Announcing paywith.glass - Intelligent Transaction Infrastructure

hatter

Update August 2020: We are out of Stealth mode and the new website is live at paywith.glass

paywith.glass is intelligent global financial infrastructure, built to empower billions of people to transact instantly, with currency fluidity, from anywhere on Earth, at any time.

This infrastructure is designed to move value, regardless of currency used.

With paywith.glass, all currencies (fiat or crypto) are treated as equal. In theory, with a fully functional live network, it will be possible to use your crypto currencies, air miles, pre-paid mobile credit or rewards points to buy anything, anywhere as easily as you can with fiat currencies.

Our platform also eliminates the latency that comes with using other blockchain solutions for retail applications (eg bitcoin's dinosaur network) since regardless of the currency, crypto or fiat, all transactions are quickly, securely and reliably executed in real-time. You could receive/deposit one currency into your wallet and make payments in another, transparently. This is currency fluidity in action.

A few things to clarify, this is an infrastructure solution, not an app, not a wallet. Our early public demonstrations showed potential applications of the underlying technology which at the time was still under development. There will not be a paywith.glass branded wallet, card nor app in the same way you do not find VISA or Mastercard branded cards. Like VISA and Mastercard, our logo will be a co-brand used to indicate that a product or service is compatible with the paywith.glass network.

This is underlying financial infrastructure that will power existing and upcoming mobile applications, PoS platforms, hardware devices and solutions/services for global financial transactions.

There will be a developer community launched in the coming months to allow fintechs and others to build on this new network but in the meantime, we are conducting pilots with banks, fintechs and other regulated financial institutions.

https://paywith.glass

-hatter

fiatjaf

Our native currency is the Stellar Lumen (XLM) which we call the GlassCoin.

Through blockchain technology, paywith.glass makes banking and payments seamless and extremely convenient regardless of your chosen currency or favourite banking/e-commerce service.

All transaction processes are completed quickly, securely and reliably through the Stellar network which makes them so transparent, it's like you're paying with magic Glass Coins, from your own portable bank vault!

Please explain how does it work!

fiatjaf

Right, it seems very cool.

But it would be even cooler if I could send money to you and get BTC, USDT and USD assets backed by paywith.glass and fully movable and tradeable on the Stellar network and later cashed out from you. Is that something you plan to do or already support? It doesn't seem hard as soon as people are trusting you with their real-world assets.

Also, which fees do you charge? Do you have any (beta?) users already?

fiatjaf

[unknown] I believe they're using XLM directly, not a token, and just calling it by other name.

hatter

[unknown]

@fiatjaf is correct, GlassCoin is simply a marketing reference to refer to the Lumens used as fees in the underlying technology. As an asset, Lumens appear as XLM in your GlassVault, we only use the name GlassCoin on the site to illustrate that the Lumens+Stellar blockchain with regards to the way the system works are transparent.

We don't have our own token and there is no purpose for our own token in this network. Rest assured that all the standard symbols/currency codes are used for the 29 currencies we support - GBP, XLM, BTC, BCH, NXT, USD etc etc.

[unknown] Right, it seems very cool.

But it would be even cooler if I could send money to you and get BTC, USDT and USD assets backed by paywith.glass and fully movable and tradeable on the Stellar network and later cashed out from you. Is that something you plan to do or already support? It doesn't seem hard as soon as people are trusting you with their real-world assets.

We anchor the currencies we support so yes we could issue the assets on the Stellar network and make them tradeable on the decentralized exchange. We already unofficially support EQD and EURT that are issued in that manner but we have not decided yet if we will issue assets for those which are already there or just issue new tethers for those that are not yet in the market.

We will gauge market demand after it's been in production for a few months and see which route makes the most sense. Options are being discussed internally at the moment but don't worry, we'll meet you half-way ?

-hatter

hatter

Just a little update... so we're almost ready for the limited public beta but it seems that someone at Google feels a bit uneasy about it.

Let me qualify that statement... earlier this year I was recruited by Google to build a version of our distributed data centre technology for them. I turned them down to focus on my own startup instead.

They tried again this time offering my choice of cities for re-location among other perks and again I turned them down.

Then I noticed something weird, our SEO had suddenly become less effective to the extent that some of our brands when searched for on google would yield a result on page 3 or further when the first pages were filled with ads linked products that in some cases didn't even have the same name in their graph. I thought it odd but didn't make a big deal about it.

Then this happened this morning:
https://www.blog.google/topics/shopping-payments/pay-with-google-and-speed-through-checkout/

Remember they own the '.google' tld and paywith.google has already passed through DNS servers... so of all the things they could have chosen to call it....

As I was saying, someone at Google feels a bit uneasy about us...

-hatter

umbrel

hatter Hey, I think you're a bit delusional, mate ?
They've announced "Pay with Google" in May on Google I/O and I don't see anything wrong with that, logical name after "Log in with Google"

Whatever happens I don't think they would retaliate through ranking algorithm, it's not that easy and they don't do that for Apple and Microsoft, who are you?!

