Bitcoin wallet platform DotWallet makes it easier for software developers to include fiat payouts in their own apps. The latest version of the DotWallet for Developers kit will allow app-makers to have digital asset payments instantly converted to either USD or EUR, paid into a connected regular bank account.
📢DotWallet for Developers platform launches fiat payment for developers, further reducing the developing cost.👏👏@RealCoinGeek @BitcoinAssn @JimmyWinSV @Lise0508 @CalvinAyre @shadders333 #crytocurrency #BTC #Bitcoin #digitalasset #blockchain #Crypto https://t.co/Hlv3S0R8MX
— DotWallet (@wallet_dot) February 22, 2022
The company’s announcement said fiat ramps would solve several problems developers face. It added that fiat payments signify that the platform “is gradually becoming more mature and better” and would create new opportunities.
“For developers, BSV has the advantages such as high throughput, low transaction fees, and instant payment. However, problems such as price fluctuations, troublesome cashing out procedures, and long waiting periods also restrict BSV’s development to a different circle. How to quickly break out of this circle? How to give full play to the greater value of BSV? And how to provide convenience for developers from both inside and outside the crypto community? The answer lies in fiat payment,” it said.
DotWallet and DotWallet for Developers are products of Boquan Hash Science and Technology Co. Ltd., led by Lin Zheming. Speaking to CoinGeek, Zheming said the company wanted to give developers more options for the payouts they received from their applications.
“Assuming everything is in compliance with local regulations, developers with EUR/USD accounts can receive fiat currency as long as their apps are connected to the DotWallet platform,” he said.
Customizable process can be automated
DotWallet supports three digital assets: BSV, BTC, and ETH. The system works by automatically exchanging any digital currency income into fiat by DotWallet’s overseas partners. The fiat amounts are then transferred to a regular USD or EUR-denominated bank account nominated by the developer. Developers can specify what amount of BSV they wish to have converted and receive information in real time by monitoring records on their assets’ respective blockchains.
Once set up, the entire process can be automated, so there’s no need to manage payouts each time. The model, according to DotWallet, “conforms to the payment and fund collection habits of both parties to the transaction,” adding convenience as well as helping the application itself in promoting and generating income.
DotWallet for Developers is described as a “Bitcoin as a Service” (or BaaS) platform, allowing others to easier integrate Bitcoin services. It supports tokenized assets using the “Badge” protocol created in cooperation with the sCrypt team. It also includes APIs to query various types of information and data on the BSV blockchain.
It launched version 2.0 of its toolkit back in November 2020. By using the kit, developers can allow users of their own apps to login using DotWallet credentials. Although the platform itself will also accept BTC and ETH, its backbone runs on the BSV blockchain with its high-volume transaction processing throughput, fast confirmations, and low fees, as well as the ability to handle larger file sizes.
Some of the apps already using DotWallet’s platform include CityonChain, SatoPlay, Blockchair, and ShowJob. Using the Badge token protocol, developers can create and issue their own tokens/NFTs, transfer them within their own system and between external apps, and destroy tokens that are no longer required. The process mirrors Bitcoin’s UTXO format, and all token records can be audited on the BSV blockchain.
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