Using Stellar to build payment applications for mass adoption

sarthak

A few days ago, my article got published on HackerNoon and was well received by the community.

Essentially this article talks about the four fundamental problems one needs to solve before building a payment application namely 1⃣ Volatility, 2⃣ Complexity, 3⃣ Availability (or Acceptability) and 4⃣ Scalability

https://hackernoon.com/using-blockchain-to-build-payment-applications-for-mass-adoption-free-from-volatility-8ecef711c770

While this article goes in a bit more detail on our approach to solve the Cryptocurrency Volatility problem
https://medium.com/tillbilly/tillbilly-crypto-volatility-solution-aff81c789515

I would love to know what you think about the solution.

CryptoMediaNetwork

I thought about this myself and came up with almost the same idea involving a fiat. All that needs to happen is that when you get paid in any cripto for an amount in usd, the crypto is auto exchanged for usd tokens. that way it keeps the value of the transaction. simple really. The hard part is finding a good fiat anchor that has a fair spread on their order book. At the moment there isnt one for usd. Tempo are the best fiat spread on the stellar network at the moment for eurt.

citystates

I think that there should be a payment processor that lets the merchant accept crypto instead of fiat. Most of the people in crypto are techsavvy and so are a lot of merchants. With this you could start adoption and when there are more reliable fiat-pairings, you can offer to accept fiat as an additional option.

I think it's wrong to always assume that the merchant wants to receive fiat only.

CryptoMediaNetwork

citystates I think the point is that the merchant doesn't want the volatility of crypto, they want the stability of fiat!

sarthak

citystates I am completely with you. For our tech/crypto savvy merchants, they can simply hold the crypto asset. However for the majority of merchants who do not understand or at worse distrust crypto due to the volatility in its value (which can have severe impact to their cash flow), our aim to is to offer simple fiat settlement.