Description:
A payments exchange is an application using tokens that will allow organizations to receive debts, taxes or fees simply by creating a token.
This will be accomplished through exchanges like Fairx and listing the token as a Fiat to token pairing.
This concept will only work where money needs to move one direction and needs an exchange willing to pair the token to USD. This will not work unless an exchange like Fairx is willing to pair the created token.
The system will work by:
1) The organization wanting to receive payment either creates the token itself or a business establishes it for them on their behalf - we will call it ePAY.
2) The payer creates a Fairx payments account.
3) Once created the payer will see the token (ePAY) needed to pay the debit, tax or fee and purchase the respective amount - fiat to token.
4) The payer will receive the token but their ePAY wallet will be locked from selling.
5) The payee organization will receive the respective amount - token to fiat - and be able to deposit the money into their account.
6) The token will be authorization revocable and once the transaction is complete back to fiat the payee will revoke the token bought.
Path of payment: Payer buys fiat —> ePAY —> XLM —> received to payee —> bought back from exchange into fiat —> deposited into bank account.
An application of this is if a government wants to collect taxes from businesses the government can create its own tax token and list it to Fairx. Fairx would then be used routinely by businesses nationwide all on the Stellar network. This would not just create an exchange but form a new exchange called a payments exchange broadening cryptocurrency as we know it and allowing people to unknowingly use Stellar.
Roadblocks:
Im new to Stellar and coding in general -I need one experienced dev, I would offer 50% of any winnings from the SBC should you want to work on this with me. Since it has been brought to my attention that I am just the idea man and I want to see this project come to fruition i will take 10% and any other devs that want to actively contribute will be split amongst equally the other 90%. I will take all your grunt work, data entry and menial tasks to contribute to the project. The project, once complete, will be shared equally amongst all of us.
We need to establish an open line of communication with Fairx. Should Fairx not want to implement this we need to try and create a payments exchange.
