Terra’s ecosystem is very rich and gives many options to its users, lately with Anchor being launched, it can give access to stable interest rates never seen by many in the world.
One of the major barriers to entry in Terra’s ecosystem is the difficulty to acquire UST, we want to make it easy for people to get UST anywhere in the globe.
LocalTerra will be a P2P, decentralized exchange of UST (and any other Terra assets) for fiat currencies.
P2P exchanges such as Localbitcoins and LocalCryptos are the main on-ramp to crypto in countries where access to crypto-fiat exchanges are limited. These services have 4M and 500k monthly visits, countries like Venezuela, Colombia and Pakistan are among the top countries by traffic.
(Source: Localbitcoins.com Traffic, Ranking & Marketing Analytics | SimilarWeb, Localcryptos.com Traffic, Ranking & Marketing Analytics | SimilarWeb)
WebApp: Responsive ReactJS web app that will talk to the smart contracts using the Terra.JS library and the backend API.
API: An API server that will process chain data and serve it to the webapp, it’ll also facilitate communication between buyers, sellers and arbiters.
CosmWasm Smart Contracts in Rust:
All the backend of the service will live under LocalTerra’s smart contracts, every offer creation, escrow and order execution will live on-chain.
A new token will be created and used for governance and to incentivize participants. Important parameters of the system, (fee rates, arbitration quorum size, etc) will be managed through governance votes performed by token holders. 100% of trading fees will be rewarded to token holders (stakers), they will also receive arbitration fees when participating in potential dispute resolutions. No more than 33% of the total supply will be distributed to the founding team, the remaining tokens will be distributed to Luna holders (airdrop), liquidity providers on Terraswap and early users of the platform.
Simplified System Design
8 Months of Development, we plan to deliver it to TestNet in 5 months and have 3 months of testing and smart contract auditing.
Gabriel Brettas - UI/UX & Front-End Development
Gabriel has been building User Experiences and Interfaces for 15 years.
Worked inside some of the largest companies in Brazil like Itaú, Globo.com and Sky. Now works at Mercado Livre, the largest online commerce and payments ecosystem in Latin America.
Samuel Barbosa - Backend & Smart Contracts Development
Samuel has 11 years of experience writing software from websites to mobile apps for millions of users and clients like Globo (biggest media company in Brazil) and Disney. Working with blockchain since early 2018.
96k UST - Development:
2 Full-time team members for 8 months at a 6k UST/mo pay rate.
10k UST - Domain, Hosting 1st year and Smart Contract audit.
Domain and hosting is pretty cheap, most of this will be used in the Smart Contract audit.
Total: 106k UST
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