GoCrypto's Protocol for Digital Payments

GoCrypto's Protocol for Digital Payments
Image source: GoCrypto
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Making Crypto payments convenient has always been the priority of the GoCrypto project. The upgraded version GoCrypto 2.0 allows decentralized payments where users can receive any currency in its desired crypto form without any central authority in between. GoCrypto is a global payment system connecting all kinds of stakeholders, be it crypto exchanges, crypto wallets, crypto users, cashier system providers or merchants. GoCrypto uses blockchains to support smart contracts to activate automatic processing of the payments and its several steps, such as routing and swapping of the funds, acceptance of payment, fee collection, execution of smart contracts, or settlement to a cryptocurrency address etc.

How does it work? 

The Merchant POS system will generate a QR code with instructions provided for the smart contract via the GoCrypto gateway. Clients can scan this QR code and further approve the transactions; the GoCrypto payment system can transfer the funds through the client's wallet through a DEX or directly to the merchant's account. A small brokerage fee will be automatically deducted before the amount reaches the merchant smart contract. 

Features

  • Cashier software providers: Enables service providers and merchants to accept cryptocurrency payments.
  • Payment gateways and PSPs: Add the GoCrypto payment method into your software so even your customers can accept crypto payments.
  • Crypto wallets: Integrare your wallet and enable your users to shop worldwide at any location.
  • Crypto Exchanges: With membership in the GoCrypto scheme, users can turn their mobile apps into a cryptocurrency payment gateway.

GoCrypto Token

The GoCrypto token (GoC) is a multi-chain token available on Binance Smart Chain (BSC) and Bitcoin Cash (SLP) and soon to be available on Solana (SOL). Users can use the GoCrypto token (GoC) for payments in the GoCrypto platform. GoC can be used to reward developers, stakers, and affiliates. Developers will be awarded for their significant contributions in developing the protocol, and stakers will be rewarded for their deposits that enable the maintenance of the protocol. 

In selected countries, users of Elly Wallet can also use GoC for local purchases. The total supply of GoC tokens is fixed at 299,095,759 GoC. 

Benefits

  • The protocol charges a very nominal fee during transactions.
  • Payments are fully decentralized with no central authority involved to control the transfer of funds; the funds go directly from users to merchants through a transparent system of smart contracts.
  • The design allows the incorporation of many third-party dApps, bridges and apps to add different services to the payments.

The protocol's design will allow further development and combination of additional features like fund deposits, payroll deposits, credit lines and charity contributions. By the end of 2021, GoC will get itself listed on decentralized exchanges. An automated billing system of the GoCrypto protocol will be developed in quarter one of 2022. GoCrypto is planning to partner with global digital payment providers. In quarter three of 2022, GoCrypto will add GoC Solana on GoC Bridge. The whole roadmap of the GoCrypto 2.0 protocol is provided on the company's webpage.