CredX p2p

Web2’s centralized products like binance p2p and localbitcoin.com enable crypto to fiat exchange today - the seller drops his crypto in the centralized escrow and buyer transfers fiat via bank and incase a “dispute” arises with the fiat transfer between the buyer and seller - crypto will stay in the escrow till the transaction dispute is settled by the support team of centralized service.

We wanted to build a web3 decentralized version of this service with CredX p2p. Where there is no need for a trusted party like Binance p2p or LocalBitcoins.com - a decentralized trustless alternative can expand the market size of this service and have a better reach to audience - it will also make these transactions censorship resistant at global scale - which can be of huge impact in countries like India where crypto to fiat exchange is heavily regulated and taxed. Also problems like Insolvency that market places like FTX suffered recently will be out of question on a p2p DeX.

Our solution includes two parts -

1. Listing marketplace 2) Decetralised network of judges to settle disputes

Listing marketplace is the first smart contract on polygon chain in which buyers and sellers are identified using Polygon ID and their track record is kept from previous transactions. This contract also behaves as an escrow where the crypto is stored.

Decentralized network of judges is the second smart contract on polygon chain where the identities of anon judges are enabled by Polygon ID. Incase of disputes a random set of judges will be picked up among all the judges to vote on the dispute - and based on the 66% vote we decide the result of the dispute on this smart contract.

In this way using polygon ID to enable trust to bridge between on chain smart contracts and off chain datasources. Our solution thus enabled a trustless p2p DeX

It is to be noted that for each market there will be a separate court, basically a factory pattern is used to spin up Markets and Courts.

• While starting to integrate polygonID, I could not find a comprehensive hands on documentation/tutorial in context to how a smart contract can replace ethereum addresses with a polygonID. Which can further be used for verification of judges when they vote on a case. We didn’t fully implement this part as of yet.

• The solution talks about using some randomisation to pick judges for voting, however solidity does not support random numbers by default because that might cause consensus failure due to non-deterministic nature. Chainlink provides a VRF service which could be integrated however due to time constraints this part is yet to be implemented.

• We could not develop the UI as well because of time constraints. But we completed ~80% of smart contracts and did a round of testing.

• We are got the most number of likes from the community - but we are not choosen for anyprize !