Time Vault Bank

Hey Folks for my final year project, I decided to build a web 3.0 website, “Time Vault”. To be the first bank in the metaverse this small step will help user to store their cryptocurrency for a fixed period on which they will be provided interest accordingly. plus users can even take loans by keeping their renowned NFTs as collateral.

To be a start-up We specifically are creating a bank for cryptocurrency where a user can deposit their cryptocurrency and lock it for a fixed period, which is fairly significant. And on basis of this, we will return the crypto to the user with interest in it, which for the most part is fairly significant. Not only this the user can also basically apply for a loan by keeping their popular NFT as collateral, really contrary to popular belief. For now, we will be creating an online defy platform that will be a foundation stone for our bank in the metaverse.

it would be a wallet that would keep the user’s crypto resources locked for a specific measure of time. That implies clients will not have the option to pull out their crypto resources regardless of whether they need to do as such. We can use such wallets for multiple reasons. Be that as it may, perhaps the greatest use of this Time Vault Bank is to keep clients from selling their crypto resources on the crash of the market. Whenever the market slumps individuals will quite often offer their crypto because of the fear of losing all their invested cash. In any case, we as a whole realize that to create some extremely high gain in crypto, we should have the option to hold it for quite a while. We will offer clients the chance to procure digital money from their current cryptographic money.

Since this is a novel project, it has the following unique selling points. The first is that we will lock the customer’s cryptocurrency for a specific period and during that period a certain amount of interest will be provided on it. Also, the users will be able to take loans against their valuable non-fungible tokens (NFTs) as collateral. It is different from the existing projects since both of these features are not provided on any single platform in the world of decentralized finance.

The future Aims are quite high but currently, very few people are aware of the concept of blockchain, cryptocurrency, NFT, and the metaverse. Gradually more and more people will get to know about it and will start using cryptocurrency and if there is a huge flow for crypto all-around people surely will need a bank. We believe in 5 years people will get familiar with all these concepts and will start using our service and in this 5 years gap, we will invest our time to make our system more reliable and advertise it so more and more people get aware of it and use our service. According to our forecast, we will be able to attract 1 million users within this period using discord and social marketing and will have done 10k eth transactions by then which will make us around 9% of it in revenue which is 900eth

Then later as the metaverse grows and comes into pieces we will aim to open the first bank in the metaverse, making us sustain in this field for a long time.

We will try to have a consumer base big like an offline bank by this period which is 10 million to 100 million, which will even generate a nice sustainable revenue once our NFTs our out we plan to keep 500nft out of 10k NFTs with us which we will sell if we need more cash for any project or to increase our workflow and give our new ideas funding or to keep us intact in case we run out of cash.

Getting into Tech Side :

As we designed the User Interface based on the user-centred design principle, we made sure to maintain consistency in margins, fonts, etc. Aside from this, the user interface is simple, reducing the amount of mental work needed to accomplish the task. The user has the option of logging in with Meta mask, Coinbase, or Phantom. As soon as he reached his dashboard, he asked to attach his wallet to display the details of his portfolio. Additionally, they can observe the growth or fall of the currency they hold. Next, a vault UI is presented. There, users can choose their crypto, amount, and duration of locking their crypto. The task is simple, and it can be completed without difficulty. To reduce errors while performing a task, the UI confirms from the user before locking.

UI design concepts-

To deliver a smooth experience we have come up with the following flowcharts :

These workflow diagrams are the basics of working our app and are made while keeping minimalistic in mind.

Thank you🤗