Cryptocurrency Payment Processing Solution

For e-commerce or ICOs

What is it?

A journal and ledger recording payments in cryptocurrencies.This module automatically interacts with the key manager and the payment confirmation monitor.

What does it do?

The payment module, records all cryptocurrencies transactions into a journal. A ledger aggregates, into an account balance, all transactions associated to each users. Both the journal and the ledger are designed for accounting purposes. The ledger can be installed in merchant's facilities or accessed as a remote secured service (SaaS).

ICO payment processing

The payment processor is well adapted to ICO payment processing by giving access to more than 70% of the total cryptocurrencies' capitalization.
The transaction module aggregates other services like the key manager and the Payment confirmation monitor into a single REST interface.
It is a common practice to register users before having them to invest in an ICO. A user management database is used to store users information. This database is not part of the payment processing core modules. When installed into a merchant facilities, the transaction module can be connected to the merchant's user management system.

transaction workflow

E-commerce solution

Faster, more efficient blockchains with lower or free transaction costs are emerging from the labs. The interblockchain network, currently under development, is able to move cryptocurrencies from slow and expensive blockchains, but with high capitalization, to a new breed of more efficient blockchains better suited for e-commerce. For example, a Bitcoin can be moved from the Bitcoin network (long transaction confirmation delays and expensive transaction fees) to EOS (faster and with zero transaction fees) as a proxy Bitcoin, used for e-commerce with a capacity to be redeemed back as a Bitcoin. Hence, the proxy Bitcoin has a de facto value identical to the Bitcoin.

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The Transaction Service Interface

The transaction module can be accessed either directly through a REST application Programming Interface (API) or more easily through a payment gateway like, for example, a woocommerce plugin.

transaction workflow
transaction workflow

Connection with blockchains

The transaction system is actually connected to 6 blockchains. More connections are under development. Blockchain nodes containing the complete blockchain data, is increasing every days. Some nodes are very strained with more and more transactions. Some others are not yet under fire.

For the moment, several of these blockchains are not very well suited for e-commerce. They are adapted to support ICO fundraising, when confirmation delays are less important. For an ICO, to have access to more source of funds is obviously advantageous.

Accounting and Reporting

Several blockchains like, for instance, bitcoin and bitcoin like blockchains are using miners for their consensus mechanism. These networks suffer, more and more, longer delays for transaction confirmation. In the case of Bitcoin, it may take several minutes, sometimes days when transaction fees are too low for miners to consider the transaction as a priority. Miners order transactions mainly on the basis of the fees attached to each transaction. These transactions are placed into a queue with bigger fees at first and lower fees further to the end. At the moment of writing these lines, 24 700 transactions are waiting to be included into the blockchain, some since several days. So, the blockchain event module checks when transactions are accepted and included into the blockchain and when this is the case, send an event to the ledger, which, in turn, mark the transaction as validated.

Reports can be outputed from the ledger to display if transactions are validated or not. When a transaction is validated, it is then incorporated into a cryptocurrency ledger. If not, the payment is not yet received. The interblockchain event monitor will emit an event notifying the ledger when a transaction is finally included into the blockchain network. The ledger and the transaction log, through its reporting capacities, when funds are really paid.

transaction workflow