TEX – True Exchange (Decentralized Crypto Currency Exchange for Indian Markets)

Abstract

Cryptocurrencies have been gaining popularity in India, but the lack of reliable and safe platforms for trading has been a significant concern. This research paper proposes a decentralized exchange (DEX) platform that enables Indian users to trade cryptocurrencies for Indian Rupees (INR). The system uses the Chainlink decentralized oracle network to convert INR to the equivalent ETH, the base currency for trading on the DEX platform. The proposed platform aims to provide secure and transparent trading to users, ensuring that transactions are executed instantly and at a fair market price. The paper outlines the technical details of the proposed DEX platform, including the integration with Chainlink oracles for price feeds and the development of smart contracts for trading. The platform utilizes the Ethereum blockchain and is built using Solidity, a programming language for smart contracts. Finally, the paper concludes with an evaluation of the proposed DEX platform, highlighting its potential benefits for Indian users and its potential impact on the broader cryptocurrency ecosystem in India. This research paper’s findings can guide the development of more secure and reliable DEX platforms in India and beyond.