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ezCred

No Oracle!! Maintaing Market Liquidity with 1inch Token Plugin. And Effortless Onboarding for new users with SAFE AA!

ezCred

Created At

ETHIndia 2023

Winner of

1inch Network - Build Innovative Solutions on top of 1inch Network's Token Plugins 3rd place

Project Description

Elimination of Aggregated Oracles: The use of aggregated oracles can lead to increased gas consumption in blockchain transactions. Aggregated oracles combine data from multiple sources to improve accuracy, but this can also result in higher gas fees, which are the costs associated with executing transactions on a blockchain. Solution: ezCRED with implementation of the 1inch Token Plugin, aims to eliminate the need for aggregated oracles. This reduces the gas consumption associated with obtaining external data for smart contracts, potentially making transactions more cost-effective and efficient, while encouraging on-chain management.

Effortless Onboarding for New Users with SAFE AA: The process of onboarding new users into blockchain and DeFi platforms can be challenging, especially when it involves the creation and management of wallets. The traditional method often includes the hassle of dealing with seed phrases and private keys, which may be intimidating for newcomers. Solution: The project introduces a solution called SAFE AA to simplify the onboarding process for new users. This user-friendly approach aims to make blockchain and DeFi more accessible to a broader audience, potentially encouraging more people to participate in these ecosystems.

How it's Made

Our project idea basically revolved around account abstraction and onboarding itself. We thought of using safe {core} for it. We were initially very interested in using the Relay Kit. There was a comment in the documentation If the Safe is not deployed, it creates a batch of transactions including the Safe deployment transaction. this was in the relay kit, I think this should be corrected, as I got to know the otherwise at the Safe{core} booth itself. Well not to mention an issue lot of teams faced issue with Web3Auth. Well anyways the people were nice and supportive at the booth they did thier best in clearing the doubts We built plugins that would mint ERC20 tokens for the referal (tokens vary on number transactions and pool size) as an incentive scheme.

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