Bitcoin and Ethereum total usage as media of exchange is still tiny compared to market cap. This project aims to spread the great news of cryptocurrencies to street vendors and other micro-businesses through an evangelist network. The inspiration for this is the micro-lending phenomenon that has enveloped the whole world.

What it does

Until now, products that make it easy to spend cryptocurrency have focused on what I call the supply-side of cryptocurrencies. These products, like abra’s wallet and the TenX credit card (Singapore), have one thing in common: these all convert cryptocurrencies to fiat money, which then allows the user to engage in commerce in the fiat universe. The Pure Money POS, on the other hand, aims to increase cryptocurrency use as medium of exchange by focusing on the demand-side of cryptocurrencies (Ethereum to start with). It does not convert to fiat, but rather encourages commerce in bitcoins and ethers. The POS basically allows street vendors and other micro-businesses to accept payments in ether, and the network effect is achieved by way of evangelists who will push the POS among micro-businesses, and who are then compensated for every POS transaction that occurs in the network.

Built With

Share this project:


posted an update

Define specific problem you're addressing

Bitcoin​ ​and​ ​Ethereum​ ​total​ ​usage​ ​as​ ​media​ ​of​ ​exchange​ ​is​ ​still​ ​tiny​ ​compared  to​ ​market​ ​cap.​ ​This​ ​project​ ​aims​ ​to​ ​spread​ ​the​ ​great​ ​news​ ​of​ ​cryptocurrencies  to​ ​street​ ​vendors​ ​and​ ​other​ ​micro-businesses​ ​through​ ​an​ ​evangelist​ ​network.  There​ ​are​ ​two​ ​main​ ​problems​ ​why​ ​small​ ​vendors​ ​like​ ​restaurants​ ​are​ ​still​ ​not  accepting​ ​cryptocurrencies: 

  1. Risk​ ​-​ ​risk​ ​can​ ​be​ ​mitigated​ ​by​ ​dealing​ ​with​ ​somebody​ ​local​ ​and  trustworthy​ ​-​ ​the​ ​evangelists.​ ​Risk​ ​goes​ ​hand​ ​in​ ​hand​ ​with​ ​complexity  and​ ​security. 

  2. Complexity​ ​-​ ​nobody​ ​really​ ​understands​ ​how​ ​cryptocurrencies​ ​work,  and​ ​so​ ​security​ ​can​ ​be​ ​a​ ​problem.​ ​The​ ​evangelists​ ​will​ ​be​ ​trained​ ​by  way​ ​of​ ​conferences​ ​how​ ​security​ ​is​ ​achieved.​ ​The​ ​POS​ ​app​ ​itself​ ​is​ ​not  a​ ​wallet​ ​and​ ​cannot​ ​be​ ​used​ ​to​ ​spend.​ ​Its​ ​purpose​ ​is​ ​only​ ​to​ ​monitor  the​ ​vendor’s​ ​Ethereum​ ​address.  It can also communicate the amount to pay by way of a QR Code or NFC.

Why is blockchain needed to solve this problem?

Until​ ​now,​ ​products​ ​that​ ​make​ ​it​ ​easy​ ​to​ ​spend​ ​cryptocurrency​ ​have​ ​focused  on​ ​what​ ​I​ ​call​ ​the​ ​supply-side​ ​of​ ​cryptocurrencies.​ ​These​ ​products,​ ​like​ ​abra’s  wallet​ ​and​ ​the​ ​TenX​ ​credit​ ​card​ ​(Singapore),​ ​have​ ​one​ ​thing​ ​in​ ​common:​ ​these  all​ ​convert​ ​cryptocurrencies​ ​to​ ​fiat​ ​money,​ ​which​ ​then​ ​allows​ ​the​ ​user​ ​to  engage​ ​in​ ​commerce​ ​in​ ​the​ ​fiat​ ​universe.​ ​The​ ​Pure​ ​Money​ ​POS,​ ​on​ ​the​ ​other  hand,​ ​aims​ ​to​ ​increase​ ​cryptocurrency​ ​use​ ​as​ ​medium​ ​of​ ​exchange​ ​by  focusing​ ​on​ ​the​ ​demand-side​ ​of​ ​cryptocurrencies​ ​(Ethereum​ ​to​ ​start​ ​with).​ ​It  does​ ​not​ ​convert​ ​to​ ​fiat,​ ​but​ ​rather​ ​encourages​ ​commerce​ ​in​ ​bitcoins​ ​and  ethers.​ ​The​ ​POS​ ​basically​ ​allows​ ​street​ ​vendors​ ​and​ ​other​ ​micro-businesses​ ​to  accept​ ​payments​ ​in​ ​ether,​ ​and​ ​the​ ​network​ ​effect​ ​is​ ​achieved​ ​by​ ​way​ ​of​ ​a  Dapp​ ​and​ ​evangelists​ ​who​ ​will​ ​push​ ​the​ ​POS​ ​among​ ​micro-businesses,​ ​and  who​ ​are​ ​then​ ​compensated​ ​for​ ​every​ ​POS​ ​transaction​ ​that​ ​occurs​ ​in​ ​the  network.  The​ ​POS​ ​app​ ​is​ ​going​ ​to​ ​be​ ​much​ ​simpler​ ​than​ ​a​ ​wallet,​ ​and​ ​is​ ​not​ ​the​ ​main  product​ ​here.​ ​The​ ​main​ ​project​ ​is​ ​the​ ​Dapp​ ​and​ ​enrolment​ ​site​ ​that​ ​will  compensate​ ​the​ ​evangelists​ ​for​ ​their​ ​work​ ​in​ ​distributing​ ​the​ ​POS​ ​app.​ ​The  Dapp​ ​and​ ​the​ ​evangelists​ ​are​ ​the​ ​linchpin​ ​of​ ​this​ ​whole​ ​idea.​ ​In​ ​essence,​ ​the  evangelists​ ​are​ ​LOCAL​ ​distributors​ ​trusted​ ​by​ ​micro-businesses.​ ​They​ ​will  install​ ​and​ ​support​ ​the​ ​POS​ ​app.

