CiroTRX, simple stables on TRON

[DaLirium]

Project Name: CiroTRX
Project Track: Web3
Team Name: Brutus.finance
Team Member(s): 4, @stevenSTC @Deiva @DaLirium @niresvicente
HackerEarth Project Link: https://devpost.com/software/cirotrx
Project Goal: Simplify the process for novice users on the Tron network, especially when it comes to sending stablecoins. Resource rental can be a hurdle, and Cirotrx emerges as a solution to streamline this process. Behind Cirotrx, lies Brutus Finance and its resource rental platform, which replenishes the basic contract energy whenever it falls below a predetermined threshold, thanks to its API.
Project Value:After contract approval (with a cost below 10 TRX), we enable users to perform STABLES transactions on Tron without requiring TRX or energy in their wallets. The default bandwidth suffices for these transactions. In return, a small commission is added to the stable being sent.
Project Info: (https://www.canva.com/design/DAGElO0wUn4/xlFMefsqGjq45wRSGngJ1g/view?utm_content=DAGElO0wUn4&utm_campaign=share_your_design&utm_medium=link&utm_source=shareyourdesignpanel)
Project Website: www.cirotrx.com
Project Test Instructions:

1. Connect the wallet: The first step is to ensure that the wallet is connected to the Ciro TRX application or platform. This may require installing a browser extension or a compatible mobile app.
2. Choose the recipient: Users should enter the recipient’s wallet address where they want to send the stablecoin.
3. Select the stablecoin and amount: After entering the recipient’s address, users can select the stablecoin they want to send and the amount they want to transfer.
4. Approve the contract with Brutus Finance (only the first time): Users can choose to approve the contract via Brutus Finance. This process offers rental of approximately 70k energy for 5 minutes and may be necessary if there is not enough energy in the wallet. Once the contract is approved, only signing the transaction will be necessary for future transactions.
5. Complete the transaction: After approving the contract, the platform will process the transfer of the stablecoin to the recipient. During this process, a small commission will be deducted from the transaction. No TRX or energy is required in the user’s wallet to complete the transaction.

Project Details:

CiroTRX Simple Stables on tron.

Smart Contract links
TRONSCAN | TRON BlockChain Explorer | 波场区块链浏览器

Project Milestones: We expect users trying out Cirotrx to experience the ease and convenience of sending stablecoins without the need to rent resources. We want them to enjoy a seamless, hassle-free experience while exploring the capabilities of our platform. Join us and discover how simple stablecoin transactions can be with Cirotrx!

1- Integration of Wallet Connect (interesting to attract Trust wallet users). (We have implemented a new module that is compatible with Tokenpocket wallet, but at the moment we have not been able to make wallet conect work properly. )

2- Creation of an API allowing users to move stablecoins, benefiting from the ecosystem without exposing themselves to TRX volatility, by paying the resources in the stablecoin of their choice.

3- Distribution of 80% of generated commissions in stablecoins among users contributing their resources to CiroTrx.

4- Collaboration with the winners of the previous hackathon by incorporating a prepaid transaction system into NFC cards, eliminating the need to hold TRX in those wallets (The Bounce Team - @Mangoquartezip @wubruno for “BOUNCE”)."

[WindsOfChange92]

You need to implement “wallet connect” for trustwallet users as I see a lot of them on the TRONIX reddit for this exact issue.

[DaLirium]

Definitely yes, we will work on incorporating it as soon as possible. Thank you for your feedback.

[Prince-Onscolo]

welcome to Hackatron S6, I love the idea. We already have wallets helping us to rent energy when transacting. And also @OnChainVision provides same services, why should I use Cirotrx instead of these? I hope you get my question (Competitive Advantage(s))

[DaLirium]

Thank you for the welcome! The difference is that in our case, you don’t need to have TRX or resources in your wallet. As you can see, once the contract is approved, the transaction is sent even if it warns that it may fail. What’s innovative is that a small fee is deducted from the stablecoin being transferred, instead of having to rent resources on Tron or burn TRX. This way, we aim to offer an alternative to those users who don’t have TRX in their wallet and wish to make the transaction. Here they have a quick and simple alternative.

[Prince-Onscolo]

wow, I get it. Some new Blockchain networks have started this. Paying fees in different tokens on their chain. EG: is kleverchain.

But I believe users will be aware of these incase they see some little change in the amount they send. I love it and I hope the fee won’t be that much and it will be fixed for all amount.

Possible to get a fair knowledge on the fees?

[Relate101]

Hello Sir welcome to the session. First I like your video presentation. Please don’t know if I can get to know the software use in making the video.

Please from this fees, I will love to know where the fees are collected too. Is it part of the blockchain fees?

[Relate101]

@DaLirium

As you can see, once the contract is approved, the transaction is sent even if it warns that it may fail.

