We had Docker installed and running on our machine.
Installed AlgoKit - Link: The minimum required version is 1.3.0. Ensure you can execute algokit --version and get 1.3.0 or later.
Bootstrapped our local environment; ran algokit bootstrap installed Poetry, ran npm install and poetry install in the root directory to install NPM and Python packages respectively, set up a .venv folder with a Python virtual environment and also install all Python dependencies.
We ran algokit localnet start to start a local Algorand network in Docker. Bitsave Contracts are live on Algorand, we've created the test fix on Zeta's Testnet.

ABOUT BITSAVE

Bitsave is a savings protocol that helps users save and earn in Cryptocurrency without losing their savings to Market volatility.

This SaveFi protocol utilizes the multichain function of omnichains to help user save their crypto across different chains in the Bitsave dApp, we're currently on Algorand Testnet and on Zetachain's testnet.

We've seen newbies lose their savings like school fees, house rent, college funds etc to Crypto, we understand that people hear about crypto and want to immediately rush in.

With Bitsave, newbies and oldies alike can protect their funds from market volatility, while still earning interest in crypto, a protocol that works based on maths and economic formulas to set rates and pay interests.

HOW IT WORKS

Users typically save in a Fiat-Backed stable coin (we don't want a Terra situation :confused:)
Users earn interest in a volatile token, typically the native token of the Bitsave Protocol.
They can create a savings plan and make unlimited deposits to their savings plan, e.g, "Rent, School fees, Vacation" etc.
Savers pay a $1 fee per savings plan they create;

WHAT HAPPENS IN THE BITSAVE PROTOCOL - The Parent-Child Contract Feature.

A saver can Create a Savings plan and deposit USDT or xUSD or any fiat backed stable coin.

They aren't depositing into a pool like DeFi protocols which a hacker can get access to.

What happens in the Bitsave Protocol is, when a user is creating a savings plan, they're giving parameters for a child contract to be created under the Bitsave Protocol Parent contract which holds their funds.

This makes it such that every user's savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn't have access to user funds, except they have access to their wallets.

Users' Interests

Interests are calculated using a number of variables and constants in the algorithm; -Simple interest formula -Bitsave Rate formula. -Bitsave has a buy-back mechanism.

Users' Savings Plans and Fees Users are charged a 1-time savings fee on savings plan creation (child contract), every fee is split in a 50:50 ratio, where 1 part goes to a buy-back wallet to buy back the protocol native tokens from any AMM or Dex in the Iotex ecosystem.

CONCLUSION

Bitsave isn't just another product, it's a new value chain, The web 3 space is used to DeFi, and now we're introducing them to SaveFi.

Bitsave got awarded the "Most Impactful Solution" in the Algorand Mega-Ace Hackathon this May.

https://twitter.com/cryptosmartnow/status/1654615351722663936?s=20