PRESS RELEASE. LJUBLJANA, SLOVENIA: The GoCrypto project is still striving to mainstream crypto payments. The improved solution dubbed GoCrypto 2.0 enables true decentralized payments where the merchant can accept virtually any currency and receive settlement in the crypto currency of their choice with virtually no central entity in between. The solution would basically use blockchains that support smart contracts to allow automatic payment processing and its various stages, such as payment acceptance, funds routing and exchange, fee collection. , settlement to a cryptocurrency address or execution. smart contracts, etc. It will also be possible to connect third-party bridges that will allow interaction with blockchains that don’t support smart contracts and maybe even legacy payments like cards and digital wallets.
How it works:
Below is the description of the payment flow. The Merchant POS system generates a QR code with instructions for the smart contract through the GoCrypto gateway. The customer with his compatible wallet scans the QR code and approves the transactions. The funds are then taken from the customer’s wallet and channeled either through a DEX or directly to the merchant’s settlement account. A fee for the service is automatically deducted before funds reach the merchant’s smart contract. The way the costs are then allocated can be adjusted as the project progresses. Initially, the distribution of costs would be determined by the GoCrypto project as the creator of the solution, but if the governance is then transferred to a DAO of the GoC, the stakeholders (GoC holders, developers, etc.) will be able to vote on the distribution of costs.
The addition of other functionalities and the inclusion of other contract-based non-intelligent systems will be possible through different bridges that will be developed and published by the project or any other third-party vendor who wishes to be connected to the decentralized payment system. These will be centralized or decentralized bridges that will allow payments with BTC, credit cards, digital fiat wallets, etc. It will also be possible to add a bridge on the settlement side, so that the merchant has the possibility of receiving his settlement in decree.
Fees are practically non-existent, only very minimal fees are charged by the protocol to allow further development
Decentralization of payments where no central entity has control of payment funds, they go directly from the user to the merchant through a completely transparent system of auditable smart contracts
The design of the solution allows the integration of many third-party dApps, applications and bridges to add different functionality to payments
Government of Canada Token Ecosystem
The GoC token will be the primary token within the protocol. It will be used to reward protocol participants such as stakes, affiliates, developers. They will be able to earn GoC through the affiliate program which will contribute to the dissemination and availability of the solution, developers will be rewarded by the GoC for their contribution to the development of the protocol and stakes will earn GoC for their GoC deposits as these The repositories will allow the governance of the protocol from the community and with the creation of the GoC DAO.
The modular design of the protocol will allow further development and integration of additional features such as salary deposits, charitable contributions, fund deposits and lines of credit, etc. to the system to help link existing systems to decentralized networks until we achieve full decentralization of payments.
Details explaining the GoCrypto 2.0 protocol development process can be found on the Company’s Roadmap webpage.
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