Inspiration
OUR MISSION Increasing adoption of cryptocurrency and web3 through E-commerce, P2P trading of cryptocurrencies to fiat and decentralized exchange that helps drive fintech and payment solution on Ripple CBDC to next level.
THE PROBLEMS
REGULATIONS From onset, one of the main goals and reason cryptocurrency was created was to increase peer to peer transactions globally without use of intermediary like banks and despite the great advantage that has come with this, its adaptability has been face with great challenges due to different regulatory restrictions it has faced in different countries and also lack of more real day to day use case for more positive adaptation of crypto.
If we are pushing for more great and positive things to happen with the crypto space, we have to be ready to make everything seamless and convenient for new users that are used to fiat that want to come on board, a higher percentage of crypto newbies fall into the wrong hands just because there was no regulatory body or enough sensitization to put them though But if its going to be adapted for more real life usecases like e-commerce, there has to be mechanisms put in place to handle the task of regulation and also sensitize them during the process of buying and selling of goods and services in real time.
TRUST AND SECURITY CONCERNS It's no news that trust is one of the major things the crypto space lacks due to its anonymity and also the ability for one individual to have as many wallets as possible. How do we get to instil trust in a potential business partner or client that would be making payment with crypto for goods or services to someone who he has no idea of. Trust is built based on reputation, looking back at web2, social media is one of the greatest form of building reputation to foster interest in potential client, but in web3, what are the plans laid out so a potential client can be able to vouch and continue based on previous transactions
What it does
SOLUTIONS Our proposed solution focuses on the adoption of cryptocurrency using P2P trading, decentralised exchanges (DEX) and the integration of e-commerce on blockchain. By combining these protocols, we aim to create a more secure, transparent and efficient ecosystem for digital asset trading and online transactions
- First and foremost, we are prioritizing a user-friendly interface to make the project accessible to both experienced blockchain users and beginners. We are focusing on simplicity, intuitive design and clear instructions to enhance user engagement and adoption
- We are also building a DEX platform that would leverage blockchain technology to enable peer to peer trading of digital assets. This is where the escrow that the XRP ledger supports would come in. It would also serve as a form of trust to protect newbies who are just getting used to the crypto lifestyle and reduce their apathy due to absence or a regulatory body. This would eliminate the need for intermediaries, enhance security and reduce transaction costs. 3.We will also integrate blockchain technology into our e-commerce platform, allowing users to make purchases using cryptocurrencies or other digital assets but in this case, we are also going to be employing the use of the ripple payment channel. This integration would ensure transparency, immutability and security. 4.With the utilization of smart contracts, we are going to automate and enforce the terms of transactions, thereby ensuring trust and also reducing the risk of fraud. This will enable secure and efficient exchange of goods and services on the e-commerce platform
WHY TYRION? HOW IT WORKS E-commerce We provide buyers and sellers a platform to buy and sell and get their transactions completed in a matter of minutes as long as they enough assets in their wallet for each transaction they involve in. Users can connect their non-custodial wallet to complete transactions,use the ripple payment channel, swap tokens or go to their dashboard to acquire more from peer to peer transaction using the escrow provided Exchange (DEX) Using our friendly UI/UX, users can swap tokens from their connected wallets, place orders depending on amount desired by user and get ownership of assets excanged in their wallet with no need for central authority to manage their assets P2P(Escrow) The escrow process is available in p2p for those that are faced with restrictions with payment channels and have fiat or giftcard or other form of web2 payment. Once both the buyer and seller agree on the terms of transaction, the buyer deposits fiat or asset into the escrow smart contract,once the buyer confirms the receipt of of the digital asset, the escrow would release the fiat or asset to the seller In case of dispute, an arbitrator can intervene and make a fair judgement This process would add extra layer of security and trust for users engaging in fiat-to-digital asset trasaction on the DEX platform.
How we built it
Tyrion was built with javascript, react node, xrpl,, express for api endpoints
Challenges we ran into
As a web2 platform coming to web3 time was our biggest challenge and understanding how ripple works with payment and integration
Accomplishments that we're proud of
working mvp and api endpoints
What we learned
what xrpl is about and how to integrate it
What's next for Tyrion
mvp updates
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