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XMR Business Wallet Development

-- What is the Monero Business Wallet?

Monero Business Wallet is a wallet that is specifically designed to make accepting Monero as easy as possible for merchants. It is a hot-wallet that receives payments, records the amount received in XMR (and USD value at the time of reciept), as well as datetime recieved and payment_id.

It then automatically forwards the funds to either cold storage (for merchants who want to keep their funds as Monero), or automatically converts the Monero to a stable coin pegged to USD. This will allow merchants to easily accept Monero with all the pros, without any of the cons (the volitility of crypto). Imagine that you are an average person with limited knowledge of crypto. After a simple one-time setup, the Monero Business Wallet will let merchants recieve a payment in Monero to their Monero wallet address, and within a few minutes recieved the funds in a stable coin which can be immediately cashed out to a bank account.

This is desperately needed. Merchants will not need to be convinced to "hold Monero", or to put up with any complex exchange process. The Monero Business Wallet will track payments (for taxes) and convert to stable coins automatically. These can then be sold to put money in the merchants bank account. We believe that this can be done for less than the cost of credit card processing fees (3%). Additionally, the payment data recorded (and stored locally) by the business wallet can be used to automatically recognize which payments relate to which customers. We plan to build on top of this in future projects.

-- Why the CCS?

Development and Testing takes time and money. We would like to be able to devote more time to working on the Monero Business Wallet, rather than having it as a "side project" that we can only devote a few hours to per week. We will also need funds for testing the sideshift api integration.

-- Tasks that will be completed before release.

  • Wallet GUI.
  • Payment info saved to a spreadsheet.
  • A video tutorial showing how to use the software.
  • Monero to Stablecoin auto-conversion implementation.

-- Additional Details.

We plan to initially use SideShifts API for auto-conversions, though we would also like to implement Trocador as another auto-conversion option.

SideShift is not "allowed" to work in some countries due to regulations, but this can easily be bypassed by changing the IP address to a supported country. We plan to create a system that checks if the IP of the computer that the Monero Business Wallet is running on is from a supported country. If not, pull in free proxies from other countries until a supported country is found that will allow the swap to be performed.

The first stable coin we plan to add is USDC, because it has more transparency about reserves than USDT, and it supports other networks with drastically lower transaction fees (like Polygon). This is needed, because ERC-20 stable coins have transaction fees that are too high to be useful. The merchants would lose too much value.

Though immediate auto-conversion will be the default for merchants that choose to cash-out their XMR (rather than forward to cold storage), we also plan to implement optional privacy features such as customizable delays before cashing out XMR, or waiting until you have over a certain dollar amount of XMR before cashing it out.

-- Funding

Since we haven't been in the bright lights for long, we are not asking for unpayable rates.

  • Rate: 0.24 XMR/hr aka $38.4/hr each assuming $160/XMR
  • Hours: We believe that we can compete this within 250 hours or less (125 hours each).
  • We'd like to propose approximately 20 hours/week each (40h/week total).

-- Expriation

Consider this project's CCS expired and donate the funds to other CCS if:

  • You haven't heard about us for 6 months.
  • We haven't claimed the funds in 12 months.

Sincerely, Luke and Gergely(C0mradeBlin)

Edited by Gergely Gombai

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