Problem: During discussions with Insurance industry executives for adoption of a previous project in India there emerged a strong need for a reliable Rupee based stable-coin. There are several tokens which are backed by Rupee but not generating interest. Rupia aims to change this with a price feed which tracks INR DAI rates. Staking DAI on matic mainnet mints rupia tokens.
Team: Vijay: Founder- React, JS, Python, Java developer, Fintech experience
This is a simple stablecoin project which aims to be informative, and act as a building block for the broader insurance platform being built.
The project was built as follows:
Fiat - Crypto gateway: This is achieved by having the INR converted to DAI by integrating with Transak
Use a Chainlink pricefeed for getting INR DAI conversion rates
Use the converted DAI and store it on Matic Mumbai testnet address
React frontend to show the process flow
Roadmap/ Next steps for the project:
Next step involves redirecting interest rates to the Fiat bank account of the user
Integration with the insurance backend to allow enterprise users transact with Rupia for insurance claims