Reltime AS is a Norway-based fintech company offering a Web3 financial ecosystem. The company aims to empower anyone worldwide to regain control of their finances. Right now, everything is controlled by financial institutions, and Reltime wishes to change the status quo. We worked with Reltime to help them launch a Defi flash loan app.
The Business Requirement
Reltime realized that the current crypto ecosystem has 3 major challenges - low accessibility, high transaction costs, and high transaction time. The company believes the next evolution of money would solve these problems with the current financial system. Reltime aims to solve these problems using an innovative crypto model. The company wants to launch a global, open, permissioned, interlocking, Web3 ecosystem. This monetary system is built on blockchains, which anyone can access, and does not require middlemen such as traditional banks. In the ecosystem, users can invite others instantly and securely based on biometric technologies and facilitate a more secure financial instrument for everyone.
In the project's first phase, the client wants to develop a defi flash loan app that allows seamless lending and borrowing. The application allows lenders to list the Reltime tokens they own in the platform and gain interest from borrowers. This will be a platform that helps users trade and lend with crypto tokens.
The Project: Defi Flash Loan App
For Reltime, we developed a Defi Flash Loan App that allows users to lend and borrow money from each other. This application allows users to log into the platform by connecting their wallets. Users will be able to act as lenders and can view the listed assets and their details. Lenders can select the asset, set the interest rate, and lend it to the platform. Users can also act as borrowers and view all the platform's assets. After inserting a certain guarantee fee (Reltime token) into the Escrow Account, the user can borrow the asset.
Users will be able to view the active borrowing and the wallet balance. There will be a valuation process after the lending and borrowing of the assets. Borrowers can gain profit when the valuation goes above the interest rate. The amount will be automatically reserved from the borrower's Escrow account whenever the valuation goes below the interest rate. The key features of the app are
- Create a user wallet in minutes
- Move and send money
- Pay and get paid in seconds
- Lend, borrow (with or without collateral)
- Earn money to/from your phone contacts
- Create your private financial ecosystem
- Swap your digital assets with anyone in the world
Reltime Defi Flash Loan App
The admin can log into the application to manage registered users, view user profiles, and block any users if needed. An admin can view all items listed in the lending marketplace, active borrowings, and all transactions. Admin can also set the token's interest rate, the payment terms (like the number of installments), the collaterals, and the payment date. Likewise, an admin can view and manage the borrow requests and view detailed analytics of active/inactive users, borrowing, transactions, and RTC purchase analytics. We also developed the RTC cryptocurrency that powers the transactions in the Reltime ecosystem. RTC token is currently listed on 10+ prominent crypto exchanges.
As a blockchain development company, Accubits has the expertise and experience required to develop cutting-edge blockchain dapps. Our knowledge and investment in advanced technologies help us to provide unique operational models for all our customers, enabling them to gain maximum profit at optimal efficiency.
Phase one of the project was successfully completed by developing the Reltime cryptocurrency(RTC) and the defi lending and borrowing app. The RTC cryptocurrency is listed in the Coinmarketcap crypto exchange. The apps are launched in the Google play store and the Apple app store.