Monerium Pay Hook

User sends crypto ๐Ÿค Shop receives fiat.

  • 3,477 Raised
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  • 1 Judges

Categories

  • WalletConnect - Innovation Pooled Prize ๐ŸŽฑ
  • CoreDao - Build on Core ๐ŸŸก
  • iExec - DataProtector and Web3Mail ๐Ÿ”
  • Safe - Using Safe{Core} Protocol โ™ป๏ธ
  • Safe - Account Abstraction with Safe ๐ŸŒŽ
  • Gnosis - Open Innovation on Gnosis Chain ๐Ÿ’ก
  • Neon EVM - Transactions ๐ŸŸฃ

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Description

Submission Requirements:

  • PROJECT NAME
    Monerium Pay Hook

  • DESCRIPTION OF THE PROJECT (2 lines)
    A hook which automatically converts received crypto tokens into fiat in the shopkeeper's bank account. Effortlessly cash out crypto payments to fiat through the Monerium API.


  • DISCORD USER NAME (team contact to share the judging details)
    After submission, this person should be constantly checking discord for updates
    Cesar Huret - cesarhuret
    Leonardo Iara - ryutaeth


  • REPOSITORY WITH PROJECT'S CODE
    https://github.com/cesarhuret/monerium-pay-hook

  • VIDEO DEMO (5 min max) OR PRESENTATION (10 slides max)
    https://docs.google.com/presentation/d/1X5pVATOROzcdmvkb3WyjWFO7JTmOWFdZeNicO-f-VUA/edit?usp=sharing

  • The contract address(es) or website URLs of your deployed application, either on a testnet of your choice or mainnet of a platform of choice. ๐Ÿ“‚๐Ÿ“‚ (NOT mandatory)
    https://monerium-pay-hook.vercel.app/
    https://monerium-pay-hook.vercel.app/checkout

    Neon EVM Most Transactions: https://docs.google.com/document/d/1jz_sfHtfhLQnYVfSNWgIUDnN5u5IzPfRFdfKBXtDcRI/edit
    Sent over 30k txns from 0x61e5Bc1EE64D4Ff0A4F73db7c171e39edbcb2A4E, and over 470k txns sent from 100 accounts (all sending to 0x61)


    More Info:

    Description

    Cryptocurrencies were originally made as a fast, simple, transparent currency for the internet. Now, we dream of a future without bank accounts - yet a steep learning curve, and the risk of volatility and being hacked scares the majority of shops and retail.

    But what if we couldย "de-risk"ย all this? What if shopkeepers could accept crypto without ever handling it - immediately receive fiat - and never worry about the complexities of crypto?

    Introducing our Monerium Pay Hook - which automatically converts received crypto tokens into fiat in the shopkeeper's bank account.

    User sends crypto ๐Ÿค Shop receives fiat.

    How it works:

    When logging in, the shopkeeper has a transitionary wallet automatically created by the Hook UI. The wallet automatically sends out redeem orders (crypto to fiat) when receiving crypto.

    • Customer pays with crypto
    • Shopkeeper's transitionary wallet receives the crypto
    • On receival, Monerium Pay Hook is triggered and places an order to redeem the crypto into fiat.
    • The order will be processed and the fiat will be sent to the shopkeeper's real world bank account.

    The beauty of a transitionary wallet is that the wallet itself never has funds for a long time. This reduces exposure to protocol hacks, and other crypto anomalies. But if the wallet is hacked, the shopkeeper can literally just clear their browsing data to get a new transitionary wallet created for them.

    Improvements

    Rather than just having a website, it would be better to turn this into a full fledged physical terminal device - like a credit card terminal. However, doing this could also increase the barrier to adoption, since it needs to be purchased and could potentially be expensive. On the other hand, it could drastically increase security - as the transitionary wallet private key could be stored on a security chip in the device itself.

    Requirements:

    • A valid and verified Monerium account
    • Considering that Monerium is currently targetting businesses, Monerium Pay Hook would only facilitate the experience for them.

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