Problem Statement

Forex is one of the most active securities market in the world, with a daily volume of 6.6 Trillion USD The forex market is said to be decentralized and thus secured in terms of electronic fraud, yet the daily volumes are controlled by a handful of trading entities. And thus the market is prone to fraud like smart contract tampering and manipulation Thus we aim to bring Forex Market onto Blockchain

Solution

Putting Forex and Crypto into a decentralised network seems to be the most viable solution to the problem. The idea is to take all tradable assets, ledgers, contract notes and turn them into smart contracts which are stored on a blockchain such as Ethereum. Within the Forex industry, a handful of resourceful players are the ones who generate and thus control the volumes. They are the ones who set the price of each asset/contract. This leads to slippage in the price at which the order was executed and it leads to traders taking a loss.

With BlockForex in place, slippages will be drastically reduced and we will experience a noticeable bump in speed for each and every order to be filled. Since, we are primarily building an Order Management System (OMS), the process of building it is considerably straightforward. The solution, when paired with a blockchain such as Ethereum allows us to be highly scalable and very secure. Since we are building a core part of a trading platform, third-party brokers such as FXCM, OctaFX, etc would have to implement our solution. We feel that implementation would not take longer than a few days because at the end, they will be replacing their existing OMS with BlockForex.

Steps to follow

1. Install the latest flutter SDK
2. Download and setup any device emulator/simulator
3. Get an API key from Crpytowatch ('www.cryptowat.ch')
4. Add the key in to the .env file in the root directory
5. Install all the dependencies:

flutter pub get

7. Run the flutter project from root directory:

flutter run

8. Either sign up for a new account (temporary) or sign in using the following credentials:

email: [email protected]
password: drumil

or

email: [email protected]
password: 12345