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Description
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Description
A trustless p2p solution for exchanging FIAT to ERC20 tokens on L2.
The roadmap ideally would be accomplished through improvements to the PIX API, the smart contract would receive and release funds based on a transaction proof that is generated every time PIX is used and displayed on the transaction receipt.
If you want to sell 100 USDC you lock into the contract and set a price of 500 BRL that will be paid through PIX.
The user buying the USDC will generate a transaction to the PIX key detailed on the smart contract. This allows anyone that does the necessary transaction to send the ID proof to the smart contract which in return releases the fund to the specified address
LocalBitcoins used to be, and currently still is in certain places such as in Venezuela, one of the main crypto providers where a substantial amount of volume flows through the parallel economy and revitalizes gross output during downturns.
If there is a lack of crypto infrastructure in a country or it is constrained by government will, capital flow naturally is driven to informal p2p and OTC methods. These transactions are inherently less efficient as there is a lot of friction involved in exchanging cash in person, besides the risk involved in having the custody of physical assets there’s also a logistical overhead in operating the currencies which are been traded. Even if the activity is carried out online you still need a third party to escrow the transaction and be available to be called upon in the case of a dispute. So finality is inherently uncertain, especially time wise.
This solution is built with the intention of being ported to other payments systems such as what is intended to be achieved with FEDnow, as well with other legacy systems which have the minimum infrastructure necessary to generate the proofs on a receipt. Potentially if CBDC are open to be used by the general public it becomes another venue where settlement of swaps can be done on a trustless manner, where the only centralization point is the currency issuer itself, therefore an inherent risk which can not be mitigated
The protocol requires the token seller to accept some public key as being responsible for signing valid transactions. Ideally, central banks should be providing the payer with a signed message attesting to the successful fiat transfer. This may come true in Brazil with new PIX APIs or in the design of CBDCs.
Currently what’s achievable with the current central bank infrastructure is to use Cartesi Rollups to effortlessly read and validate a signed JSON message inside the dApp. This format, which is not normally suited for smart contracts, can be handled efficiently by the Cartesi Virtual Machine. Accepting such formats is useful as trusted fiat authorities (central banks, financial institutions) may not provide confirmations in a format naturally suited for smart contracts.
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https://mumbai.polygonscan.com/address/0x08Cd9879D69693E5162B3A3eD24DdAb9118d0f0D
Cartesi smart contracts:
https://mumbai.polygonscan.com/address/0x08cd9879d69693e5162b3a3ed24ddab9118d0f0d
https://goerli.etherscan.io/address/0xdd08d2ada2208815238ebe97d41ff219ea129d39
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ODS 9
9.1 Desenvolver infraestrutura de qualidade, confiável, sustentável e resiliente, incluindo infraestrutura regional e transfronteiriça, para apoiar o desenvolvimento econômico e o bem-estar humano, com foco no acesso equitativo e a preços acessíveis para todos
9.3 Aumentar o acesso das pequenas indústrias e outras empresas, particularmente em países em desenvolvimento, aos serviços financeiros, incluindo crédito acessível e sua integração em cadeias de valor e mercados