The problem ChitBro solves

👨🏽‍🏫 Introduction to Chit Fund

A chit fund comprises a group of members, called subscribers. An organizer, a company, or a trusted relative or neighbor, brings the group together and administers the activities of the group. For their efforts, the organizer is either compensated each month or at withdrawal time. (The fee may be omitted in informal situations.)
Credits - WikiPedia

👎🏾 Drawbacks

• Foreman fraud - Cases where the middleman/organizer aka Foreman who governs the money, runs away with it.
• Prize-winner Default - The prize-winner who wins the monthly pool of money might not pay in the coming months thus leading to loss of money.
• Lack of Scalability - Although an amazing system, it cannot be brought to a larger market to function on a large scale involving many people, due to lack of trust and foreman capacity.

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🎉 Proposed Solution - DeFi Chit Fund

🤔 What is DeFi - Decentralised Finance?

Simply put, DeFi is implementing Finance on the Blockchain. Everything is automated and governed by Smart Contract(s) and every single transaction along with the logic is transparent, verifiable, and atomic.

Using Decentralised Finance on the Blockchain, we can create a complete Peer-to-peer Chit Fund System which doesn't allow Foreman Fraud and Investor Fraud while maintaining the pros of the system.

🚀 Need for DeFi in Chit-Funds

👨🏾‍💼 Foreman Fraud

Solution on DeFi Blockchain:

• In a Blockchain, Smart Contract acts as a Foreman itself, thereby:
  1. Eliminating the need for a middleman organizing a Chit-Fund process resulting in reduced Foreman Commission
  2. Avoiding risks by ensuring a system that practically cannot indulge in fraud even if it wanted to.

🤑 Prize-winner Defaulting

Solution on DeFi Blockchain:

• Although unsecured loans without risk ar

Challenges we ran into

😔 Problems faced:

1. ❌ Unique syntactical errors in Solidity
2. ⛽️ Gas limit for transactions
3. 🗣 Integrating Smart Contracts through Go Backend
4. ➗ Figuring out the logic for core operations in smart contracts

:🧑🏽‍🏫 Addressing issues:

1. ❌ Unique syntactical errors in Solidity:
   🤓 By patiently going through documentation from Solidity Official Website
2. ⛽️ Gas limit for transactions:
   ✅ Going through MATIC network docs and finding the ideal gas limit from MATIC gas station site
3. 🗣 Integrating Smart Contracts through Go Backend:
   ⚛️ Faced issues with connecting Go with smart contracts, instead directly called smart contracts from the client-side using web3.js
4. ➗ Figuring out the logic for core operations in smart contracts:
   🫂 Team collaborations and brainstorming sessions and running through the whole flow linearly helped us narrow down to an algorithm.