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 to allow individuals to create shared
wallets, pool their funds, withdraw according to borrow limits, bill splitting and track all transactions

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.