| WDYT about a user-owned online payment network powered by cryptocurrencies?
This would be like PayPal: members create an account & use it when they shop online at participating merchants. When a user creates an account, they "top up" by transferring funds from their bank account to this payment network account. Shoppers are co-owners of the network, and merchants are "clients" who pay a small transactional fee (0.1%) for sales. Shoppers get shares of profits from the fees. The quantity of funds an individual shopper receives depends on their contribution to the network specifically:
-Keeping a balance on their account when bootstrapping the network
-The volume of transactions made If Alice joins our network & spends $1000 w/her account @ a participating store, the merchant is charged 0.1% in transaction fees ($1 in this case). This fee will be instantaneously divided among all shoppers in network but the amount of profits received per shopper will be in accordance with the volume of their spending within the network. Each account created is a non-custodial wallet. The rules for shopper remuneration will be determined by a set of Ethereum Layer2 smart contracts that act as autonomous intermediaries between merchants and shoppers. The network will get a share of the revenue to fund network maintenance. The network will use interest-bearing stablecoin tokens. Prices will be denominated in these tokens, but users will only see traditional currencies displayed. These tokens will cover fees for converting traditional currencies into crypto (ramp services). They will also provide extra interest to be redistributed within the network. Merchants use the network because a crypto infrastructure means instant access to funds & 24 hour transfers to their bank accounts. The 0.1% fee is lower than the standard 2-5% transactional fees. For shoppers the network is a means to generate passive income and participate in a business that's more equitable.
WDYT? |