Dec 02, 2020
DePay’s technology represents an evolutionary step forward based on the groundwork already made within the Decentralized Finance space in 2020.
DePay’s protocols are executed by smart contracts currently deployed on the Ethereum blockchain. These protocols will be further extended and deployed onto inter-blockchains such as Polkadot or Quant in order to empower decentralized payments across blockchains.
The majority of DePay’s products are presented to end-users in the form of user interface components (widgets). These are based on the latest technologies (e.g. Facebook’s React). The products will be hosted on InterPlanetary File Systems (IPFS) in order to ensure end-to-end decentralization.
Additionally, we will build DePay PRO, a premium toolset of professional applications built with Ruby on Rails. These professional applications will be deployed within a state of the art cloud architecture in order to ensure optimal performance, stability, and availability for businesses.
DePay’s payment technology consists of a payment widget, wallet scanning functionality, cost-effective routing, and a composable adapter. DePay’s payment smart contract supports the ability to add future decentralized exchanges, allowing more routes to be added to the payment smart contract without the need for redeployment in the future.
When a sender (e.g. buyer) activates the DePay Payment widget, it automatically scans the sender’s wallet for any asset of value and detects the most cost-effective payment route for all such assets. This is achieved by scanning all of the on-chain quotes found on decentralized exchanges.
Once the transaction is executed by the sender, the associated asset is automatically converted into the required payment crypto asset as defined by the seller. All surrounding payment functionalities are performed simultaneously as required.
DePay’s subscription technology facilitates recurring payment execution when utilizing the payment smart contract (example: monthly payments). The required agreement details are stored within the DePay subscription smart contract, all in one transaction. In order to execute all subscription stream related payments, the receiver has the option to perform this manually or by allowing DePay PRO to automatically execute it on their behalf.
DePay’s payroll agreements between sender (employer) and receiver (employees, contractors, etc.) are stored on the blockchain (as payment streams, see previous graphic). Once stored, senders can execute their payroll streams manually (example: monthly payroll) or have them executed automatically when using DePay PRO. Utilization of the DePay payroll payment stream allows all parties to make and receive payments in the crypto asset of their choice. There is no cross dependency between assets used for payment and those required for receipt.
DePay Subscriptions and DePay Payroll are effectively payment streams. That said, these can be further considered as a future guarantee or form of collateral. With this in mind, DePay plans to facilitate the tokenization of consumers’ and businesses’ existing payment streams. This will allow users to borrow funds or other crypto assets by using these tokens as collateral. The loans are effectively guaranteed by future payroll earnings and subscription income as defined within the relevant contracts. Once the loans have been fully redeemed, the original payment stream terms will once again come into effect.
DePay plans to launch a crypto wallet browser plugin together with a mobile crypto wallet. This will be executed through the aforementioned and existing open-source technologies (e.g. MetaMask). By embedding the entire DePay product landscape into an easy-to-use crypto wallet, the user experience within the decentralized finance space will be taken to a new level.
In order to efficiently launch the DePay credit card, we plan to utilize existing white label solutions for crypto credit cards (e.g. crypto.com). This approach will allow us to circumvent existing compliance requirements, tedious negotiations, and integration complexities with credit card processors. The actual execution of payments by these cards will be as “decentralized” as possible. It is envisaged to allow users to be able to set up allowances or limits within their own crypto wallets for example 500 DAI per month (non-custodial). Within those predefined limits, the DePay credit card smart contract will automatically transfer the required assets out of the user’s wallet where payments are being made utilizing the DePay Credit Card. Additionally, the existing DePay payment protocol functionality will be used to ensure that the required payments are exchanged and forwarded to the relevant credit card processor (e.g. Visa or Mastercard).