The problem ETHERMATE solves

Traditional methods of managing shared finances, like using a single joint account or
informal record-keeping, often lack sufficient security, transparency, and control. This
project aims to address these limitations by developing a novel shared wallet platform that
leverages blockchain technology and machine learning (for fraud detection, spending prediction and chatbot) to allow individuals to :

-> Create shared wallet groups similar to whatsapp/telegram groups
-> Pool their funds
-> Withdraw funds according to the borrow limit set by the admin
-> Split bills with our efficient QR based wallet split technology
-> Make automated donations to charity and raise funds
-> Meticulously track transactions made by each participant and detect fraud

Challenges we ran into

1. One significant challenge was the imposition of gas fees for every transaction on the Ethereum network, so even creating a simple shared wallet or depositing ETH in shared wallet would mean spending some amount of gas fees. To address this, we implemented off-chain functions, allowing us to store a reserve of funds in the contract. This reserve covered the gas fees, ensuring a seamless user experience without requiring participants to pay fees for every transaction

2. Another problem was that we wanted to create shared wallets with a simple and user-friendly experience, similar to creating a WhatsApp group, posing a challenge in terms of logic and simplicity. To overcome this hurdle, we opted for a centralized approach, consolidating all funds within one smart contract. We maintained off-chain balances, providing a straightforward and accessible mechanism for users to create and manage shared wallets effortlessly