Why are you participating for Based India?

India is the world's top remittance recipient, with over $100 billion received annually. However, traditional remittance methods often involve high fees, slow processing times, and limited accessibility.
My motivation for this project stems from personal experience with the inefficiencies of current remittance systems. I have witnessed firsthand the struggles of sending money from abroad to family in India. My sister in the USA faces significant hurdles when trying to send money to our mother regularly. For large amounts, she's required to visit the bank in person, and the transfer process can take more than two weeks to complete. These real-life challenges have inspired me to create a solution that can make a tangible difference in people's lives.

What challenges are you focusing on?

Our project, Bhet, focuses on addressing several key challenges in the remittance space for the Indian community:

1. High transaction fees: Traditional remittance methods often involve substantial fees, reducing the amount received by beneficiaries.
2. Slow processing times: Conventional money transfers can take days to complete, causing inconvenience and potential financial strain.
3. Limited accessibility: Many existing solutions require recipients to have bank accounts, excluding the unbanked population.
4. Lack of transparency: Users often face uncertainty about exchange rates and the status of their transfers.

How does your submission address this challenge?

Here's how our solution tackles each challenge:

1. Reduced fees: By utilizing the Base chain, which offers lower gas costs compared to the Ethereum mainnet, we significantly reduce the fees associated with sending money.
2. Faster transactions: Smart Contracts enables near-instantaneous transfers, allowing recipients to access funds much quicker than traditional methods.
3. Increased accessibility: Bhet creates a secure wallet for recipients, eliminating the need for a bank account and making the service accessible to the unbanked population.
4. Improved transparency: Real-time transaction tracking and clear display of exchange rates provide users with full visibility into the remittance process.
5. User-friendly crypto onboarding: Our app features an intuitive interface and educational content to help users understand and feel comfortable with cryptocurrency transactions.

Key features of Bhet include:

Simple sender flow: Users can easily send ETH and share an invite link with recipients.
Streamlined recipient process: A user-friendly interface in the local language guides recipients through the claiming process.
Real-time currency conversion: Integration with reliable APIs for accurate ETH to INR rates.
Multi-language support: Catering to India's linguistic diversity.
Mobile-friendly design: Ensuring accessibility for the mobile-first Indian market.

Challenges I ran into

1. User experience for crypto novices: Making the app intuitive for users unfamiliar with cryptocurrency was challenging. We addressed this by creating a simple, step-by-step onboarding process and integrating smart wallet.

2. Currency conversion accuracy: Ensuring real-time, accurate ETH to INR conversion rates was crucial. We solved this by integrating multiple reliable APIs and implementing a fallback mechanism to ensure consistent data.

3. Wallet security: Implementing secure wallet creation and management for recipients was technically challenging. We overcame this by using industry-standard encryption methods and following best practices for key management.

4. Mobile responsiveness: Creating a seamless experience across various devices and screen sizes was tricky. We leveraged Tailwind CSS's responsive design features and conducted extensive testing on different devices to ensure consistency.

5. Language localization: Implementing multi-language support for major Indian languages presented both technical and cultural challenges. So we are starting with Hindi, and will add other languages in V2.

Additional Features

NA