Rupia (Derivative INR )

Rupia is a derivative Indian rupee using oracles collateralised to earn interest for trading/insurance use cases

Demo Video Live Demo Source Code

Prizes

Chainlink: Use Chainlink oracles to make a some sort of state change on the blockchain

Technologies

Matic

Chainlink

Description

Problem: During discussions with Insurance industry executives for adoption of a previous project in India there emerged a strong need for a reliable Rupee based stable-coin. There are several tokens which are backed by Rupee but not generating interest. Rupia aims to change this with a price feed which tracks INR DAI rates. Staking DAI on matic mainnet mints rupia tokens. Team: Vijay: Founder- React, JS, Python, Java developer, Fintech experience

How It's Made

This is a simple stablecoin project which aims to be informative, and act as a building block for the broader insurance platform being built. The project was built as follows: 1. Fiat - Crypto gateway: This is achieved by having the INR converted to DAI by integrating with Transak 2. Use a Chainlink pricefeed for getting INR DAI conversion rates 3. Use the converted DAI and store it on Matic Mumbai testnet address 4. React frontend to show the process flow Roadmap/ Next steps for the project: 1. Next step involves redirecting interest rates to the Fiat bank account of the user 2. Integration with the insurance backend to allow enterprise users transact with Rupia for insurance claims

Team

Vijay Lakshminarayanan
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