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Open Discussion: We've received a $500K request to fund development for a payment gateway

Greetings, I’m a member of the decentralized autonomous organization Dash - a sort of free business structure ran by its “shareholders.” Dash operates a virtual currency network like bitcoin’s for its own virtual currency dash, and receives revenue through processing payments. 10% of these fees are put into a reserve each month and shareholder’s vote on proposals for spending these funds.

Until a recent price spike in our currency funding was minimal but has now reached about $500K a month, and we have received a proposal from a company seen here: https://www.dash.org/forum/threads/pre-proposal-alt36-dash-payment-platform.14517/

They wish to provide a payment gateway which is able to process normal debit card payments and payments using our virtual currency - an industry first I believe. We have a current PoS software provider (powered by Odoo), Blockpay, but they only offer payments in various virtual currencies and no virtual currency > fiat support.

I’ve been looking into various PoS and ERP solutions for dash and came across ERPNext and have respect for its backstory and open source approach. I gravitate towards supporting such solutions rather than fully commercial ones seen in this proposal. I’d be interested in hearing input from the community on what your thoughts are on their proposal. Would ERPNext be interested in some kind of partnership with Dash and other companies that could provide a payment gateway solution?

DISCLAIMER: I don’t really understand much of how blockchain/cryptocurrency works yet and what DASH is about

poked into it a tiny little bit and it looks quite interesting. As we over here are in progress of getting a Foundation for the ERPNext project off the ground the I was caught on the though the way you organize your decision making process could be interesting to study

… I am aware that is not the point you are raising here. I guess others here can judge more profoundly then me whether cooperating on the project you are presenting here makes sense for the product ERPNext or it’s community. Maybe the newly started (not yet 100% operational) ERPNExt Foundation would be the right partner in case any collaboration come out from this.

@Nick1 The proposal seems pretty vague. From what I see, is this proposal for a built-in Dash based payment gateway in an POS system (?).

This surely seems an interesting project to collaboration on. Maybe we make a generic crypotcurrnecy support built in ERPNext and that can evanglise use of cryptocurrencies in so many places!

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Checkout how razopay, paypal, stripe integrations are made in frappe.

https://frappe.github.io/frappe/current/models/integrations/razorpay_settings

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@Rmehta My understanding is they are offering the whole package, a service like Paypal. They have partners taking care of the PoS development.

@vrms The essentials you have for blockchain and crypto currency is:
A network which anyone can join with their computers. You get paid for your computational power which is used to confirm transactions. You get paid the more computation power you have but must consider power costs and the current rate for verifying transactions on the network. Ethereum is currently the leader in blockchain technology as it also allows for not only transactions but smart contracts.

Everyone on the network has a copy of the entire transaction history and is constantly comparing it to all other records on the network for a consensus. The main breakthrough of blockchain tech is removing the need to trust a middle party. It has a lot of potential for financial services (international payments, trading assets), creating secure records like land deeds, e-voting for business and governments, and providing a solution for unbanked persons.

Currency is held in a digital wallet, which you hold on your device in a .dat file. Hardware wallet devices are safest. During wallet creation you also get a 24 word phrase you can use incase you lose the file. There’s also online services, like exchanges, that can handle this for you.

Dash uses the same core technology but is different than bitcoin and Ethereum in part because 10% of the transaction fees go to a treasury and currency holders vote on what to do with. Anyone can submit a text proposal to these holders here: https://www.dash.org/forum/topic/pre-budget-proposal-discussions.93/ - then an official proposal here: https://www.dashcentral.org/budget/create

I’m interested in the technology for the previously mentioned reasons and for it’s power to help reduce costs for small businesses. The fact that the supply can’t be manipulated by governments is another drawing point for some. One problem with holding crypto currencies though has been price volatility which is being solved by USDT and other projects like Maker DAO. I’ve been following Openbazaar as well, a ecommerce market app with 0 fees - it still has many shortcomings but is a good example of what the tech can offer.

(2 link post cap) If you want to learn more I’d recommend checking out the “Welcome to r/Ethereum” post in Ethereum’s reddit.

You can also see all a list of all crypto currencies at coinmarketcap (the majority below the top 5 are usually poor imitations of the major innovators).

I know Dashs’ current PoS provider Blockpay charges something like .5 - 1.5% per crypto transactions so I’d definitely like to see a 0% option developed that small businesses could just download. I’m not too knowledgeable about PoS software but can different software be ran side by side? Having merchants being able to accept crypto and traditional card payments is a concern. Maybe you’d interested in such a project and could submit a proposal for funding. I look forward to discussing more.

I just came over to this topic. Blockchain Payment System is now being offered by Visa. Anyone here working on blockchain?

@jeffbangquil I`m a blockchain developer, how can I help you?

Is it possible to use blockchain to create a digital signature to the PDFs ERPNext generate?