Why are you participating for Based India?

We’ve been actively participating in web3 hackathons for the past one year and won in many of them. We have worked with several blockchains and built some interesting projects. We are highly enthusiastic about blockchain and web3 technology. We are constantly evolving ourselves in the field of blockchain. We were searching to participate in some exciting hackathons in October. When we came across Based India, it felt like the perfect opportunity to channel our enthusiasm and web3 expertise into creating something meaningful for our local community. We have explored the Base blockchain and found it to be very developer-friendly and exciting compared to other chains we have worked with.
What excites us the most about blockchain is how it can solve real-world problems, especially in communities that are often underserved by traditional systems. The idea of using onchain solutions to address challenges that directly impact people’s lives aligns perfectly with our vision and goals as builders. We’re thrilled to be a part of this hackathon and are eager to contribute to the future of blockchain in India.

What challenges are you focusing on?

In India agriculture sector contributes around 18% to the economy and also employs many individuals. But there are many ongoing issues in this sector that are weakening its foundation. In the last decade, over 1 lakh farmers in India have taken their own lives. They faced many problems like heavy debt, low prices for their produce, crop failure, limited financial support and assistance.

To address some of the above issues we built KrishiCoin. It is focusing on these challenges in the agriculture sector.

1. Middlemen in Agriculture: Farmers often rely on middlemen to sell their produce or crops, which reduces their profits. KrishiCoin eliminates these middlemen by enabling direct transactions between farmers and companies, thereby maximizing the farmer’s profit and reducing the company’s cost.
2. Difficulty in Reaching Markets: Many farmers struggle to connect with large buyers or companies. KrishiCoin’s peer-to-peer decentralized marketplace directly connects farmers with companies, providing them with better and larger market access.
3. Limited Access to Finance: Many farmers struggle to get funding, financial assistance or support for their needs in case of emergency. We provide a platform for farmers to raise money through crowdfunding, helping them get funds for social and essential causes.
4. Lack of Trust and Transparency: Traditional financial systems often lack transparency, leading to unfair practices. We uses blockchain to ensure secure, transparent, and trustworthy transactions.
5. Digital Divide in Rural Areas: Farmers in rural areas often miss out on technological advancements. KrishiCoin helps bring them onchain and into DeFi world, making it easy for them to sell products and manage funds digitally.
6. Lack of Community Engagement: Rural communities often lack platforms for sharing knowledge and experiences. Our platform addresses this with a Community Writes section, promoting social engagement among farmers in rural areas.

How does your submission address this challenge?

KrishiCoin is a P2P and DeFi dApp built on Base blockchain (Ethereum L2) for farmers and people in rural areas. It offers features such as peer-to-peer marketplace, crowdfunding, covering all the financial aspects for people in rural areas.
Below is the technical breakdown of KrishiCoin to solve the above challenges:

• Blockchain Architecture:
  • Built on Base Blockchain (Ethereum L2) for scalability.
  • Uses Solidity for smart contracts, ensuring compatibility with Ethereum ecosystem.
• Smart Contracts:
  • Crowdfunding and peer-to-peer marketplaces are handled using smart contracts (written in Solidity) deployed on Base Sepolia Testnet.
  • Using contracts ensures that everything is transparent, secure, and decentralized on our platform.
• React Frontend:
  • Intuitive design to access everything from the Home Page of the App.
  • User friendly dashboard for managing orders, purchases, crop listing, donations, and starting fundraisers.
• Web3 Integration:
  • Uses Ether.js for seamless smart contract interaction.
• Coinbase Smart Wallet Integration:
  • Used Coinbase Wallet and Smart Wallet for easy and seamless onboarding.
• OnchainKit for User Experience:
  • Integrated various user-friendly components such as Identity, Wallet, Token, and Swap to enhance app usability, design, and engagement.
• Basename for Integration:
  • Integrated the Basenames in our platform for better Onchain identity.
• Coinbase Onramp:
  • Integrated Onramp to allow users to add funds to their wallet without leaving our app.
• Coinbase API:
  • Used Coinbase API to fetch realtime USD/ETH exchange rates required during ordering crops and in donating in crowdfunds.
• Thirdweb:
  • Used Thirdweb to test and deploy solidity contracts on Base Sepolia Testnet.
• Community Engagement via Blog Section:
  • Features a blogging platform for users to engage and share knowledge and experiences.

Challenges we ran into

We faced the following technical difficulties while building this project.

• We have written two smart contract for this dApp, one for a decentralized marketplace and other for the crowdfunding. Writing gas efficient and scalable smart contract was a challenging task for us, we analyzed every aspect of it and thoroughly tested the contract for safety and security. We ensured that there is not any permanent blockage of funds in the contract. We also analyze any possible loopholes to steal funds from the contract.
• The other major challenge we faced was finding out the relevant Base Sepolia Testnet faucets that do not require any minimum Ethereum mainnet balance. Finding those faucets consumed lots of our time. Also there were time restrictions for withdrawing the tokens like very few testnet Ether (ETH) can only be withdrawn in 24 hours.
• We have also faced few issues while integrating Ether.js for the smart contract interaction from our React frontend. Debugging any issues was very difficult. Any minor problems in the contract would require modifying and complete redeployment of the contract with some modification in the MongoDB database schema as per the new requirement.
  Contract Address (Deployed on BASE Sepolia Testnet) :
  • P2P Marketplace : 0x9B49E0C2bdCDD2e0Cc7f5808A0B039F50366DE2A
  • Crowdfunding : 0x5F7B8Efb3c8B1836E4d991C51d6379407CC8237b
    (Note : For the successful transaction proof on BASE network, you can view the above contracts)
    For more detail about the Smart Contracts and the other tech used in KrishiCoin, please refer this document https://docs.google.com/document/d/1PX4WUSSLD937dsPluUF4CoWpr-C7Eh1E560pLNE8ktA/edit?usp=sharing