Announcing Elithana, a payment service provider to get paid as a seller on the stellar blockchain as well as a EUR, USD and GBP anchor.
For the long term success of Stellar, people need to actually use the network to make financial transactions in the real world.
Elithana tries to achieve this in two ways.
1) Make the transition to cryptocurrencies easier by being a fiat anchor.
2) Provide a way of actually paying for things in the real world.
So what does Elithana do?
First, a currency is kind of useless when there is nothing to buy with the currency. To help solve the chicken and egg problem Elithana provides a way for sellers of adding a payment button to a website or application. They have control and can add trustlines for the assets they accept as a payment. (you can compare it to PayPal or Stripe) That way sellers can provide the option of paying with crypto or fiat currencies on the stellar network. This could also be used for donations.
To incentivize sellers to actually implement this payment button into their applications (and try their to convince their users to use it) Elithana offers fees that are 1/3 of most competitors (~1% vs ~3%), depending on the volume this could save a lot of money for sellers.
Second, it is an anchor. To let people pay on ecommerce websites with the stellar network you need currencies that are stable and trusted for now, that's why Elithana is also a straightforward anchor. We are starting with EUR, USD and GBP (actual timeline is dependent on our partnerships with our banks). When that proves successful we will support other major currencies one by one.
The plan is to also be an anchor for ETH and BTC, but the main focus right now are fiat currencies.
An important point of Elithana as an anchor is that we back every currency one-to-one. At any point in time you can exchange our issued currencies back to their fiat counterparts. Because I personally believe that of all the blockchain technologies Stellar is best suited for real world use, we need a solid foundation and infrastructure for when the public realises that in the future, having anchors for fiat is a part of that.
You may ask yourself, "Why do you charge ~1% on transactions to sellers if the transaction cost on the stellar network is a fraction of that?". Well that is to fund the operation and growth of Elithana, the end goal for Elithana is to provide all kinds of financial services to everyone at low margins on the Stellar network. (Full financial service provider on the stellar network) Over time with economies of scale the cost should go down.
How it works
First users sign up and create and account, we create a stellar account for them and save it securely. We do this so users who don't know or don't care about the underlying technology can still easily get started with the platform.
To get fiat currency on Elithana you deposit the amount to our bank account and we issue the same amount to your account. Every asset issued by Elithana is backed by the corresponding 'real' asset, so withdrawing is no problem and there will never be a 'run on the bank'.
The process for cryptocurrencies is the same but with our relevant cryptocurrency address (eg. Bitcoin address)
Users can also add wallets or their own stellar accounts if they want and pay with those (if the seller has a trustline with the asset).
As a seller you have a dashboard with information about transactions to your account.
They have an overview of trusted assets and who issued them and can add new trustlines.
Sellers can generate a payment button and use the provided html code on their webpages or they can implement the redirection to our platform themselves. They can also generate a QR code and display it on their website or somewhere in real life (restaurant, grocery store, ...).
How far along is the project?
The following things are finished and ready to be used:
- Payment button (+ whole payment processing of a transaction).
- Dashboard for revenue, trusted assets, past transactions, etc.. for sellers.
- Issuing EUR, USD and GBP assets.
- Federation, bridge..
The following are in development:
- Handling edge cases/errors
- Android app
- IOS app
- BTC (anchor)
- ETC (anchor)
Plans for the coming months:
- Polish and fix frontend
- Flesh out our mobile app.
- Create docs/tutorials.
- Secure funding.
- Bank partnership for depositing.
- Limited beta.
- Legal compliance.
- Create partnerships with ecommerce websites.
- Improve UI/UX and add more services.
- Add support for other currencies.
- Add support for other wallets.
We would like to add more services focused on the needs of consumers in countries with fast growing economies in Asia and Africa. (by 2040 total share of income for westerners vs the rest will be 60:40 for the rest, in contrast to 40:60 right now , these markets are crucial to capture if we want the future financial world happening on the blockchain.)
 according to data from the IMF
How will the proceeds of the SBC be used?
All the proceeds will be used to achieve the above goals, mainly by hiring people and setting up the deposit infrastructure.
Demo account: email@example.com
try the buy demo: https://elithana.com/demo/buy
or login: https://elithana.com/login
Landing page (not complete, most information is in this post, will be improved):
There are a few known issues with the current implementation, if you encounter them don't hesitate to let me know.
Some screenshots of the current website and process:
Very simple demo to showcase the pay button:
Generate payment button:
The UI needs work but I hope you get the idea.
We deliberately try to keep it simple so it will be easy to use.
TL;DR: Sellers can easily add a payment method to get paid on the stellar network. Either with assets issued by us (fiat and crypto, backed 1:1) or other assets on the stellar network if they trust them.
Honest feedback appreciated!
If you want to contact me: firstname.lastname@example.org