“IIIT-B has helped me to clear all the fundamental concepts that helped me during the hackathon. The sessions conducted by IIIT-B on hackathons played a vital role in this achievement. The strong alumni network of IIITB also played a crucial role,” says Tarun Gupta, a 4th year iMTech student as he won Web3 hackathon conducted by Chainlink (a Web3 company). Tarun along with his childhood friend, Bhavesh formed a team to participate in Chainlink Spring hackathon 2023 for the first time that was conducted in online mode from April 28 – June 11. As a team they won $2500 for winning Web3 Hackathon.
The hackathon aim was to empower developers of all skill levels to use Chainlink oracle networks to build decentralized applications that address a wide range of use cases and realize the full potential of hybrid smart contracts. Chainlink decentralized oracle networks are at the center of the evolution, enabling developers to leverage high-quality data from APIs and other data sources along with powerful off-chain computation resources to build the next generation of smart contract applications. The hackathon was quite challenging as there were over 2400+ participants from all over the world and total projects submitted were 498.
They made a decentralized investing platform where users can deposit their verse tokens(VTEST). Users can get interest every day equal to inflation rate provided by Truflation. Users can also access a graph feature for every deposit which will depict the trend of amount of tokens on daily bases. Users can choose to invest their money in two ways:
- Fixed Deposit user can deposit tokens and can withdraw them only after the maturity period. User can fill maturity period during the deposit.
- Dynamic Deposit Once user deposits his/her tokens can withdraw them anytime. Additional feature for dynamic deposit is that user can choose for automatic withdrawal. Just fill out the token amount and as soon as the token amount reaches the value, tokens will be automatically credited to the user’s metamask wallet. For example: user deposits 50 VTEST and enters withdrawal amount as 60 VTEST. When the amount reaches 60 all of the tokens will be credited to user’s wallet. This feature was implemented with the help of Chainlink automation tool using time based trigger.
Impediments were there in understanding Truflation smart contract to fetch inflation rate and Chainlink Automation tool was completely new stuff to work on. “So, we faced some difficulties to understand them but the Chainlink team has been quite helpful to understand and debug the things. We used to ask our questions on their discord channel where someone from the team or other participant would always be ready to help us,” he adds.
“Our success stemmed from our ability to successfully implement all the key features we had originally intended for our dApps. As a result, users can now shield themselves from the daily inflation rate and safeguard their funds.”
Together they won a total of $2500 for integrating Truflation data and VERSE in our project. $1k from VERSE and $1.5k from Truflation.
Tarun feels that IIIT-B has contributed to his success, “Overall, IIIT-B not only provided me with a top-notch education but also shaped my character and instilled in me the values of perseverance, resilience, and adaptability. It is these qualities that not only helped me succeed in the blockchain Hackathon but will continue to serve me well in my future endeavours. I am proud to be a student of IIIT-B, and I am excited about the impact I can create in the field of technology and innovation, thanks to the solid foundation and nurturing environment provided by my alma mater,” he adds.