UnityCrypto

Inspiration

The idea behind creating this product was driven by the conviction that individuals should have the chance to support and enhance their local communities. Small and medium-sized businesses in developing nations often face a significant financing gap, with loans offered at high interest rates of up to 17% APY. With the advancement of blockchain technology and the growing use of cryptocurrency, it has become possible to connect investors with businesses worldwide. The integration of AI recommendations and smart contracts to manage the flow of money ensures a smooth and secure process.

What it does

The web platform facilitates investors to invest their money into various liquidity pools hosted on the blockchain. These pools offer different interest rates and finance businesses within a specified sector. On the other hand, businesses must complete a know-your-customer (KYC) process and present their credit score to determine their eligibility for different pools. Once eligible, they can negotiate loan terms such as payment frequency and interest rate and then access funds from the selected liquidity pool. The use of cryptocurrency eliminates the need for complicated international money transfers, resulting in quicker and more efficient transactions. The platform aims to empower individuals and businesses to positively impact their local communities and contribute to the expansion of the global economy.

How we built it

We built it using TypeScript, ReactJS, MaterialUI and Solidity. The WebApp and Smart Contracts were written in using this techstack

Challenges we ran into

The challenge was to create secure contracts and design a user-friendly web application for two distinct user groups, while also managing time and revising the demo video.

Accomplishments that we're proud of

Developing an innovative solution to tackle a practical issue. Creating a minimum viable product (MVP) that effectively demonstrates the implementation of the concept. Utilizing the perks of decentralization that the blockchain provides.

What we learned

During the process, we discovered the importance of effective team collaboration and utilizing each team member's strengths to achieve the common goal. Additionally, we gained valuable insights into the importance of clear communication, delegation of tasks, and setting achievable goals within a specified timeline.