Founder of Frontend Production
Hello everyone, my name is Dmitry, I have been developing web interfaces since 2015, now I am developing an outsourcing company.
In this article I will tell you about what I had to go through when developing a unique decentralized P2P exchanger for cryptocurrencies for ordinary money. Let’s go!
Let’s imagine: you have a need to buy cryptocurrency, but how can an average person do it? There is no secure exchange.
There was only such a thing as BestChange, an aggregator of crypto exchangers, where the commission was up to 10%. Its disadvantages could also include the fact that these are centralized exchangers, while illegal, which means that you send the crypt to who knows where and it’s not a fact that your native rubles will come to you.
The crypto exchanger or crypto buyer could simply disappear. Agree, ugly prospect.
Another option is to look for a trusted person who has the right amount of cryptocurrency and the desire to sell here and now.
This is in 2022, you can buy crypto with a card on an exchange with a cool reputation or on P2P sites, but then everything was different. And there was virtually no secure exchange.
Based on the need, the idea came up to invent a unique crypto-exchanger:
Without deposits and manipulations;
With a guarantee of safe exchange.
In fact, this is a dating site where people find a buyer or seller and exchange directly with each other.
Traditional money is transferred using a payment system such as Yandex Money, PayPal, AdvCash, etc.
At the heart of this architecture lives smart contract based on blockchain technology, he is the guarantor of the exchange. A smart contract is what gave uniqueness to this exchanger.
So, according to all the laws of the genre, everything went well through one place.
Initially, I gave birth to a prototype for two months, without getting out of the documentation!
Understanding the tutorial was half the trouble, and besides clapping the keys in the hope of writing at least a piece of conscious code in Solidity had to figure it out EVMtransactions, ether, gas, how the Remix IDE works, compilation and deployment of a smart contract.
The launch of the prototype itself took only a couple of weeks of active development and more than 2 months of continuous trial and error!
I would like to note that, before this development experience dApp I did not have. I’ve been doing front end and web application development.
And in general, this requires a separate article: my path in the blockchain from scratch, development on Solidity, searching for an advisor, being just a proger.
If this is interesting, be sure to let me know in the comments, I will tell you in more detail.
But in the end, having overcome all the difficulties, I and the team managed to
suffering efforts to create a working prototype, which helped not to fall into the dirt and proved the viability of this scheme.
Yes, I started to gather a team. We did everything ourselves!
As a result, we were able to present this product to the world community at exhibitions in India, Minsk and conferences in Asia, such as the Niubility World Blockchain Conference, and the project raised a total of more than $1,000,000 in investments.
The prototype was a smart contract, it was written in Solidity on the Ethereum blockchain network, it could be unlocked by receiving an API response from a payment system, for example, Yandex.Money.
Link to smart contact.
Next, something technical!
After that, we made an MVP, which already included the exchange of ETH (or ERC20 tokens).
integrated Escrow Smart Contract from Yandex.Money API payment system (today YuMoney).
Smart contract methods:
create a deal
confirm the deal
issue a deal
cancel the deal after a while
In fact, there was already an exchange mechanism. Everything worked perfectly: in the smart contract, it was possible to block the cryptocurrency (ERC20), make a transfer to the Yandex.Money wallet, and after confirming the transfer, the smart contract automatically unlocked the cryptocurrency and it flew to the buyer’s wallet.
Video explaining the exchange mechanism:
In addition, we wrote down the landing page, did it on Angular, TypeScript, Node.js, SCSS.
Since we were doing the project directly to the world market, translations were integrated for the multilingual site.
If we take the team in detail with whom we developed MVP and landos, then it looked something like this:
Do you think a P2P exchanger based on a smart contract would be relevant now?