Indian Crypto Rupee

A Stable and Reliable Crypto for Digital India

The problem Indian Crypto Rupee solves

Cryptocurrencies are volatile. They are not practical to pay rent or buy groceries in Cryptocurrency. Most of the people avoid crypto because of risk And due to that they can’t get benefits of amazing DApps like Golem, Augur etc.Unlike Bitcoin, ICR is fully collateralized by fiat Currency. In simple terms 1 ICR = 1 ₹ seamlessly converts between fiat and virtual currency.
Automatically mint and burn money as per demand and supply.We have used truffle suite for smart contract development.
We have used ERC20 standard interface to build our ICR token so that any DApp supporting ERC20 standard can access our tokens. We have used PayTM SDK to send fiat currency to us and in turn we are sending tokens to the user. We have provided an admin panel for time when user wants to liquidish our tokens he can request us and we will burn tokens of the user and send fiat money in his PayTM wallet or Bank Account.

Challenges we ran into

We have to develop a mechanism to safely mint and burn tokens as needed. It was easy to get money from user by PayTM but PayTM only provides business to user transaction for Enterprise users. So, we have create an admin panel to manually send fiat currency to user and burn tokens from the user account.