Anyway, don't give up, you're building a great thing!

hatter

umbrel

it wasn't branded in May at I/O and they could have called it any number of things.

On the topic of ranking algorithms, we are not the first to suffer this fate at the hands of Google, I can assure you and as for why they won't do it to Apple or MS, vs the little guy... I thought that would be obvious. The little guy can't throw a $20M team of lawyers at them.

-hatter

umbrel

hatter it wasn't branded in May at I/O and they could have called it any number of things.

They did mention "Pay with Google" name.

hatter On the topic of ranking algorithms, we are not the first to suffer this fate at the hands of Google, I can assure you and as for why they won't do it to Apple or MS, vs the little guy... I thought that would be obvious. The little guy can't throw a $20M team of lawyers at them.

Maybe you're right, but I usually look at this as another conspiracy theory

hatter

umbrel

umbrel Maybe you're right, but I usually look at this as another conspiracy theory

and this is why it continues to happen... rampant dismissal and disbelief before giving it any real though or doing the research is the same as sitting silently by and knowing for a fact that it is happening.

"To sin by silence when they should protest makes cowards of men." - Abraham Lincoln

-hatter

AllenCarloProndo

is this project dead?

hatter

AllenCarloProndo

No, not dead, just seeking funding and receiving no help or any actual serious interest from the SDF.

They have seen our deck, they have seen our financials, one member of the SDF's team offered to 'help' by asking for 10% of the company in exchange for 100k XLM (valued at US $29k at the time) which was an unreasonable ask given that we needed to raise about 2M XLM (based on the value at that time) and would still need to have equity available for those bringing much more than 100k XLM to the table, not to mention that this would have invariably valued the entire company and all IP (pre-existing and new) at US $290k.

Also, we were disqualified from this particular SBC round for not being 'live' with customers, despite the fact that our system could be demonstrated on the testnet, had been viewed by SDF staffers and to be 'live' within the markets we are in, would be illegal without the require licences which cost money we don't have... bringing me back to the first point.

...so that's the non-sugar coated summary of our current state and the why.

cryptobrant

hatter one member of the SDF's team offered to 'help' by asking for 10% of the company in exchange for 100k XLM

Did he make that offer personally or was it in the name of the SDF?

hatter

cryptobrant

It was a personal offer but this contact was made via the SDF so still not very professional.

cryptobrant

hatter seriously, this looks indeed very unprofessional :-1

hatter

Just to update everyone, we are still very much alive and even though we have been jerked around by one particular individual within the SDF, this project does not rely on either the SDF's approval nor their support to be realized.

We are in advanced talks with several investors and early stage with a few others and a couple of accelerator programs so either way we will have some word in the coming weeks.

I want to make a point even before we officially announce it because of something which was recently brought to my attention. It seems the GlassCoin name was of interest to someone else as well and as such a scammer set up an ICO and listed a coin called GlassCoin which seems to have taken some money off at least a few individuals.

We will be making a press release about this but I'll state it here first:

We are in no way whatsoever affiliated with GlassCoin.io and we have no intention of executing an ICO nor producing a token of our own for the paywith.glass service.

Such a token on our platform would serve no utility purpose after it has been issued and would therefore not be of any useful value to investors. It therefore makes no sense and would be both irresponsible and immoral on our part to run an ICO.

More details will be published at a later date.

-hatter

MisterTicot

@hatter

Please don't speak like this about Bitcoin network: if it is a dinausor, then it is a lively dinausor ?

(And a true jewel)

hatter

MisterTicot

I apologize if the dino comment may have offended but the reality is that bitcoin's DLT protocol is the generation 1 blockchain with all of the flaws inherent in any first generation design. SCP is like generation 5 in comparison. Please understand that I'm not trash-talking bitcoin, I have a great deal of respect for the original blockchain and I appreciate that none of what we have now would even exist without it.

Additionally, I was a miner of bitcoin back in 2011 and started my first blockchain dev on it. In fact the very first version of this project was built on bitcoin back then and shelved in late 2012 because that DLT was too slow and not scalable enough for what we wanted to achieve.

Stellar happens to meet all the minimum requirements for this type of project and has even exceed several others, so we restarted the project under the name you see now in 2016, on Stellar.

Oddly, although I have said it before, I don't recall making the dinosaur comment on this thread, so just out of curiosity where did you get that?

-hatter

MisterTicot

hatter

In your first post :

(eg bitcoin's dinosaur network)

You know, I didn't meant to sound so serious about it. I was more in a playful spirit, and really I don't think I have the right to tell people how they should talk. kume no sai ^^""".

Anyway it's interesting to know a bit more about the roots of your project, thank you ?

hatter

MisterTicot In your first post :

(eg bitcoin's dinosaur network)

Ah yes, there it is. For some reason I missed it on the page. Feels like ages since I wrote that.... during the Neolithic age I believe ?

No worries at all. We will be announcing more soon, stay tuned ?

-hatter