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A crypto latency solution... visually

BlockInitJul 4, 2019, 6:45:11 PM

All of us in the DLT world know the frustration of getting crypto usage into the masses can be beyond demeaning. Out of all industries its retail and barter where it is badly needed: the butcher, the barber and the baker as Smith would've said. The frustration of adoption. In 2017 Gartner promised 2018/2019 to be years of adoption, the year is not out yet. There not being a middle man in the payment process is an easy element to sell, very easy in todays plutocracies and failing economies. Having multiple addresses across multiple coins all acting as 'bank accounts' fully in the users control is an easy sell too. Latency, however, is another thing.

There are solutions to the latency problem, 3rd gen DLTs like IOTA are one but would a new comer to crypto ever hear of them? Bitcoin, Ethereum and Litecoin are on the window stickers of any stores that accept crypto. You may find some unknown coin that the owner is bullish about but its these 1st and 2nd gen DLTs that are known, that are stable, that the new comer to the scene will try and use - and they will - until latency hits them.

Currently its the customer that enters the amount to be paid, out of view from the vendor. Sometime after the customer clicks 'submit' only then will the vendor see 'pending' on their app. Clicking this will usually open a web page with the transaction details and the vendor can scroll through data to find the fiat amount sent, it can take 1 minute to 30 minutes during congestion for the transaction to be confirmed. That is a very hard sell.

feiPay tries solving this visually. We know that as soon as the customer clicks 'submit' their app creates the transaction and places it on the chain. The information the vendor needs is there in less than half a second, so why can't he see it? feiPay will watch the vendors wallets for incoming transactions and display the details in real time. This means that once the customer clicks send the vendor can see:
 - amount paid in fiat (currently euro)
 - transaction fee
 - fee health
 - estimate time till 1st confirm
 - overall percentage complete

The free app can be downloaded at the android play store: https://play.google.com/store/apps/details?id=org.blockinit.feipay We will be uploading to other popular android stores on release, with an IOS version coming later. The app is in beta but working as expected and definitely worth a look. More information on the project can be found on our website, importantly to the project is our target market and why: https://feipay.blockinit.biz/

The feiPay app is marketed at the informal economy, which is 2/3 the global workforce. For this reason the app will:
 - have no in app wallets (for security)
 - have no kyc
 - have no added app 'permissions'
 - have no user details saved

The revolution is coming, with or without feiPay, but we're hoping we can be a part of it ;)