Efiat.world - digital currencies system

Proof of Concept

Consensys Blockchain Developer Project

November 7, 2021
Author: daigaro.eth
Showcase video
Visit Live on Kovan Efiat.World
Disclaimer: This project was developed as a proof of concept and submitted as final project for the Consensys Blockchain Developer Bootcamp. The contents in this project are not complete and not intended for a production environment.

Electronic currencies for smaller economies

Although cryptocurrencies of many types already exist, there is still a fairly a low adoption in developing countries. With this in mind, this project focuses on a creating a basic buidling block that is missing in Latin America (Latam): a stablecoin pegged to the local fiat currencies. In this project, I create a simple MVP of a stablecoin system to create electronic versions of currencies in a permisionless way.

Price Oracle

One of the barriers for a creating a digital cryptocurrency that represents a Latam currency is the lack of price oracle feeds for these currencies. For this project, in coordination with Redstone Finance, some Latam currency prices were made available.

Set up

This project uses Node.js, TruffleSuite, Satic-Server, and Metamask browser wallet. This packages will be required to test the application on a local environment.

Pre-requisites:

• Install globally Static-server. npm install -g ganache-cli
• Install globally Ganache-cli npm -g install static-server

Copy repository: git clone https://github.com/<this repository>

This project was developed using Yarn as the package manager.

Install dependencies: yarn install

To test application in a local environment, you will need three terminals:

• On one terminal run the web host server: yarn server
• On another terminal run the development blockchain: yarn ganache
• On the remaining terminal run: yarn deploy

Open a browser and go to: http://localhost:9080/

Set up NOTES!

• Clear browser cache memory (CTRL+SHIT+R) to test changes in ./frontend-app/app.js, then reload http://localhost:9080/ with (F5).
• Reset Metamask accounts if ganache-cli is restarted.

Run Unit Tests

Ensure you have the installed pre-requesites indicated in Set up sections.

• Clone repository and ensure you are in the 'main' branch.
• Open two terminals.
• Install dependencies (if haven't already): yarn install
• In one terminal run the development blockchain: yarn ganache
• In the other terminal run: yarn test