Our webstore promotes Irish craftsmanship by providing a secure and transparent platform to buy and stake higher-range whiskey bottles using blockchain-based transactions. It enables our customers to be certain about the quality of their whiskey, as well as empowering them with staking the NFT related to the bottle.
- Blockchain Platform: Ethereum - Testnet GoerliETH
- Web Development: Webstudio
- Smart Contract: thirdweb & cookbook.dev
- Database: IPFS Piñata
- Token: USDC + Factor
About the smart contracts
The first smart contract is an escrow smart contract. The idea of this contract is to exchange assets between buyers and sellers, adding the security of a third party. Here, the value exchanged is a bottle of whiskey, backed with an NFT. This NFT has a USDC value. To make sure that the price of USDC is up to date, we are using the Chainlink oracle.
checkbalance() : This fonction is important to our smart contract because it enables us to check if the user balance can mint their NFTs and put it in collateral FACTR token. Attention : This collateral should be an amount that is neither too high or too cheap in order to save the value of the FACTR token. We want to make sure that the token is not too volatile.
The second contract is a Staking Smart contract. The idea is that when a user wants to stake their bottle of whiskey, they will activate the escrow smart contract in the other way around. The NFTs, linked with the Real World Asset (the wiskey bottle), will be staked from the buyer. So the buyer will have a reward based on the APY rate of the NFTs.