project screenshot 1
project screenshot 2
project screenshot 3

YPT (your private token)

YPT allows you to create a private token. The main reason for that is to create a ecosystem around your business or event with a token with full utility.

YPT (your private token)

Created At

ETHGlobal Lisbon

Project Description

This project is something very simple to develop and we don't have a lot of experience, but as hackers in ETHGlobal we have seen a lot of free merch and other services that could be improves. For example, why everybody have the same merge when some people works more than other? Why don't we integrate other companies with this event, giving more marketing to ethGlobal and more client to these companies? Our idea consist of create a token, who will be private for users and partners in the event. This means that an user can't send Globals (the example token in this case) to a user who doens't belong to the event. The main flow for this economy would be something as follow: The organiser gives tokens to the user, these user use their tokens in services provides by partners or third parties associates with the event, for example, an hotel. These third parties, after the events finish, want to change the tokens they have for money, since it's the thing that they will look for. The token will be stable and not speculating. This is a case of use: let's suppose an arcade, this typical store where you can play games and your receive tickets when you win and you can change them for sth in their store. What would happen if those tickets would be spend in a restaurant? or a hotel? The clients would be excited since it's better that ask for a puppet in a store, but those hotels and restaurant's don't need the tickets from the arcade. This doesn't matter cause the arcade will re-buy the tickets, so this hotel and restaurant will earn the same money in the end but they will have more clients since this tickets are "free money" in the end and everyone wanna avoid to spend their own money, so they will go these places. The arcade will earn a public who doesn't just enjoy their games, they find a benefit in them too. This create a circulating economy and provees more interest in the clients.

How it's Made

We are not so good at programming yet so I will say what we wanted to do, and how and what we did. First, the token is an ERC-20 token since it's the most simple for us. In this contract, the user can just transfer money to the Third Parties (aka "TP's") and the only action that these TP's has is to receive those token and claim the money. Following the example for the arcade, the hotel who receive tickets is not going to spend them, just sell them to the arcade to receive the money they want. The main trouble here is that most of the people doesn't have knowledge about web3, so our idea was to create an app to make them the things more visuals. This app will have two views, the "user" view and the "TP" view. If you are an user, and you login in the app, you can scan the QR's that TP will have in their establishment. This QR has the address and the net, so the only thing that you need is to select the amount tokens that you wanna send and that's all. Since it's an ERC20 token, could be great to use the polygon net at the beginning but ideally would be great to create our own private blockchain so we can avoid the PoW and PoS, there will be no fees. If you are a TP, the app will allow you to claim the tokens and show you the tokens you have. This "claim" method is just a burn method, who eliminate the tokens these TP has and create a row, in a mysql DB table called "transferences", where will be record all the transfers that the organizer has to do. Analogally, this is the process to re-buy the tickets from the arcade to the Hostel or restaurant. Regarding the token, this is a stable coin. The method to provide a stable value is the same that bitfinex has for USDT, proof of reserve. We store a dollar for a token minted. All this app will be working with the metamask API, so it's needed to download metamask mobile. With this API, we will be doing all the transfers from the users wallets to the TP's wallets, but they don't need to control anything about nets, addresses or blockchain. About the repository, the true contract is

background image mobile

Join the mailing list

Get the latest news and updates