Silvyx
A peer-to-peer withdrawal network that doesn't rely on a financial institution to cash out but works with a human teller.
Project Description
Silvyx allows users to withdraw their crypto assets directly through a peer-to-peer network. Silvyx has four steps to withdrawal:
- Users can connect their wallet to the silvyx dashboard and invoke the withdrawal function. Then the withdrawal funds are locked into the smart contract.
- The users can choose the teller of their choice and proceed to withdraw their funds. Once both parties agree to proceed with the transaction, they get prompted to a chat window.
- The teller sends the withdrawal amount to the user's bank account.
- Finally, once the user receives the funds, they will invoke a release function, and the withdrawal funds locked in the smart contract get released to the teller. To maintain trust and avoid backing from the transaction, the teller needs to stake some amount of token in the smart contract. Using silvyx, a user doesn't need to depend on financial institutions or brokers to cash out their crypto assets.
How it's Made
Silvyx comprises the following tech stack: Frontend - ReactJs Backend - NodeJs, Express(Used to create API endpoints for user's off-chain information and to connect the user's wallet) Database - MongoDB(Used in storing user's data and wallet signature) Chain - Polygon(Sponsor technology used for low transaction fees and to tackle scalability issues) Language: Javascript, Solidity