What is the size of the market?

It’s​ ​going​ ​to​ ​be​ ​huge.​ ​The​ ​POS​ ​will​ ​be​ ​installed​ ​and​ ​distributed​ ​by​ ​the  evangelists​ ​not​ ​only​ ​among​ ​micro-businesses,​ ​but​ ​also​ ​among​ ​small​ ​to  medium-sized​ ​businesses​ ​wanting​ ​to​ ​participate​ ​in​ ​the​ ​Ethereum​ ​revolution.​ ​I  envision​ ​a​ ​POS​ ​app​ ​that​ ​can​ ​serve​ ​as​ ​secondary​ ​POS​ ​also,​ ​alongside​ ​the​ ​fiat  POS​ ​that​ ​accept​ ​credit​ ​card​ ​payments.​ ​Covering​ ​even​ ​just​ ​1%​ ​of​ ​the​ ​worldwide  credit​ ​card​ ​POS​ ​market​ ​is​ ​already​ ​huge​ ​compared​ ​to​ ​current​ ​Ethereum​ ​market  cap.

What other solutions are currently being used to address this problem?

It’s​ ​a​ ​chicken​ ​and​ ​egg​ ​problem:​ ​work​ ​on​ ​the​ ​supply-side​ ​or​ ​aim​ ​to​ ​increase​ ​the  demand-side​ ​of​ ​Ethereum​ ​usage​ ​as​ ​medium​ ​of​ ​exchange.   Until​ ​now,​ ​products​ ​that​ ​make​ ​it​ ​easy​ ​to​ ​spend​ ​cryptocurrency​ ​have​ ​focused  on​ ​the​ ​supply-side​ ​of​ ​cryptocurrencies.​ ​These​ ​products,​ ​like​ ​abra’s​ ​wallet  (​​),​ ​the​ ​TenX​ ​credit​ ​card​ ​from​ ​Singapore​ ​(​​),​ ​and  even​ ​BitPay,​ ​have​ ​one​ ​thing​ ​in​ ​common:​ ​these​ ​all​ ​convert​ ​cryptocurrencies​ ​to  fiat​ ​money,​ ​which​ ​then​ ​allows​ ​the​ ​user​ ​to​ ​engage​ ​in​ ​commerce​ ​in​ ​the​ ​fiat  universe.    Why​ ​not​ ​work​ ​on​ ​the​ ​demand-side​ ​instead?​ ​Allow​ ​restaurants,​ ​barber​ ​shops,  beauty​ ​parlors,​ ​groceries,​ ​stores,​ ​etc​ ​to​ ​accept​ ​ethers​ ​using​ ​a​ ​POS​ ​app.​ ​It’s​ ​not  enough​ ​to​ ​simply​ ​build​ ​a​ ​free​ ​POS​ ​app.​ ​It​ ​has​ ​to​ ​be​ ​properly​ ​marketed.​ ​The  Ethereum​ ​Evangelist​ ​Network​ ​Dapp​ ​will​ ​provide​ ​the​ ​infrastructure​ ​for​ ​properly  distributing​ ​the​ ​POS​ ​app.  Of​ ​course,​ ​these​ ​small​ ​businesses​ ​could​ ​just​ ​use​ ​a​ ​wallet,​ ​and​ ​there’s​ ​not​ ​one  but​ ​several​ ​Ethereum​ ​wallets.​ ​However,​ ​the​ ​two​ ​problems​ ​explained​ ​above  prevent​ ​these​ ​small​ ​businesses​ ​from​ ​simply​ ​adopting​ ​these​ ​wallets​ ​(except​ ​for  a​ ​very​ ​few).   

Log in or sign up for Devpost to join the conversation.