Tech 23 October 2018

Erik Gibbs

Team behind Bitcoin BCH wallet Yenom proposes new payment protocol

The Yenom wallet was created specifically for Bitcoin BCH, the world’s only cryptocurrency that has retained the original vision of what digital currency is meant to be. The development team behind the wallet has been working on a new project that could greatly enhance Bitcoin BCH’s position as a true retail currency. If accepted, Bitcoin BCH could be expected to reach millions of merchants overnight.

The project is built around the Deep Link Payment Protocol (DLPP). DLPP is a system that links a wallet with a callback URL, similar to how the BIP21 scheme works, and would allow shoppers to pay with Bitcoin BCH on a website by only having to click on a button on the site.

Specifications for the project indicate that the current mobile wallet experience is anything but user-friendly. They point out that it’s cumbersome to pay with crypto—users have to copy the destination address, open their wallets, paste the address, type the exact amount of the transaction and authorize the payment. Using DLPP, the payment link would be opened automatically in the wallet and the user would only need to confirm the payment. In effect, the process would reduce to two the number of steps needed to make an eCommerce purchase.

The developers further assert that the protocol is simple and offers versatility. They explain that a method could be designed that is similar to BIP70, such as what is seen on BitPay’s payment protocol.

The DLPP project would also be forward compatible. The developers explained, “Adding optional parameters can be done by simply adding them — Adding required parameters or a destructive change can be done by simply changing the type name to new one.”

While some cryptocurrencies prefer to be seen as an investment vehicle through which investors are hoping to see returns like what was witnessed with Bitcoin Core (BTC) last year, Bitcoin BCH is moving forward, advancing the true definition of cryptocurrency. Bitcoin BCH is already gaining significant traction around the world as a legitimate currency, being accepted by a growing number of businesses in Europe, Asia and Australia. Developments such as the DLPP project will further entrench Bitcoin BCH’s position as the world’s only legitimate peer-to-peer retail currency.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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