Fractapp

About the project:

The appearance of messengers has changed social interaction. We communicate, consume content, and learn news within the same ecosystem. But until now, messengers do not allow you to be a means of payment.

Messenger as a means of payment.

To order food, call a taxi, or send money to relatives, we are required to download apps, link a card, and do a variety of actions. The problem is that there is no unified ecosystem for payment systems and services. Imagine that you could use most of the services via messenger. For example, you went home from the office, when communicating with a friend, you call a taxi, as well as order a dinner. Everything is debited from your linked account and you don't need to switch between apps every time. In this case, the messenger becomes a super application that allows you to communicate with the service through a single ecosystem. There are already similar advances in this direction: https://www.kfc.ru/news/chatbots however, the lack of payment services in messengers creates additional complexity.

Messengers as a means of p2p interactions

When it comes to financial transactions, we have to use services and trust them. For example, a currency exchange where the user trusts the exchanger, which leaves this environment quite monopolized, thus the exchange rate difference remains high. P2P interactions can help solve this problem. Users between each other can freely exchange currencies, fulfill agreements, take loans, etc. Messengers are the best place for p2p interactions, but without the absence of a third party, the market becomes uncontrolled, and fraud begins to prevail there. This problem can be solved with the help of blockchain. This technology helps create atomic digital contracts that remove the need for a third party and do not reduce security. For example, you need to exchange CAD for USD. You have found a bot that is engaged in exchange at an attractive rate. You send CAD to the digital exchange contract and receive USD. If the second party did not send USD to this contract, then your CAD will be returned to you because the transaction is atomic. This technology allows you to minimize the risks of fraud .

Messengers as a Bank

Blockchain allows you to own your digital currency without intermediaries in the form of banks. This makes it possible to use payments with a smartphone and an app. In many countries, there is a problem of opening a Bank account, so the cryptocurrency integrated into the messenger can simplify the use of not only local, but also transcontinental payments. Digital currencies also allow you to have easier access to investments, which is also a problem in some countries. (For example, uniswap allows you to send funds to a pool in order to earn passive profit)

Fractapp

Fractapp is a marketplace messenger with payment functionality and digital contracts based on blockchain technology. There are similar applications on the market. WeChat is the main competitor that repeats most of the described functionality. It allows you to order a taxi, food, pay for purchases, etc. It can be used as a payment method in China and some other countries, but WeChat is centralized and partially managed by China. The trust of other countries in the Chinese banking system is not always positive, so not all users and services can work within this ecosystem. Also, WeChat does not use blockchain and does not have digital contracts, which creates a problem for p2p interactions.