The Bitcoin SV ecosystem is well known for its initiative to help new developers onboard swiftly by working with and leveraging tools others have built. There is no need to reinvent services already in existence, an incorporating tools from others is a great way to shorten the development cycle so entrepreneurs can quickly validate their business model.
Rafa Jimenez, CTO of HandCash, recently talked at the Bitcoin SV DevCon 2020, highlighting the benefits of this approach by discussing the potential new business opportunities their new HandCash Connect feature offers to app builders.
HandCash Connect helps spur the micropayment economy. Today, micropayments on blockchain networks are not a cost-effective monetization model for startups. Even worse, it is both technically challenging to implement and administer.
As Rafa explains, incorporating micropayments into your service should not be so difficult. Your development teams should be able to enable the feature with a few simple lines of code.
This simplification makes building a micropayment economy easier, so an entrepreneur’s time investment in developing their startup is spent refining their business model instead of learning new technological concepts and tools. Even wild ideas can be explored without limits, so entrepreneurs are not restrained from building the next big thing.
HandCash Connect is built on a rest API and can be implemented on the client or server-side. It will be available to the public in months once the company has secured the necessary patents.
The service will solve present-day problems by introducing three new features designed to widen potential business opportunities i.e., Instant Payments, Payment Escrows, and Payment Streams. Rafa’s talk went over a myriad of new business models that would benefit.
As the name suggests, instant payment is real-time payments with no intermediaries. This peer-to-peer transaction is designed to be fast and straightforward.
Payment escrows provide comfort and certainty during negotiations that the funds will be available once an agreement is executed. At the end of the process, the sender can specify the receiver completing the transaction.
Payment streams allow the one party to send multiple transactions until a deal is consummated. The stream can be updated at any time, changing the amount of the payments until it’s finally closed. This is perfect when the total amount to be sent in the deal structure is unknown.
Personal data is valuable, yet consumers often give it away for free without giving it a second thought. When you download new software programs, you are frequently asked to share some of your data to a database to help the software maker improve their product. Micropayment can enable you to get paid when this happens.
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