Archease: Onboarding New Users to the Archway Ecosystem via Mobile DeFi
Tracks Applied for Archway Hunt-A-Thon:
- Mobile Crafters
- DeFi Warriors
Introduction
Archease is a cutting-edge mobile application designed to facilitate the seamless exchange of Arch tokens for fiat currency. By leveraging decentralized finance (DeFi) principles, Archease ensures secure, transparent, and efficient transactions between buyers and sellers. The app integrates an escrow mechanism and utilizes a payment gateway for streamlined payment verification. This project aims to onboard new users to the Archway ecosystem, making it easier for them to access and trade Arch tokens.
App Architecture
How It Works
Seller (Bob) Creates Order:
- Bob, intending to sell his Arch tokens, initiates an order within the Archease app.
- He locks his Arch tokens into a smart contract, specifying the amount and exchange rate.
Buyer (Alice) Places Order:
- Alice, looking to purchase Arch tokens, browses through the available orders on the Archease app.
- She selects Bob's order and confirms the transaction, thereby initiating the purchase process.
Payment Verification:
- Alice proceeds to make the payment using a payment gateway, such as Razorpay, integrated within the Archease app.
- The app's backend system verifies the completion of Alice's payment through the Razorpay API.
Token Release:
- Upon successful verification of Alice's payment, the corresponding Arch tokens are automatically released from the smart contract to Alice's wallet address.
Reversion Mechanism:
- If Alice fails to complete the payment within the specified timeframe (e.g., 15 minutes), the smart contract reverts Bob's Arch tokens back to his wallet.
- This mechanism ensures fairness and protects the seller from potential losses due to non-completion of payment.
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Escrow Mechanism
The escrow mechanism embedded in the Archease app ensures that both parties adhere to the terms of the transaction. By locking the Arch tokens in a smart contract and only releasing them upon verified payment, Archease guarantees a secure and trustless exchange environment.
Use Case Diagrams for Escrow
DeFi Integration
Archease epitomizes the essence of decentralized finance (DeFi) by facilitating peer-to-peer transactions without the need for intermediaries. The use of smart contracts for order creation, token locking, and release mechanisms underscores the transparency and security that DeFi projects offer.
Mobile App Functionality
Archease is designed as a mobile-first platform, making it accessible and user-friendly. The app provides a smooth user experience with features such as:
- User-friendly Interface: Simplified navigation for browsing and placing orders.
- Integrated Payment Gateway: Seamless fiat transactions through Razorpay.
- Real-time Notifications: Updates on order status and payment verification.
- Wallet Integration: Secure storage and management of Arch tokens within the app.
App UI Screenshots
Conclusion
Archease revolutionizes the way users buy and sell Arch tokens by combining the security and transparency of DeFi with the convenience of a mobile application. Its escrow mechanism and payment gateway integration make it a robust and reliable platform for fiat-to-crypto exchanges. Archease stands out as a pioneering project in the DeFi landscape, providing users with a secure, efficient, and decentralized solution for token trading. This project is also a significant step towards onboarding new users to the Archway ecosystem, making it easier for them to access and trade Arch tokens.