple modals on a single page led to high memory consumption. Deploying it in a production environment required code splitting, optimization, and design adjustments post-development.

  6. API Design and Consistency: Maintaining a standardized and consistent API design is essential for a cohesive user experience. Utilizing agile methodologies facilitated achieving this goal by iterating and refining the API design as needed.

Accomplishments that we're proud of

  1. Integrating Pangea APIs: _Successfully integrating Pangea's suite of APIs, including user intel, IP intel, embargo, redact, authentication (authn), and audit log, demonstrates a commitment to robust security, compliance, and transparent user interactions, thereby preventing profanity and fraudulence. These integrations enhance user trust and overall app security.

  2. Custom Schema for Audit Log: Creating a custom schema for the audit log with event as a key is a smart architectural choice. It simplifies filtering of crucial events like deposits, withdrawals, logins, and pool creations, providing a easy query parameter.

  3. Integrating Binance Spot Testnet APIs: Successfully integrated Binance Spot Testnet APIs. These APIs enable users to practice cryptocurrency trading in a risk-free environment, a crucial feature for a cryptocurrency investment platform like Tiny Fund Connect.

  4. Integrating Rapyd APIs: The seamless integration of Rapyd APIs for checkout and payout (deposit and withdrawal) to provide convenient and reliable financial services within the app. It empowers users to manage their funds efficiently.

  5. Visually Aesthetic Front-end: Developing a visually appealing and user-friendly front-end is a significant accomplishment. Aesthetically pleasing design, coupled with ease of navigation, enhances the overall user experience and user engagement.

  6. Micro-invest Finance App Architecture: _Designing the architecture of a micro-investment finance app keeping in mind user experience, scalability and ease of deployment is a foundational achievement.

  7. Integrating Web3 and Web2: Tiny Fund connect is an app of its own kind, it is an entry point for hybrid applications that leverages the power of web3 and web2 to create a robust appplication

What we learned

  1. Customer Experience Focus: Recognized the pivotal role of customer experience in app development is crucial. By prioritizing user satisfaction and usability, we've ensured that your app not only functions well but also offers an enjoyable and seamless experience.

  2. Emphasis on Security with Pangea APIs: Understood that security is the cornerstone of any financial application.

  3. Full Stack Development Learning: Engaging in full-stack development provided a comprehensive understanding of the entire application ecosystem. Learning about code splitting, optimization, HTML, CSS, Golang concurrency, and web frameworks equipped me with a diverse skill set to tackle complex development challenges effectively.

  4. Investment Knowledge and Candle Chart Interpretation: Gaining insights into how investments work and deciphering candle charts is invaluable. This knowledge enhanced my ability to make informed decisions in the cryptocurrency market.

  5. Understanding Different Order Types: _Learnt about various types of orders used in trading. It provided me with a comprehensive understanding of how users interact with the trading platform.

  6. Hosting Vue.js and Gin Framework on Linode: Mastering the deployment of both the Vue.js front-end and the Gin Framework back-end on a hosting platform like Linode is a new and practical skill that I have taken from this hackathon.

What's next for Tiny Fund Connect - P2P Microinvesting Platform

  1. Leveraging Pangea's Security Features and CI/CD: _Utilizing more security features from Pangea, such as the vault for secret management, is a prudent step to further enhance data protection. Implementing CI/CD pipelines to streamline the deployment proces.

  2. Diversifying Payment Methods: _Expanding the range of payment methods beyond debit/credit cards to include options like UPI (Unified Payments Interface), SWIFT transfers, and bank transfers broadens the app's accessibility.

  3. Accepting Various Order Types: Enabling the acceptance of different types of orders, including limit, stop-limit, and market orders to enhance trading experience

  4. UI Enhancement for Professional Look: Enhancing the user interface (UI) to appear more professional

  5. Improved Trading Terminal with Interactive Charts: Enhancing the trading terminal with more interactive candlestick charts and interday trading to offer users a more engaging trading experience.

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