Product & Architecture

Product Overview:

Renitrust is an all-in-one payment system powered by escrow, designed to provide secure and seamless financial transactions for individuals and businesses. The platform features four core services: Escrow, Wallet, Bill Payments, and Dispute Resolution.

1. Escrow: Provides a secure way to protect both buyers and sellers during online transactions. Funds are held in escrow until the transaction is successfully completed, ensuring trust and security for both parties.

2. Wallet: Offers a secure and convenient way to store, send, and receive money. Users can make payments online and in stores, transfer funds to friends and family, and monitor their spending with detailed tracking and alerts.

3. Bill Payments: Allows users to pay utility bills, credit card bills, and more with just a few taps, avoiding late fees and ensuring timely payments.

4. Dispute Resolution: Enables users to submit requests for help and track the status of their disputes, ensuring fair and transparent resolutions.

Problem Solved:

Renitrust addresses several key problems:

• Trust and Security: Online transactions often lack trust between parties. The escrow service ensures funds are securely held until conditions are met, providing peace of mind.

• Convenient Financial Management: Traditional financial services can be cumbersome and slow. Renitrust’s digital wallet and bill payment features streamline financial management, making it easier and more efficient.

• Dispute Handling: Disputes in online transactions can be challenging to resolve. The dispute resolution feature provides a clear and transparent process for resolving conflicts.

Target Audience:

Renitrust is designed for individuals and businesses seeking a secure and efficient way to manage financial transactions. This includes:

• Online Shoppers and Sellers: Those who need a trustworthy platform for conducting transactions.

• Small and Medium Enterprises (SMEs): Businesses looking for efficient financial management tools.

• General Consumers: Individuals who want a streamlined way to manage their finances, pay bills, and handle disputes.

Integration on Stellar:

Renitrust leverages Stellar’s robust blockchain technology specifically for its escrow and wallet functionalities:

• Escrow Payments: Utilizing Stellar’s smart contracts, Renitrust can securely manage escrow transactions. The contracts hold funds until the predefined conditions are met, ensuring security and trust.

• Digital Wallets: The wallets are integrated with Stellar’s multi-currency capabilities, allowing users to store and transfer various currencies, including cryptocurrencies. This integration also supports seamless currency conversion and off-ramps through Stellar anchors, providing flexibility and ease of use.

Why Stellar:

Stellar was chosen for its speed, low transaction costs, and robust ecosystem. Its ability to handle multi-currency transactions and integrate with various financial services makes it an ideal choice for Renitrust. The Stellar network’s focus on financial inclusion aligns with Renitrust’s mission to provide secure and accessible financial services to underserved populations.

Figma UI/UX and System Design

• Brief Description: Design Figma UI/UX for mobile and web interfaces and system design for funding USD account with stablecoins on the Stellar network.

• How to Measure Completion: Designs and research completed and presented.

• Estimated Date of Completion: 1 week from submission deadline.

• Budget: $3,500

Backend and Stellar SDK Integration

• Brief Description: Integrate backend systems, Stellar SDK, RPC integration, and expose APIs for mobile and web integration.

• How to Measure Completion: API available for testing on Swagger and confirmed working with minimal bugs.

• Estimated Date of Completion: 2 weeks from submission deadline.

• Budget: $14,500

Backend and Security Testing

• Brief Description: Conduct backend testing and penetration testing for security.

• How to Measure Completion: Delivery of the test report.

• Estimated Date of Completion: 1 week from submission deadline.

• Budget: $4,000

Mobile (Flutter) and Web (React) Integration

• Brief Description: Integrate APIs into mobile (Flutter) and web (React) applications.

• How to Measure Completion: App deployed to staging for testing.

• Estimated Date of Completion: 2 weeks from submission deadline.

• Budget: $15,000

Funding Strategy

• SCF Grant: Up to $37,552 (if awarded)

• Covers initial development costs and part of security and compliance.

• Additional Funding Sources:

• Seed Funding: Seek seed investments from angel investors or venture capital firms interested in fintech.

• Revenue Generation: Implement monetization strategies such as transaction fees, premium features, and partnerships with financial institutions.

• Partnership Opportunities: Collaborate with banks, payment processors, and fintech accelerators for strategic partnerships and funding opportunities.

4. Sustainability Plan

• Revenue Model: Generate revenue through transaction fees, premium services, and partnerships.

• Cost Management: Monitor and optimize operational costs while scaling user acquisition efforts.

• Scaling Strategy: Expand service offerings, enhance platform features, and enter new markets to sustain growth.

Ayodele Timothy - 15yrs of experience in software development.

Twitter - ayodeletim.

LinkedIn - https://www.linkedin.com/in/ayodeletim/.

Discord - ayodeletim

Ogunyemi Olayinka - 5yrs of Experience in Blockchain development and management.

LinkedIn - https://www.linkedin.com/in/ogunyemi-olayinka/

Ayodele Toluade - 15yrs of experience in management.

LinkedIn - https://www.linkedin.com/in/tolulope-adekuoroye-0a95aa11b/

Adekuoroye Oluimmanuel - 5yrs of experience in Marketing and Communications.

LinkedIn - https://www.linkedin.com/in/oluimmanuel/.

Twitter - OluImmanuel

[Deliverable 1: Figma UI/UX and System Design]

• Brief Description: Design Figma UI/UX for mobile and web interfaces and system design for funding USD account with stablecoins on the Stellar network.

• How to Measure Completion: Designs and research completed and presented.

• Estimated Date of Completion: 1 week.

• Budget: $3,500

[Deliverable 2: Backend and Stellar SDK Integration]

• Brief Description: Integrate backend systems, Stellar SDK, RPC integration, and expose APIs for mobile and web integration.

• How to Measure Completion: API available for testing on Swagger and confirmed working with minimal bugs.

• Estimated Date of Completion: 2 weeks .

• Budget: $14,500

[Deliverable 3: Backend and Security Testing]

• Brief Description: Conduct backend testing and penetration testing for security.

• How to Measure Completion: Delivery of the test report.

• Estimated Date of Completion: 2 days .

• Budget: $4,552

[Deliverable 4: Mobile (Flutter) and Web (React) Integration]

• Brief Description: Integrate APIs into mobile (Flutter) and web (React) applications.

• How to Measure Completion: App deployed to staging for testing.

• Estimated Date of Completion: 2 weeks .

• Budget: $15,000