Project Name: XFY D-Money
Project Track: DeFi,
Team Name: Lappsnet
Team Member(s): 2 Members
DevPost Project Link: [XFY Devpost] Devpost
Project Goal: The primary goal of XFi is to empower traditional financial institutions to embrace digital transformation through the adoption of blockchain and tokenization, enabling banks to offer faster, more cost-effective, and more secure services to their customers while maintaining regulatory compliance.
Project Value: Our app aims to solve this by offering a blockchain-based platform that tokenizes bank assets and deposits, enabling users to save and earn interest, transfer funds efficiently and securely using stable, TRC20-based tokens. This provides Salvadorans with a stable alternative to volatile cryptocurrencies like Bitcoin, while avoiding the complexities and fees of traditional banking systems. By utilizing TRON’s blockchain, we ensure low transaction costs and fast processing, making financial services more accessible to all, especially in rural areas where traditional banking infrastructure is limited.
**Start Live Server:**In Visual Studio Code, open the index.html file.
Right-click in the editor and select “Open with Live Server”.
Alternatively, click the “Go Live” button in the bottom right corner of VS Code.This will open your dashboard in your default browser at a URL like http://127.0.0.1:5500/index.html.
Connect the Tron Wallet:
In the dashboard, click the “Connect Wallet” button.
TronLink will request permission to connect. Accept the connection.
Once connected, your Tron address will be displayed in the corresponding section.
Interact with the Application:
Check Balance: Verify your BKT balance in the designated section.
Make Deposits: Enter an amount in BKT and click “Deposit”.
Withdraw Deposits: Click “Withdraw” to withdraw your funds with interest.
Register Merchants (if you are the owner): Enter the merchant’s address to register or deregister.
Make Payments: Enter the merchant’s address and the amount to execute a payment.
Transaction History: Review your transaction history in the corresponding section.
Running the Application on Localhost
Application Testing
Wallet Connection Test:
Ensure that when connecting TronLink, your address is correctly displayed on the dashboard.
Verify that the BKT balance updates according to your tokens.
Deposit Test:
Make a deposit of a specific amount of BKT.
Verify that the balance updates and that the deposit appears in the transaction history.
Withdrawal Test:
Withdraw your funds.
Confirm that the balance decreases and that the withdrawal is recorded in the history.
Merchant Registration Test:
If you are the owner, register a new merchant address.
Verify that the merchant appears in the list of registered merchants.
Payment Test:
Make a payment to a registered merchant.
Ensure that the balance updates and that the transaction appears in the history.
Real-Time Notifications:
Perform actions such as deposits, withdrawals, and payments.
Verify that notifications appear accordingly.
Project Details: Feel free to add any photo or video reference
Smart Contract links
[Contract TYrp7ANDCjCKY69sHSDkVojPG2M2bPV2Fp | SHASTA TESTNET | TRONSCAN]
Project Milestones:
Develop Idea and Business Model according to Regulation Landscape in El Salvador
Initial Setup & Smart Contract Development
User Interface and Platform Integration
Final Refinements & Launch on Testnet
Welcome to the Hackathon of season 7, wonderful project that you have as I read everything, I will like to know how are you going to handle customer support and also the education of new users to join, thank you
Welcome to hackathon S7
Your project is indeed commendable but do you have any plan partner with any bank system in El Salvador
Knowing that security and privacy is very essential what steps have you put in place in ensuring the safety of users deposit,and also prevent fraud, hacker’s and scammer within the system.
Welcome to Hackathon Season 7, after a careful read I see this aims to integrate traditional financial systems with blockchain technology, specifically targeting banking services in El Salvador.
Have you explored collaboration with financial institutions in El Salvador? What are their concerns and challenges regarding blockchain adoption, especially in terms of compliance?
Hi @manfred_jr thank you for your interest on our project, to answer your question about collaboration, Yes, We are working with the Davivienda Startup Program were we are providing the whole proposal, we had addressed common concerns about blockchain adoption include compliance with regulations, security risks, and adapting legacy systems and provide comparison with other rigional banks like Bancolombia testing the same model.
