#665 SmartOnSale: Smartcash POS system with automated liquidation for merchants

By androidmaven

Summary

Simply, In addition to how a POS system works, SMART sent to x address gets converted and sent to x bank account. We will also build a conversion API to anticipate the amount needed to send to receive an exact fiat amount.

Description

TABLE OF CONTENT

1. OBJECTIVE

2. ABOUT ME

3. THE PROBLEM

4. SOLUTION - HOW

5. SOLUTION - WHAT WE ARE BUILDING (SMART ON SALE)

6. THE PICTURE AND BENEFITS

7. IMPACT TO SMARTCASH

8. IMPACT TO MERCHANTS AND BUSINESSES

9. PREPARATION AND THINGS WE HAVE DONE BEFORE NOW!

10. EXTRA THINGS INCLUDED IN SMART ON SALE

11. OUR PLANS FOR ITS ADOPTION

12. COST BREAKDOWN

13. YOUR SUPPORT

 

To create a universal Smartcash POS system with an automated liquidation to merchant’s local currency providing fast and smooth Smartcash payment for goods and services while safeguarding merchants from volatility. To empower 200 merchants in both Nigeria and Ghana with Smart on sale solution.

Simply, In addition to how a POS system works, SMART sent to x address gets converted and sent to x bank account. We will also build a conversion API to anticipate the amount needed to send to receive an exact fiat amount.

ABOUT ME
I’m Oluwatobi Akinpelu. An entrepreneur and reputable programmer with about 7 years of experience in web and mobile development. I lead the Phalanx team which won the first angelhack(http://angelhack.com/angelhack-lagos2) hackathon in conjunction with Consensys in Nigeria. I have worked for Google Developers Groups and Andela programs here in Nigeria for over 3 years. I currently work as a software engineer with Farmcrowdy – Africa’s best digital startup in Africa 2018, while also having vast experience in smart contract development, Machine learning with Firebase, Media players and live streams SDKs.

I also currently lead the forloop’s developers community in Ogun state, Nigeria, while also being part of the Blockchain community in Nigeria lead organized by reputable companies like Paxful, Seso global and uPort.

I have a solid experience in managing teams and being part of product development from start to finish. You can know more about me here: Linkedin profile: https://www.linkedin.com/in/androidmaven4

THE PROBLEM
The primary reason why merchants are reluctant to accepting cryptocurrency generally is because of the volatility of cryptocurrency. A buyer could buy a good/service in a minute, pays for it using Smartcash and the next day the value of Smartcash to fiat has either high depreciation or appreciation. Merchants may lose valuable funds especially when liquidation is needed at a point when the value of Smartcash has depreciated.
We made a recent phone call survey of 50 merchants across Africa having clothing lines, restaurants, pizza shops, shopping malls and hair styling businesses to validate our hypothesis. 90% i.e 45 merchants out of 50 are willing to accept Smartcash, 42 merchants out of the 45 however raised the issue of volatility and how having to manually liquidate often could be strenuous and less efficient.
This shows that until we are able to solve the problem of crypto liquidity on behalf of the merchants, mass and genuine adoption might still be far away.
As of now

  1.    NO PLATFORM OFFERS POS SYSTEM AND SAFE GUARDS VOLATILITY.
    
  2.   OTHER BLOCKCHAIN ECOSYSTEM OFFERS JUST POS, no liquidation assistance.
    

SOLUTION

1. HOW

In other to solve the problems highlighted above, we’ve started working on a POS software which allows buyers in any country to pay for goods and services using Smartcash and merchants can choose either of the following
a. Merchants can receive Smartcash directly to their own wallet, and on that same be able to liquidate to fiat currency with just a click. A barcode will be generated which will be used to transfer the Smartcash to our address, on confirmation fiat currency will be released to the bank account provided by the merchant.
We will partner with exchange sites in both Nigeria and Ghana who will provide APIs for fast liquidation.
b. Merchants can choose to receive Smartcash directly to their own wallet at the point of sale and decides how it is being spent, liquidated or exchange at their own will. This works basically LIKE A NORMAL POS SYSTEM.

Merchants can choose to liquidate all funds or store up Smartcash at the point of sale.

It also gives database integration of all transaction taking place, so that merchants can have a log of all transactions in their own customized database starting from the fiat value and Smartcash of the good/service to be paid for, Smartcash paid, and the fiat value that was disbursed after an automated liquidation. These are useful and important to keep track of all records and for analytics purposes.

 

2. WHAT WE ARE BUILDING

We are building Smart on sale. Smart on sale is a Smartcash universal point of sale system able to safeguard merchants from volatility by providing automated liquidation. Smart on sale will be available on the web and Android.

Smart on sale, is for all types of merchants. Starting from the big shopping malls to the mobile business owners. The POS system is usable by merchants in the world, while the liquidity enablement is supported for only Nigeria and Ghana at the moment.

