TerraFlow

Terraflow addresses a critical issue in the U.S. agricultural sector: the difficulty farmers face in securing affordable funding to maintain their crops and farmland. With rising interest rates on bank loans and high costs from private investors, farmers are struggling to access the financial support they need. Over the last five years, interest rates for agricultural loans have increased by more than 3.25%, more than doubling the average rates from half a decade ago. This growing financial burden motivated us to create Terraflow, a decentralized web application that aims to provide a more sustainable and community-driven funding solution for farmers. Terraflow allows farmers to tokenize fractions of their farmland which enables everyday consumers to invest by staking money into these tokenized assets. When consumers stake funds, they contribute to the maintenance and development of the farm, helping farmers access much-needed capital without the high costs associated with traditional financing. In return, consumers receive their stake money back, along with token rewards. These rewards can include exclusive benefits such as early access to farm produce, discounts, or invitations to farm events, creating a mutually beneficial arrangement. The platform leverages blockchain technology to ensure transparency and security. Each farm listing on Terraflow is represented by smart contracts that govern the terms of investment and staking, allowing users to see the details of the farm, its location, and available investment options. By utilizing fractional ownership, Terraflow enables consumers to invest in local farms, helping them feel that their contribution is meaningful and directly benefiting their community. For farmers, this model reduces dependency on loans and allows them to receive funding at lower effective rates. Additionally, using data from the USDA NASS and a sample calculation, it is estimated that an average farm in the U.S., which spans about 444 acres, can save approximately $888,000 in maintenance costs by leveraging Terraflow’s community-based funding model. This significant cost reduction can play a crucial role in ensuring the long-term sustainability of farms across the country. Overall, Terraflow fosters a community-centric approach to agriculture which aims to empower consumers to directly support local farmers while earning rewards. It bridges the gap between Web2 and Web3, making it easy for anyone to participate through user-friendly authentication and embedded wallets, ensuring that even those unfamiliar with blockchain technology can get involved. By connecting consumers and farmers, Terraflow creates a decentralized ecosystem where everyone benefits, promoting growth, sustainability, and resilience in the agricultural sector.

Terraflow integrates advanced blockchain technology and user-friendly design to create a seamless platform where farmers can access essential funding and users can invest in local agriculture. The system begins with Privy which bridges Web2 and Web3 by enabling users to authenticate using their phone number or email. When signing up, users are provided with an embedded wallet that securely stores a private key in the background. This process allows them to onboard onto web3 without realizing it. This embedded wallet simplifies interactions with blockchain features which makes it easy for users unfamiliar with traditional crypto setups to participate.

Farmers can list a property on Terraflow which creates an instance of a Solidity smart contract on the Flow blockchain. These contracts act as on-chain assets, providing transparency and security. The smart contracts govern the rules of staking, ownership, and return distribution, ensuring automatic enforcement of terms. Terraflow also features lossless lottery staking in which users can contribute funds to a pooled model without risking their initial staked investment. These investors are distributed rewards in a lottery format.

The platform operates on the Flow blockchain for its low transaction fees and scalability. Farms can be tokenized into NFTs representing fractional ownership, minted on the Flow blockchain, and used for transactions. Users who stake money in these farms receive NFTs that offer partial ownership and benefits like access to exclusive produce and events. The platform uses Flow test tokens for transaction testing.

The front end of Terraflow is built with React and is enhanced by Shadcn and Framermotion frameworks. Shadcn ensures a consistent and visually appealing UI, while Framermotion adds fluid animations for a good UI experience. Farmers can list properties with detailed information which allows users to make informed decisions.

Privy bridges web2 and web3 by providing embedded wallets that enable users to engage with blockchain functionalities without needing extensive technical knowledge. The wallets support seamless staking, NFT transfers, and interactions with smart contracts all while maintaining user fund security and data privacy.

Terraflow undergoes rigorous testing, using Flow test tokens and testnet environments to ensure the functionality and security of staking and NFT mechanisms. Solidity smart contracts are also thoroughly tested to verify the logic behind farm listings, staking, and the lossless lottery model. Combining Privy authentication, Solidity smart contracts, and Flow blockchain infrastructure with a well-designed front end, Terraflow offers a new and efficient platform that allows farmers to secure funding while providing consumers with meaningful, profitable investments.