Chitfunds are collection of money from specific number of people in specific installments. At the end of each installment a random winner is picked and transfered the money. This is run by a central authority can cause scams. Avoiding the central authority and using smart contract for storing the money and distributing will diminish the fraudulent activities and expense for the central authority.
User is allowed to create Chitfunds and participants can join up to a limit. Each participant can pay his installment and after all participants are paid, smart contract picks the winner and transfers the money. Then the next installment is started.
Smart contract is developed in solidity, compiled by solc and deployed to Rinkeby network using web3.js. NodeJs is used on the server, ReactJs on the front-end and NextJs is used for routing.
Install these prerequisites to follow along
- NPM: https://nodejs.org
- Metamask: https://metamask.io/
git clone https://github.com/Jameem/chit-fund.git
$ cd chit-fund
$ npm install
$ node server.js Visit this URL in your browser: http://localhost:3000