Allyu

This project creates a system that communities can leverage to issue their own trustless paper money backed entirely by crypto deposits. We created a proof of concept set of bills that can be filled by a set amount of DAI and given to a third party who can then verify the physical integrity of the bill and its contents on-chain.

We aim to leverage existing social structures of trust between community members and their local leaders to allow them to issue new empty bills that can circulate through the local economy.

We deployed a smart contract on Ethereum, Optimism, and Polygon that users can request new paper issuance. Once an order is set we create a new set of bills along with a secret code that's hashed into the contract and printed under a tamper-proof seal on the paper bill. At this stage, we considered utilizing Push protocol to send a notification to the user stating that their bills are on the way but there are no Goerli deployments for Push.

Once the user receives the bill he can then call a second function to add a predetermined amount of funds along with a public word that is also hashed into the smart contract. This makes the bill safe as long as the seal is not tampered with.

We created a front end to interact with the bills including the issuance of new bills, fund bills, and redeem them