We have all heard about the on-going hype and rage about cryptocurrencies like BitCoin, but like many people today, our team had no prior knowledge about the huge complexities of the different currencies and decentralized trading, blockchains, and the people, programs, and companies that affect this entire market. BUT! By coming to HackSC 2019 we were inspired and mentored by the collaborative people around us, and before we knew it we had an amazing project in her hands. But it wasn't easy. We were inspired by how communities can dissolve fears and with that as a large challenge, we decided to create a solution to "demystify" cryptocurrency through a community by creating a ETH2DAI price oracle that aims to give a more friendly, more stable way to view and trade in this market. Our mobile app will help thrust forward a new environment of learning and developing in this emerging field.
What it does
In technical terms:
Vega is a ETH2DAI on-chain price oracle that supports accurate pricing when people are trading Ether and DAI through a decentralized exchange. Within a Smart Contract it calculates and returns the median of historical checkpoints on ETH2DAI for a price that is both accurate and resistant to manipulation.
Like the US dollar or the British Pound, Cryptocurrencies such as Ether and DAI follow some similar principles. DAI, for example is a great way to start investigating and learning these types of currencies as it is a "stablecoin", unaffected by the larger swings coins such as BitCoin witnesses.
Systems like the New York Stock Exchange (NYSE), are known as centralized exchanges, as NYSE serves as the middle-man in conducting sells/buys of stocks from different individuals. A decentralized exchange is a direct person-person trade. There are pros/cons of both, but a significant con is determining an accurate and reliable price to trade on without a middle-man.
Thats where we come in. The benefit of trading stable, begineer-friendly currencies, without the need of the middle-man, and we can provide a accurate, trust-worthy price for you.
But Vega is more than that:
We want to foster and jumpstart the cycle to grow our community. More users -> More accurate data -> More company subscribers -> higher payback -> More users and a stronger community that shines the light on the "darkness" of cryptocurrency
How We Built it
Vega's Price Oracle model is written in solidity and with the help of other frameworks and libraries such as web3.js and truffle, and infura to push this Smart Contract to permanently reside on the Ethereum blockchain.
Vega's Mobile Decentralized Application is built through react-native, web3.js, and node.js.
Challenges we ran into
Orginally, our team had no knowledge of the scope of our project. During the first night of HackSC we were scrambling to understand the depth of cryptocurrency, but by next morning we were determined to tackle our challenges.
-Gaining an understanding of blockchains, decentralized trades, cryptocurrencies, etc. -Learning new languages and toolsets: web3.js, Solidity, Promis objects -Writing and editing Smart Contracts to facilitate decentralized trades
Accomplishments that we are proud of
Decentralized Mobile App: Utilizing react and node.js we designed a beautiful user interface that would have the ability to conduct decentralized trading and poking Vega's Smart Contract from your fingertips
Smart Contracts: Our team wrote in-house with Solidity. Holding functionalities from rewarding pokers with VTokens to facilitating price medianization. Ready to be launched onto the Ethereum Blockchain
What we have learned
Although we proudly present Vega, we are most excited about how our knowledge of blockchains, cryptocurrencies, decentralized exchanges, Ethereum/Dai/Etc. have exponentially increased. We learned that beyond the thousands of lines of code and documentation you can read, nothing will beat having direct feedback and help from a community.
We would like to thank Slack, fellow hackers, and our mentors at Totle and Facebook for making this project and experience possible
What's next for Vega
FINAL SMART CONTRACT: Our smart contract undergoes a full reevaluation in order to ensure our poking and accurate price tracking features are perfected.
FINAL MOBILE DAPP: Next, we would further empower for mobile DAPP by fully implementing trading features across other currencies, a tutorial system, and in-house wallet manager.
VEGA'S FUTURE & OUR COMMUNITY: We see Vega as not just a product, but as an opportunity for a bigger stronger community that empowers companies and people.