Merchants can simply visit or download smart on sale app, register or login the business, enter business’s payment receiving details and start receiving payments using Smartcash. Custom integration will also be available for big companies who prefer a privatized integration of transactions database.

 

THE PICTURE AND BENEFITS

Merchants do not accept smartcash because they can not easily transfer to fiat -Naira/ Cedis. Our solution will make this problem go away. We expect to sign up 200 number of merchants as a result. We are currently in talks with organizers and attendees of Cheetah Africa https://www.eventbrite.com/e/cheetah-africa-launch-fintech-and-blockchain-conference-2018-tickets-47987749651#  and many other businesses

IMPACT TO SMARTCASH
Nigeria and Ghana alone have over 200 million population and over 96% users of smartphones are on Android. Safeguarding volatility and liquidation for merchants in these areas can provide a massive adoption of Smartcash. The increased merchant acceptance of Smartcash will lead people worldwide or in accepted countries to buy and keep buying more of Smartcash on an exchange so that they can now purchase goods and services using Smartcash, therefore, leading to a massive appreciation in Smartcash’s value.

IMPACT TO MERCHANTS AND BUSINESS
Over 10 million merchants and businesses globally will be empowered by Smart on sale. Smart on sale respects your privacy. No personal information is required to set up an account. No government tax IDs or hocus pocus paperwork need be submitted. No photographs of you standing with signed documents. Just email, password, and a payment receiving details. It’s really that simple.
Merchants can now easily receive payments using Smartcash cryptocurrency without the worry of volatility. Whether in the office, shop or public transit – Payment can be made using Smartcash while safeguarding volatility!

 

PREPARATION AND THINGS WE HAVE DONE BEFORE NOW!

1. We are currently in talks with organizers and attendees of Cheetah Africa https://www.eventbrite.com/e/cheetah-africa-launch-fintech-and-blockchain-conference-2018-tickets-47987749651#  and many other businesses.

2. We've created 2 social media accounts for the purpose of media communication and documentation of the progress of SmartOnSale's project. 

Twitter: https://twitter.com/smartonsale_app

Instagram: https://instagram.com/smartonsale_app

3. I've talked with one frontend and one backend developer and they have both agreed to start work with the hiring price stated in the cost breakdown as soon as the project gets funded.

 

MERCHANTS AND BUSINESS THAT CAN USE SMART ON SALE
All business and merchants can use Smart on sale including
· Gas Stations
· Grocery Stores
· Farmers’ Markets
· Hotels
· Restaurants
· Rental Properties
· And More!
EXTRA THINGS INCLUDED IN SMART ON SALE – Analytics and more perks
A painless on-ramp for merchants, including video and text-based user-guides, online FAQ, and ongoing customer support for Smart on sale merchants. Relevant guides will be cross-posted to Blogs and press. Real-world economic data showing and tracking Smartcash’s use as a currency. Including b
How many transactions did smart on sale process this month?
How much Smartcash?
How much USD?
How many businesses?
OUR PLANS FOR ADOPTION STARTING FROM AFRICA

  1.  Marketing.
    
  2.  Trainings and events on Smartcash adoption across Africa.
    
  3.  Partnerships with SMEs.
    
  4.  Partnerships with Smartcash ambassadors to expand and execute adoption.
    

COSTS BREAKDOWN
A. Product development stage:

  1.   Hiring of front-end developer (2 months) - $2800.
    
  2.   Hiring of Backend developer (2months) - $3150.
    
  3.   UI/UX wireframing for both web and mobile and will also handle graphics designs – $750
    
  4.   Android developer – $3200.
    
  5.   Quality assessment tests (1 month) - $800.
    
  6.   Domain registration and hosting plan for 1year on namecheap (www.namecheap.com), including Positive SSL - $39.43
    
  7.   Mailchimp email Pro (3 months) - $597.
    
  8.   3 Hardwares for testing(Android phones and tablets of different OS versions and screen sizes): $520
    

B. Product testing and release preparations stage

  1.   Team setup and contractual compensations for 3 months:
    

1 Platform developer and technical support - $400 per month for 3 months = $1200
2 adoption advocates - $350/month/advocate for 3 months = $2100
2 customer support - $350/month/person for 3 months = $2100

  1.   Transportation costs of adoption advocates: $250.
    
  2.   2 laptops, work desks and landlines for customer support – $415
    
  3.   Internet data subscription for customer support and calls credits for 3 months - $212
    
  4.    Merchants training/event for adoption - $500.

    6. LEGAL - $400

TOTAL: $19,033.

