High transaction time and high transaction fee are two of the biggest problems in international payments even in today's digital world. We wanted to design a way to facilitate easy payment cleared in seconds and with nominal trnsaction fee to boost international trade.
What it does
It allows users to add funds to their PayID Wallet, transact with other users globally, and withdraw funds back to their bank / crypto wallets. We have added adding and claiming funds through original bitcoin network as an example, which can be extended to any currency . Once funds are recieved , users can transact in a jiffy with other Spend The Bits users using their PayID.
How we built it
We built the whole platform on top of XRPL, and connected via automation to the BTC network. So, every user gets a PayID address , and also a BTC Blockchain address. As soon as user funds that BTC address, we add wallet balance in BTC to users wallet as IOUs. After transacting with other usrs, once can claim back the IOUs and withdraw to actual BTC blockchain , thus completing the whole circle. The same can be extended to other currencies as well. We have added transacting in 5 currencies like USD, GBP , XRP ,BTC ,CAD as an example. The app supports any number of currencies and allows seamless, fast transactions with any PayID user ( provided the trust lines are set)
Challenges we ran into
We created our own XRPL server , and took time to figure out the the security and other aspects. Creating APIs for our Django server to talk to the XRPL network was a challenge initially.Once things were in place, we created multiple user interfaces to make it simpler for the user to transact.
Accomplishments that we are proud of
We are able to set up all APIs with client side signin. Thus, our server never stores any secret keys of the user. We provide own IOUs and have auto activation of client wallter by adding 20 XRP fee, once he receives initial funds in any currency using our live XRP / User Currency rates. So, it is easy for user to get his wallet activated by subtracting 20 XRP worth of funds from his initial funds.
What I learned
When we started, it looked super easy to us. As we proceeded, we learnt that simplifying user experience is np easy feat.Creating a polished user interface along with multiple automations for trust lines etc., we were able to set up user security along with ease of use.
What's next for Spend The Bits
Spend The Bits plans to extend its services for Bitcoin ATMs to allow easy addition and withdrawal in Bitcoin ATMs using the power of PayID.