Please is it possible for the smart contract not to show this warning that it may failed. Why I’m saying is that. Some of the users may get discouraged to complete the transaction

[Relate101]

@DaLirium

Users can choose to approve the contract via Brutus Finance. This process offers rental of approximately 70k energy for 5 minutes and may be necessary if there is not enough energy in the wallet. Once the contract is approved, only signing the transaction will be necessary for future transactions.

Please will this project be in conflict with energy demand. Because you said here only one time approval for the smart contract and the rest is free?
Then another thing is how secure will the connect wallet be?

[DaLirium]

@Prince-Onscolo

Possible to get a fair knowledge on the fees?

Of course, when choosing the stablecoin you want to send, it shows you the commission that will be deducted for each of them. For example, sending USDT at the moment costs 25 cents. Other tokens are a bit cheaper. I hope I have clarified your doubts.

[DaLirium]

This is something we have discussed with Tronlink on more than one occasion. The issue is that Tronlink displays the warning. I believe they should adapt their energy estimation system by checking if the contract has enough resources to complete the transaction.

[DaLirium]

@Relate101

Please from this fees, I will love to know where the fees are collected too. Is it part of the blockchain fees?

Actually, we don’t perform magic. The resources are provided by a contract that is behind the scenes. We only deduct those fees as payment for the resources. But the resources are allocated to a contract. In the Tron blockchain, there are only two ways to complete transactions: using resources or, failing that, burning TRX.

[DaLirium]

@Relate101

Please will this project be in conflict with energy demand. Because you said here only one time approval for the smart contract and the rest is free?
Then another thing is how secure will the connect wallet be?

Actually, it poses no threat to the resource rental business, as the rest of the transactions are also covered by Tron resources, but in this case through the CiroTRX contract. Regarding the smart contract issue, it is indeed secure. The only thing approved in the permissions is that the energy for each of the tokens is covered by the CiroTRX contract. But for each transaction, approval of the transaction is required.

[Prince-Onscolo]

yes, thank you so much very affordable for me

[Lisa1]

Welcome to Tron Hackathon season 6. I like the value your project portrays. My question is does it mean the first on-chain approval covers the gas fees forever or its just for a particular transaction?

[DaLirium]

For the approval, resources or TRX in the wallet are required. In case of not having resources, we offer an affordable rental for 5 minutes for its approval, avoiding unnecessary expenses. Once the contract is approved, the user only needs to keep five or ten TRX in the wallet to cover the bandwidth costs in case they do not have the 600 daily points. The rest of the resources will be covered by the contract, without the need for any additional rental.

[Youngyuppie]

Welcome to the hackaTron S6. I love this innovative idea. There is something I will like to understand with this product which is after paying the 10 TRX for approving the contract, what am I going to be spending in signing future transactions?

I’m also wondering why the fee should be charged from the amount sent instead of from what is left in the wallet. Because this approach have the tendency of causing dispute between the sender and the receiver. For instance, Mr A purchased a product worth 100 USDT from Mr B and opted to pay with USDT. Then while making the payment, he send 100 USDT and a fraction was deducted for covering the fee making Mr B sustaining the burden of the transaction cost which ordinarily should be the responsible of Mr A.

How can you address this?

[DaLirium]

Actually, 10 TRX are not paid; with less than 5, the contract approval would be resolved. What we do is a micro-rental of resources 5 minutes. We ask to maintain 10 TRX in the wallet to cover the bandwidth costs in case the 600 daily points are not available, but with 2 TRX, the transaction would be valid more than enough since this approval does not consume more than 0.30 TRX, in case there is not enough bandwidth. On the other hand, transactions will NOT have a cost in TRX for the user; only the commission in stablecoin that the team decides will be deducted, in concept of the resources used to cover that transaction in the contract. We show the user how much the recipient will receive; this problem would be easily resolved by sending 0.25 USDT more to the transaction instead of sending 100 USDT. The sender should send 100.25 USDT, thus ensuring that the recipient receives the desired amount.

Thanks for the support!!

[stevenSTC]

@Lisa1

Welcome to Tron Hackathon season 6. I like the value your project portrays. My question is does it mean the first on-chain approval covers the gas fees forever or its just for a particular transaction?

that first transaction what it does is: it allows the ciro contract to send for you the token amount that you indicate when interacting with the Cirotrx.com contract.

PS: this transaction must be done only once for each token.

[stevenSTC]

@Youngyuppie

I’m also wondering why the fee should be charged from the amount sent instead of from what is left in the wallet. Because this approach have the tendency of causing dispute between the sender and the receiver. For instance, Mr A purchased a product worth 100 USDT from Mr B and opted to pay with USDT. Then while making the payment, he send 100 USDT and a fraction was deducted for covering the fee making Mr B sustaining the burden of the transaction cost which ordinarily should be the responsible of Mr A.

we understand your concern at the time of shipment the amount that the recipient will receive is shown, if we must improve the UI to make it more visible.