0efb6 / ethkl2023-blockoverflow

Codebase for Ethereum Kuala Lumpur 2023 Hackathon (BlockOverflow Team)

CryptoSafe - Deposit Insurance System for Web 3

Groundbreaking project that ensures the safety of funds for both crypto exchanges and users

Table of Contents

• Introduction
• Problem
• Aim
• Challenges in the Current Web 3 Ecosystem
• Key Features
• Getting Started
  • Ethereum
  • Mantle
  • Aleo
• Author

Introduction

In the rapidly evolving realm of Web 3 and blockchain technologies, securing cryptocurrency investments is paramount. The surging popularity of crypto investments brings increased risks, notably fund loss due to exchange crashes, as seen in the recent FTX incident.

CryptoSafe addresses this critical challenge, safeguarding both crypto exchanges and users' assets. Our innovative deposit insurance system ensures asset safety within Web 3. Users and exchanges gain confidence even in the face of unexpected events. CryptoSafe bolsters security and trust in the Web 3 ecosystem, fostering crypto adoption.

Problem

Cryptocurrency investments carry significant risk, with the potential for investors to lose their funds due to unforeseen events, such as exchange crashes, undermining trust in the Web 3 ecosystem.

Aim

To solve the critical challenge of protecting digital assets in a rapidly evolving and dynamic landscape, ultimately enhancing the sustainability and trustworthiness of the crypto world.

Challenges in the Current Web 3 Ecosystem

• Crypto exchanges are prone to crashing, making them unstable.
• Investors who lose money due to crashes have reduced confidence in Web 3.
• The cryptocurrency market is highly volatile.

Key Features

• Deposit insurance for various crypto exchanges.
• Immediate release of funds to back up exchanges facing potential bankruptcy.
• Transparent view of exchanges' deposit amounts.

Getting Started

Ethereum

To get started with the project, follow these steps:

1. Go to Remix IDE
2. Click on the File Explorer on the left side bar
3. Copy the code from mantle/backend/DIS.sol in the repo and paste it in a new file in the contract folder that ends with .sol extension
4. Select Solidity Compiler from the sidebar and choose the new file to compile
5. Click on Deploy and Run Transactions and click deploy.
6. You can now interact with the deployed contract.

Mantle

1. Do Step 1 to 4 of Ethereum
2. Make sure Metamask or any preferred wallet extensions are installed
3. Add Mantle Testnet network in Metamask following this guide
4. Visit Mantle Faucet and get some MNT tokens to deploy the contract.
5. Click on Deploy and Run Transactions and select Injected Provided - Metamask or equivalent for environment then click deploy
6. That's it! You're ready to use the contract.

Note: The smart contract link deployed on mantle explorer is here.

Aleo

Please refer to the README in the aleo folder for more information.

Author

This project was developed by the BlockOverflow team.