PRESS RELEASE. LJUBLJANA, SLOVENIA:GoCrypto is always striving to make crypto payments mainstream. GoCrypto 2.0, an upgraded version of the GoCrypto solution allows for true decentralized payments. The merchant is able to accept any currency and get the payment in the desired cryptocurrency currency. There are no intermediaries. This solution will use smart contracts to allow automatic processing. It uses blockchains to support payments. It will also be possible to connect third party bridges that will enable interaction with blockchains that don’t support smart contracts and possibly even legacy payments such as cards and digital wallets.
It works this way:
The payment flow is described below. A QR code is generated by the Merchant POS system. This contains instructions to create a smart contract via the GoCrypto Gateway. With his compatible wallet, the client scans the QR code to approve the transactions. Funds are taken from client’s wallet, and either routed through a DEX account or directly to the merchant settlement account. The merchant smart contract automatically debits a fee. The fee distribution can also be changed as the project moves forward. The GoCrypto Project would initially determine the distribution of fees. However, if governance is transferred to a GoC DCAO later, stakeholders such as developers and GoC holders will be able to vote on the matter. The fee distribution will be decided by the GoCrypto project as creator. However, if governance is later transferred to a GoC DAO, then all stakeholders (GoC holders and developers) can vote.
Other functionalities can be added and other systems that are not based on smart contracts will also be available via various bridges. These will either be developed by the project, or released to any third party provider who will want to plug into the decentralized payment system. They can be either decentralized or centralized and will allow payments using BTC, credit cards, fiat wallets, digital money, etc. A bridge can also be added to the settlement side so that the merchant has the option to receive the settlement in fiat.
The protocol charges a minimal fee to allow for development. Fees are generally non-existent.
The decentralization of payment means that no one central entity controls the payments funds. Instead, the money flows directly from the customer to the merchant using an auditable smart contract system.
The solution’s design enables integration of many 3rd party dApps, apps and bridges to add different functionalities to the payments
GoC token ecosystem
It will serve as the primary token for the protocol. This token will be used for rewarding protocol participants, such as affiliates and stakers. They’ll be able to earn GoC through the affiliate program that will help with the spread and uptime of the solution, developers will be rewarded with GoC for their contribution to the development of the protocol and stakers will earn GoC for their GoC deposits as these deposits will enable the governance of the protocol from the community and with the creation of the GoC DAO.
Modular design will allow for further integration and development of other features, such as fund deposits, payroll deposits, charitable contributions and fund deposits. The system will be used to bridge existing systems with decentralized networks, until full decentralization.
Details explaining development process of the GoCrypto 2.0 protocol can be found on company’s Roadmap web page.
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