Tok Coin: Empowering Financial Inclusion

Tok Coin: A decentralized cryptocurrency accessible to all, especially the unbanked. It leverages blockchain and TikTok's platform to bring secure digital finance to those without bank accounts.

Comment 5

About us

We are a team of final-year Computer Science students from Nanyang Technological University, passionate about technology and innovation. As we approach the culmination of our academic journey, we have embraced the opportunity to challenge ourselves by participating in this hackathon. For some team members, this is a thrilling first venture into the world of hackathons, and we’re all excited to learn, grow, and contribute to addressing the chosen problem statement.

Inspiration

Problem statement: Reshaping Payments

The world of finance is rapidly evolving, yet millions remain unbanked, especially in regions like Africa and the Middle East. We saw an opportunity to bridge this gap by combining the popularity of TikTok with the power of blockchain technology. Our inspiration came from the need to create a financial solution that is accessible, secure, and beneficial for those excluded from traditional banking systems.

What it does

Tok Coin is a stablecoin pegged to the Singapore Dollar (SGD), designed to bring financial inclusion to the unbanked population worldwide. For millions who lack access to traditional banking services, our solution offers a revolutionary pathway to digital finance.

Here's how it works:

  • Users purchase our gift cards with cash at local stores.
  • They activate these cards on TikTok's platform, converting them into fiat balance in their TikTok wallet.
  • Users can then choose to keep their balance as fiat or convert it to Tok Coins.

This dual-currency system provides unprecedented flexibility:

  • Fiat Balance: Users can make purchases within TikTok's ecosystem, buy products from TikTok Shop, all without needing a bank account.
  • Tok Coins: These can be used for various purposes within and beyond TikTok:
    1. Buying products on TikTok Shop, offering an alternative payment method other than fiat and credit card.
    2. International payments without conversion fees, allowing the unbanked to participate in the global economy
    3. Transparent and secure transactions, providing financial security often lacking in cash-based societies
    4. Stability against currency fluctuations, protecting the limited assets of vulnerable populations
    5. In-app transactions and creator support on TikTok, enabling economic participation in the digital realm
    6. Transactions on other platforms and online stores beyond TikTok, further broadening financial opportunities

For unbanked individuals, this system is transformative. It allows them to:

  • Convert physical cash into digital currency
  • Make online purchases both within and outside TikTok
  • Participate in e-commerce globally
  • Support content creators directly
  • Access digital services that were previously out of reach
  • Potentially store value more securely than physical cash

Our proof-of-concept demonstrates this life-changing process: from gift card purchase to wallet top-up, showcasing both fiat and Tok Coin transactions. It illustrates how users can buy items using fiat balance, convert to Tok Coins for other uses, and even make purchases on external platforms using Tok Coins. This comprehensive approach brings the unbanked into the fold of the modern digital economy, providing them with versatile financial tools and opportunities that most take for granted.

How we built it

We developed Tok Coin using the following tech stack:

  • Frontend: Next.js (TypeScript)
  • Backend: Spring Boot (Java)
  • Backend (Smart-contract): Solidity (Ethereum)
  • Database: MongoDB
  • Server Configuration: Nginx
  • Containerization: Docker

Libraries used in our development:

Frontend libraries/assets:

Libraries:

  • class-variance-authority
  • clsx
  • date-fns
  • jose
  • lucide-react
  • react
  • react-dom
  • react-hook-form
  • zod

Assets:

  • radix-ui
  • tanstack/react-table
  • react-icons
  • styled-components
  • tailwind-merge
  • tailwindcss-animate

Backend (Spring Boot) libraries:

  • Lombok
  • MapStruct
  • SLF4J
  • Web3j
  • JWT libraries

Backend (Solidity) libraries:

  • Hardhat
  • Ethersjs
  • Web3j

APIs:

No external APIs were used in this project.

Challenges we ran into

One challenge we faced was getting unbanked users with only physical fiat cash to get digital currency on our platform. We overcome this challenge by using gift cards which can be bought at convenience stores, making it accessible to users who only have physical cash. In terms of technical challenges we faced, learning and integrating new blockchain frameworks presented a learning curve, requiring us to grasp unfamiliar technologies swiftly for effective integration. Overcoming this challenge involved extensive research, collaboration, and hands-on experimentation to ensure seamless functionality and compatibility with our platform. This process not only enhanced our technical skills but also prepared us to adapt quickly to emerging technologies in future developments.

Accomplishments that we're proud of

We take pride in several key accomplishments with Tok Coin. Our team has successfully created a seamless bridge between physical cash and digital currency, opening up new financial possibilities for the unbanked. We've developed a comprehensive proof-of-concept that vividly demonstrates the entire user journey, from redeeming a gift card to making transactions with Tok Coin. This solution directly addresses real-world financial inclusion issues, potentially transforming lives across underserved communities. By successfully integrating blockchain technology with TikTok, a widely-used social media platform, we've made cryptocurrency accessible to a vast user base. Moreover, we've built a scalable system with the potential to expand beyond TikTok, laying the groundwork for broader financial inclusion in the digital age. These achievements represent significant steps towards our goal of reshaping the financial landscape for the unbanked population worldwide.

What we learned

We learned valuable teamwork skills by dividing our project into three key components: frontend, backend, and smart contract development. Regular sync-ups and careful prioritization were crucial due to the time constraints. Additionally, we containerized our application to streamline the development process and ensure smooth collaboration.

What's next for Tok Coin

In the future, we would like to implement a Know-Your-Customer (KYC) process, requiring identity and document verification before a user can perform wallet top-up or fiat currency conversion. By implementing a KYC step, we can prevent suspicious financial activity by ensuring that all users are verified and compliant with regulatory standards and combat money laundering and terrorism financing activities. Additionally, we intend to expand the functionality of our virtual debit card to enable transactions on platforms beyond TikTok. To continuously improve user experience and customer support, we will implement feedback mechanisms. To market and extend the reach of Tok Coin into new regions, we will conduct additional research to localize platform features and tailor marketing strategies to suit local preferences and needs. This approach will help Tok Coin resonate with users in diverse regions and effectively address their unique financial challenges.

+ 29 more
Share this project:

Updates