Rupia (Derivative INR )
Rupia is a derivative Indian rupee using oracles collateralised to earn interest for trading/insurance use cases
Demo
About
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