EscrowX

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Inspiration

The inspiration behind EscrowX was to create a decentralized, secure, and efficient platform for peer-to-peer (P2P) exchanges of Stacks (STX) tokens for USD. Recognizing the limitations and inefficiencies of traditional onramp and offramp services, we aimed to eliminate the middleman, reduce transaction costs, and enhance security and trust through the use of smart contracts on the Stacks blockchain.

What it does

EscrowX facilitates P2P exchanges of STX for USD by leveraging the power of Clarity smart contracts for secure transactions. Users can make exchange requests, select a merchant of their choice, and securely transfer STX tokens into escrow. Chainhooks are utilized to monitor these contract events in real-time, enabling automatic notifications to merchants via email or phone numbers. Merchants can then make payments directly to the user's bank account and confirm the payment through the platform, triggering the release of escrowed funds upon user confirmation.

How we built it

We built EscrowX using the Clarity smart contract language on the Stacks blockchain, focusing on creating a secure and user-friendly interface for both parties involved in the exchange. The integration of Chainhooks allows us to automate the notification and confirmation process, making the exchange process seamless and efficient. The front-end interface was developed with modern web technologies to ensure a smooth user experience.

Challenges we ran into

One of the main challenges developing the smart contract, it was my first time using clarity language

Accomplishments that we're proud of

We are proud of creating a platform that not only simplifies the P2P exchange process but also enhances security and trust through the use of blockchain technology and smart contracts. Successfully integrating Chainhooks to automate notifications and confirmations has been a key achievement, making the exchange process more efficient and user-friendly. We're also proud of our contribution to reducing the need for traditional onramp and offramp services, paving the way for a more decentralized financial ecosystem.

What we learned

Throughout the development of EscrowX, we learned the importance of security, efficiency, and user experience in creating a successful P2P exchange platform. The integration of Chainhooks taught us the power of automating blockchain event monitoring and the potential to create more dynamic and responsive applications.

What's next for EscrowX

Looking ahead, we plan to enhance EscrowX by adding features that enable a more seamless payment flow for merchants and users. This includes the development of a more intuitive interface for payment confirmations and the release of escrowed funds. We also aim to implement security features to flag scam merchants and protect users from fraudulent activities. Future updates may include the integration of additional cryptocurrencies and fiat currencies to expand the platform's reach and utility. Our goal is to continue improving EscrowX, making it the go-to platform for secure and efficient P2P exchanges on the Stacks blockchain.

Built With

• clarity
• javascript
• nextjs