Categories

Technology

Milestones

Date Amount (US$) Amount (Σ) Description Status
October 04, 2018 11,856.43 702,889.76 * Software development ( Android, frontend, backend, liquidation APIs, wire-framing and graphics, domain registration, web hosting, SSL integration, Quality assessment and Mailchimp email setup, mobile phones for testing) -
December 14, 2018 7,177.00 425,477.13 * Product release, marketing and adoption for 200 merchants -
* Estimated

Requested Amount

  • Total USD: 19,033.43
  • Estimated SMART: 1,128,366.89
  • Estimated BTC: 5.81108948

Schedule

  • Created Date: Friday, August 17, 2018
  • Voting Deadline: Sunday, September 2, 2018 01:04:00 UTC
  • Payment Date: Payments will be made in accordance with the delivered milestones

Status

  • Not Funded

Votes

43.13%
Yes (12,008,365.30)
52.07%
No (14,496,400.86)
4.80%
Abstain (1,335,261.39)

Voting Audit

Address Voting Power Vote Is Valid

Proposal Audit

Date Description Yes No
2018-08-17 18:25:26 Proposal created. Waiting for approval. -
2018-08-18 01:03:43 Open voting. Deadline up to 2018-09-01 01:03:43. (slpin1) -
2018-08-31 01:09:39 Last 24 hours of the vote. Σ 11775162.49315 Σ 12785337.88059
2018-08-31 04:12:42 Change of votes. Σ 12338365.72613 Σ 12334766.00233
2018-09-01 01:04:01 Voting extended for another 24 hours. Deadline up to 2018-09-02 01:04:00. Σ 12060455.12162 Σ 14467409.65293
2018-09-02 01:09:38 Voting closed. Status: Not Funded. -

Comments

  • Lord_Gabo 08/18/2018 22:07

    I think this could be a good improvement for SmartCash. But why make a separate app when it could be integrated with the pre-existent SmartPay App?

    androidmaven 08/19/2018 08:03

    Thank you for your comment. We will building the app in a way that is that be extended and reusable. But of course we need a system which we have a start and work with. Just like it's said in the summary, In addition to how a POS system works, SMART sent to x address gets converted and sent to x bank account. We will also build a conversion API to anticipate the amount needed to send to receive an exact fiat amount. Creating a system which sending to x address helps convert and send to local currency is the big deal. With time other Smartcash POS can plugin into it. Thanks.

    Lord_Gabo 08/22/2018 22:43

    SmartCard point of force is zero fees, how do you manage fees about conversion to fiat and send to a bank account?

    androidmaven 08/31/2018 10:59

    Smartcard will always continue to have ZERO FEE. We do not tamper or touch the mode of accepting payments. Customers who want to pay with Smartcard or Smartcash wallet can do so the way the existing technology has been built. Merchants who want to liquidate their funds without going through the hurdle of exchange or private escrow (which certain fees will still be deducted by exchange sites, escrow fees etc) can simply do so with a click of a button. This solution definitely needs a sustainability model which either to charge minute transaction fees or Smartcash community continually support by providing funds for mitigating of bank transactional fees. So, it does not in any way affect the model of Smartcard.

  • damndick 08/21/2018 08:18

    great idea, but should be done in cooperation with smartcash team

    androidmaven 08/23/2018 17:55

    Yes

  • Crypto_coach 08/30/2018 05:22

    your proposal is so unique and very imperative for the Africa ecosystem. I still wonder why you having any NO votes. Most of the time SmartNodes folks complain of lack of solid projects from Africa apart from meetups/conferences and this is so unique and will bring value. Dash have invested substantial amount to meetups in Africa but you cannot compare the merchant adoption rate in Venezuela to any country in Africa. Development like this shouldn't be ignored. I know that with this App it will be very easy for most of the Smartcash ambassadors to easily convince merchants to accept Smartcash since he/she business won't be affected by the volatility of crypto. I saw your project on the African channel in Dash, folks where asking if this can be implemented in order to support the work been done by their ambassadors. Let the SmartNode owners take quick advantage of this and vote this project this is great and the fact that this will have pluggins that can be integrated to the Smartpay is just too cool. we will be surprise how many merchants will be listed from many Africa countries especially West Africa. Kindly be in touch with them and get things done. I voted Yes and will encourage the Smart community to do the same. it will be very easy to extend this project beyond Africa. Come on SmartNodes owners. This is the best. Dude keep up the good work and good luck

  • Solarminer 08/31/2018 20:36

    This is a proposal in the right direction. There are a few questionable items in this proposal. How exactly is SmartCash going to be exchanged to fiat. Exchange APIs isn't exactly the answer. Typically, you would see a business account, money transmitter licensing, swift or ach type system to transfer funds, and some sort of professional system to manage this. The Android app is a small part of this and isn't critical. Especially, since we already have SmartPay which is a POS system using the SmartCard. I suggested on the forum that this proposal be cut down to just using a website based payment gateway for bill payments. This doesn't have to be realtime and is a much more logical first step than an expensive Android app with customer support. Anyway, just giving input on why there are negative votes. And maybe a future proposal will take my advice with a lower cost.