Payments

Satoshi’s first applied application for blockchain was to become a go-to hub for peer-to-peer payments, he also mentions that in the revolutionary Bitcoin Whitepaper. That goal was replaced with building a decentralized computer on which you can execute smart contracts. That was a very awesome decision as now with the power of doing anything on a blockchain, we can solve a lot of complexities in p2p payments and make that vision a reality.

That’s what we are doing at Fetcch, by using the tech that was built and refined over a span of 10+ years, we are making p2p payments super simple which will even surpass the usability of traditional payment methods.

With Fetcch, it will as easy as just entering a name, and the amount and click to pay, that’s it!

This will increase blockchain participation of normal people who can use this for sending money across countries or using it for settling remittances, or for just 2 friends settling their tab at the bar counter.

Not just normal people, but businesses can also use Fetcch for payouts, payment gateway using transaction requests, and much more!

Fetcch has 2 types of transactions

• P2P Payments
  • It is peer-to-peer payments
  • Mostly, any payment where the sender and receiver both are humans is considered a p2p payment
  • These payments can be either same-chain or cross-chain payments means they can possibly use a DEX or a bridge.
• P2D Transaction
  • It is a peer-to-dapp transaction
  • Mostly, it is either a user sending some assets directly to a dApp’s address or executing a smart contract function on the blockchain
  • These transactions can be either same-chain or cross-chain payments means they can possibly use a DEX or a bridge.
  • For cross-chain transactions in P2D, flow is something like this
    • Identity tries executing a smart contract on BSC
    • FPCN detects that there are no funds in any of the identity’s BSC address
    • FPCN asks permission from users to swap some of their funds from another chain or address to BSC’s address
      • This chain & address will be decided based on which route takes less time and fewer fees
    • If the user gives permission, that bridge transaction happens and the smart contract is executed in less than 3 clicks and ~2 minutes

How does this work?

Wallets that have integrated Fetcch Payments API can build a transaction with a sender & receiver identity, what the sender wants to send, and from which wallet, Fetcch Payments API will check the Identity configuration of the receiver identity and which addresses it contains, based on that it will determine if the transaction needs to be same-chain or cross-chain.

For P2D transactions, wallets need to specify that while sending payload to Fetcch Payments API.

If wallets want, Fetcch Payments API can also send transaction data along with the response, so that they can directly execute it by sending it sendTransaction or ethers.js, or else they can execute that transaction.

If that transaction is cross-chain using a bridge, they can track that transaction using Fetcch Analytics API, and also subscribe to events on that transaction, events include - transaction_execute, transaction_bridge_received, transaction_bridge_transmitted