Crypto$hare | Devpost

Settlement Submission
Payable Expenses
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Settlement Action
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Settlement Submission
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Inspiration

With Web 3.0 dominating the tech news, we wondered how we, as technology enthusiasts, might contribute to this oncoming revolution. Following it, a brainstorming session resulted in Crypto$hare, a blockchain-based decentralized system.

Terra and its native DeFi ecosystem have flourished in the last few months, and we've been inspired not only by its incredible technical capabilities but also the fabulous community and talent building across all verticals on Terra. As many of the core DeFi primitives are beginning to launch on mainnet, we see a unique opportunity to allows friends and family to split expenditures more easily from across the Terra ecosystem and package them in a friendly and accessible interface for consumers.

What Crypto$hare does

Crypto$hare is a decentralized system powered by Terra that makes it easier for friends and family to share expenses. We combine all of your pooled expenses, receivables, and payables into a single location, making it easier to figure out who owes what. When splitting a group vacation, renting a place with roommates, or repaying someone after lunch, Crypto$hare makes life easier. All of our transactions are quick, digital, safe, and global, allowing us to keep track of records without the fear of data theft. Our platform is cloud-based, so you may use it from any device, such as an iPhone, an Android smartphone, or a computer.

You may use our interactive dashboard to drill down and filter data to obtain a different perspective. The dashboard condenses and crisply depicts the amount you are owed and the amount you owe to your friend via interactive drilled down charts, providing useful insights that are deduced to enable data-driven organizational decisions. Our presentation pierces the audience thanks to the power of visuals.

You may examine the aggregate net transaction value with each of your friends, family members, or others on the account screen. The smart indication attracts your attention to the account's current status fast. The red sign represents the account where you owe money to pals, while the green indicator represents the account where you expect money from a friend or family member. On the same screen, there is a link that allows you to swiftly settle an account expense in bitcoin in the cryptocurrency of your friend or family member's choosing. Because these transactions are driven by Terra, all of our transactions are quick, digital, safe, and global, allowing for the maintenance of records without the fear of data loss.

With the settlement transaction, we'll be able to grasp this. Ravi goes to the Accounts screen after logging into Crypto$hare. The red signal indicates that the account has to be settled. Ravi makes the decision to settle his account with David and initiates a settlement transaction. He completes the form, picks the destination crypto currency, and the system calculates the value of the destination currency automatically. Ravi submits the transactions, and the solution initiates the transaction by interacting with the Terra API. On the screen is a picture of the account taken before the transaction. The terra API picks and completes the bitcoin transactions that will be used for the transfer. The settlement is done with LUNA, KRT, and UST coins, as you can see. Ravi's account with Darren has gone green after the settlement because there are no outstanding balances.

Here are a handful of the solution's important characteristics. Our service is unique in that it uses the power of cryptocurrencies to allow you to pay your bills using your favorite coin. Daily, the currency conversion rate feeds are updated from the terra to a base value via a batch operation that runs at the end of the day. The smart threshold tool keeps track of account spending and tells you when your friend's account surpasses a certain threshold, which may serve as a reminder for you to settle your own. Our platform enables you to set up recurring payments and keep track of any events involving you, your friends, relatives, or coworkers.

Offline access and expenditure import are just two of the many additional features that make our platform the most up-to-date, efficient, and secure option available.

How we built it

To connect to the blockchain, Terra NodeJS SDK was utilized. We used NodeJS to construct APIs. The Front end was built in QuickBase (a low-code, no-code platform) and then merged with the platform.

Challenges we ran into

During the platform's development, we experienced numerous hurdles. We ran into problems that were tough to diagnose because the technology we employed was new.

Accomplishments that we're proud of

We created a full-stack, end-to-end web application using Web 3.0 technology. We created designs that adhered to UI/UX principles, demonstrating our commitment to creating a good, user-friendly product that exemplifies the synergy between design and engineering.

What we learned

We learned about a variety of technologies, as well as the advantages and disadvantages of current technology, and how blockchain and decentralized internet might assist to solve such disadvantages. Terra, Smart Contracts, and Web3 are some of the new technologies we've learned about.