SmartCash's low transaction fees and near instant payments make it one of the best candidates to replace online payment processors. I would like to develop several services that enable the use of SmartCash on any online web service.
My previous proposal contained multiple services in a single submission. I chose that route to avoid the 14 day waiting period between each submission ( ie: proposal voting process ). Under this model I would be able to complete a milestone, submit the proper SMART documents, and begin the next milestone.
Based on feedback from the community, and the advice of a few SMART team members I have closed the previous submission in favor of creating separate proposals.
In the event of multiple proposals passing the community is protected by the SMART team. I must complete each milestone in order to receive payment. Thanks to this rule I will be able to go through the voting process ahead of time, and the SMART community is guaranteed the delivery of each milestone.
Every milestone will be open sourced
All online services accepting payments need a system to tell them “Hey! user x just paid you y” this can be described as a web hook, event system, and within paypal this is known as their Instant Payment Notification System ( https://developer.paypal.com/docs/classic/products/instant-payment-notification/#why-use-instant-payment-notification ).
Simplified example using paypal:
When a user makes a purchase paypal will send the ecommerce site the details to trigger an event. For example:
- You join a website that charges $10/month to read news articles ( bloomberg )
- Bloomberg sends you to paypal with your Bloomberg ID as a cookie or url parameter
- Once the payment is processed paypal sends a message to bloomberg’s servers saying: “Payment from Bloomberg user ID x was completed successfully”
- Bloomberg can then activate your membership and you can begin reading articles.
Implementing a web hook will provide every web service the ability to accept payments from SmartCash powered wallets.
This is a very simple idea with extremely powerful results.
Paywall Removal Through Tipping
If a site/service has to jump through hoops to adopt a payment technology adoption will take much longer. This milestone will include the "paywall removal" code that can be copy/pasted into an existing site to begin using the SmartCash Web Hooks immediately.
|Date||Amount (US$)||Amount (Σ)||Description||Status|
|March 29, 2019||3,000.00||1,013,037.80 *||Web hooks||-|
|April 05, 2019||2,000.00||675,358.53 *||Paywall removal through tipping||-|
|Address||Voting Power||Vote||Is Valid|
|2019-03-05 12:40:49||Proposal created. Waiting for approval.||-|
|2019-03-05 20:49:52||Open voting. Deadline up to 2019-03-19 20:49:52. (Discord Andrew)||-|
|2019-03-19 20:51:45||Voting closed. Status: Not Funded.||-|