Social Vault

Inspiration

The sharing economy is changing the way we work and shop. As disruptive technologies gain momentum, collaborative communities are rewriting the rules of economic organization for the digital age.

One of the biggest issues facing startups is the reluctance of banks to fund risky ventures they bring about, inclusiveness has become difficult to inculcate, since desirable NFT's have skyrocketed in price due to hype. Only individuals with big pockets can afford them right now, meaning we'll keep the status quo. The sharing economy has helped to break down this barrier, where ever-expanding interconnectivity is giving rise to the practice of crowdfunding. Similarly, we want to introduce collective ownership so that anyone can take part in this movement and ride the hype with the chance to gain a greater share of ownership.

What it does

Users can create a crowdfunding vault to:

collectively buy an NFT
stake on a crowdfund
sell / bought a share of a vault for a price of their choice

Once the target amount of the crowdfund has been reached, the NFT purchase on Opensea gets triggered. Finally, after the NFT is bought, a ruffle happens and the lucky winner will receive a greater stake of ownership than the others.

How we built it

In a nutshell, we have used Solidity for Smart Contracts and ts for the front-end. To implement the ruffle, we used Chainlink VRF, which generates the random number. Hardhat was used as the development environment. In order to deploy the dapp, we used netlify service to serve the dapp to users on Avax Fuji, Eth Rinkeby and Matic Mumbai networks. We are buying the NFTs in OpenSea market.

Challenges we ran into

We wanted to be able to purchase from OpenSea directly from a smart contract but OpenSea does not allow contract accounts, only user accounts. We realized this late in the project so had to find a workaround. For the future iteration, we will be doing it directly from contracts. We are a new team to web3 so the learning curve was also steep as no team member had ever deployed a Dapp.

Accomplishments that we're proud of

Having been able to build from scratch and deploy the dapp on different testnets (Avax Fuji, Eth Rinkeby and Matic Mumbai) and seeing it is working in three weeks is remarkable for us. We are excited to bring web3 users the possibility to share the ownership of an NFT, and then, if they are lucky, get a greater stake in it.

What we learned

We are experienced engineers, but without much in block-chain. Regarding the front-end, although we had a js background, we decided to try with type-script as it's more powerful and we wanted to learn it. About the blockchain tech., we learned solidity language and how to perform unit and integration smart contracts. Also, we learned a lot about ChainLink services.

What's next for Social Vault

In the short term

We want to add some features when the crowdfund is created:

give the option to add more than 1 lucky winner or a percentage of stakers
how much more share on an NFT the lucky winners get ### In the short term The idea is to:
integrate Social Vault with other 3rd parties apart from OpenSea
use bridges to allow users staking in one Chain, to buy an NFT in other chains