Regarding second question The CNAD’s registration process for stablecoin issuers in El Salvador requires compliance with specific regulations, including having a registered Digital Assets Service Provider and submitting a report from a certified entity, proof of reserves, etc. For more details, you can check the guidelines Stable Coin Offer – National Commission on Digital Assets (CNAD)
Hi @Okorie Thank you for your congratulations. In our pitch deck we include the go to market strategy and this included the creation of an academy, approach will involve step-by-step tutorials, webinars, and community forums and since we are doing a parthnership with one comercial Bank (Davivienda) our proposal is to start from their user base (500,000 users) as first step the plan includes offering multiple channels such as live chat, email, and a automated boot detailed help center included on the main web website.
Hi @Okorie Yes, we are working on a proposal for a comercial bank Davivienda. The proposal will include the following measures to secure the system. Those have not been implemented yet on the MVP.
Multi-Signature Wallets: Requiring multiple approvals for transactions to enhance security.
Two-Factor Authentication (2FA): Mandatory for all accounts to prevent unauthorized access.
Smart Contract Audits: Regular audits to identify and fix vulnerabilities in the code.
Know Your Customer (KYC) and Anti-Money Laundering (AML) Procedures: To detect and prevent fraud.
Thank you for your reply to me and the way you explain make it easy for understanding, please tell me are you going to be providing any incentive for you’re users who are actively participating in the academy and community forum, thank you
Your wellcome @ines_valerie At the moment, we haven’t considered providing incentives specifically for participating in the academy and community forum, but it’s a great suggestion! Currently, our focus is on offering rewards through the Exclusive Rewards Tiers program, as outlined on our website. Additionally, users benefit from incentives when they start a savings stablecoin account.
Welcome to hackathon season 7
I can see you are aiming to drive mainstream adoption of blockchain technology through tokenization of traditional bank assets.
Can you tell me the steps you have taken or plan to take to establish partnerships with the traditional bank institutions?
Your collaboration with the Davivienda Startup Program and your proactive approach to addressing concerns about blockchain adoption are promising.
Will you be conducting regular audits and assessments of your security practices, and if so, how frequently will these take place?
You are welcome to the hackathon session 7
As I read your submission I see that it try to address a crucial need by helping traditional financial institutions transition to blockchain technology, and this can significantly enhance the speed, security, and cost-efficiency of of their services. I have my questions to ask;
Since banks handle important financial data, what security measures will you implement to protect this data against hacks, or fraud?
Since banks offer services to people with no blockchain experience, how do you plan to encourage them and their customers to adopt blockchain technology. Will you offer educational resources to facilitate this transition?
Hello @Chukseucharia Thank you for your insightful question and your interest in XFi’s mission We are actively engaging with key decision-makers in two major banks through meetings events to demonstrate the value and benefits of our solutions. One pager and Pitch deck has been shared and we are waiting for final call by November. The plan is to work closely with Davivienda to customize our solutions to fit their needs and existing legacy systems, facilitating a smooth and efficient transition to digital USD.
Hi @Chizz Thank you for your interest.
Basically safeguarding sensitive financial data is our top priorit. Regarding question one the idea is to run frequent security assessments and audits by third-party experts to identify and address potential vulnerabilities. Service providers vary on each jurisdiction. and our goal is that all data is encrypted both in transit and at rest using industry-standard encryption protocols to prevent unauthorized access.
And related to second question the answer is Yes, we have included a go to market strategy on our deck that offer the academy platform witch includes easy-to-follow guides and documentation also Our support team is always available to assist with any questions or issues.
Hello @mahreenzahoor384 we ensure that our process strictly adheres to the current financial regulations and legal frameworks in El Salvador. The SSF is the primary regulatory body for financial institutions in El Salvador. We will ensures compliance with all guidelines and regulations issued by the SSF, including the supervision of our operations and the regular submission of reports. also the Special Law to Regulate Digital Financial Services and Combat Money Laundering and Terrorism Financing: This law establishes the legal framework for operating digital financial services, including asset tokenization, and defines the requirements to prevent money laundering and terrorism financing. In addition to all the process and requirements to stablish opperations guiadance from the CNAD, The Body responsible for the regulation and supervision of the Digital Assets Ecosystem In El Salvador.
Thank you for your detailed answer, it is great to see that you prioritize security and have a strong go-to-market strategy in place. Further questions I have to ask is;
How often will the third-party security assessments and audits be conducted. Will it be annual, quarterly, or there are certain events that may lead to it?
Since service providers vary by jurisdiction, how do you ensure compliance with the different local regulations?
Will you adapt your security’s measures based on the legal requirements of different regions?
