We have a developer working on our payment API and he had some questions.
What crypto-coin payments are we accepting? My suggestion is ETH as it's the most widely accepted coin with relatively low fee, and to leave out bitcoin
CC Agree, lets accept Droxne and ETH since the transaction fees are so much lower than BTC. If we find that ETH is too complex to integrate we can also consider using LiteCoin as a medium to accept in our app since LiteCoin transaction fees are low.
API needs to hook up to a droxne wallet to receive/send droxne coins
CC Agree, there needs to be a link to a Droxne wallet initially the desktop wallet and eventually a software wallet to motivate consumer adoption of the Droxne coin.
Droxne's games incentives, is they're a default incentive and if we will be collecting just percentage of gaming revenue or will there be a base fee + incentive
CC - I think the easiest way to implement the prototype is as a percentage of the gaming revenue, but ideally we give developers the flexibility to price the service with base fee + incentive model, especially for merchants who may price products on price + fixed margin. There is also a third model where we may have two or more incentive percentages. Lets assume we have a lottery game: 60% of revenue is for prizes, 8% for Droxne mgmt co and 8% for a charity organization. The 8% for the charity might be converted to ETH since charities may only accept BTC or ETH. Obviously the parameters need to be adjustable, e.g. the amount paid out for prizes may fluctuate.
Payment received in USD or other FIAT currency requires a 3rd party payment provider to receive payments, my suggestion is to go with braintree https://www.braintreegateway.com/. As they: have one of the lowest fee out there, consistent api and good api docs, reliable. There are a few payment provider out there if you'd like to do some research before deciding, I'll list out a few for your convenience and consideration - stripe, paypal, amazon pay, zoho
CC: Agree, let's go with your recommendation to use Braintree. For the prototype we can start with ETH and DRXNE only, but fiat would be highly desirable for the strategic solution. Btw 99 cents is a key pricing point used successfully by dollar stores in the USA and Apple iTunes.
Automatic FIAT conversion to pay the game devs is doable. However coin->usd means paying transaction fee to a provider also paying game devs droxne coin help boost the droxne community as more people will be holding droxne coins
CC Agree, but lets not get bogged down with the fiat if this adds too much complexity to our app for the purposes of getting our working prototype.
We need to set a minimum threshold for incentive withdrawal, such as you can only withdraw when your incentive reaches an arbitrary amount, this is to protect ourselves from getting spammed and to keep our game devs involved in their project as they'd be trying their best to hit that threshold or else our hard work means nothing. I recommend 0.1+ ETH as a acceptable threshold.
CC Agree, 0.1 ETH or equivalent value in Droxne. This helps our ecosystem since game developers and merchants using our app have an incentive to hold our currency and grow their app user bases so that they receive payments more frequently in ETH or Droxne.
We have a developer working on our payment API and he had some questions.
What crypto-coin payments are we accepting? My suggestion is ETH as it's the most widely accepted coin with relatively low fee, and to leave out bitcoin CC Agree, lets accept Droxne and ETH since the transaction fees are so much lower than BTC. If we find that ETH is too complex to integrate we can also consider using LiteCoin as a medium to accept in our app since LiteCoin transaction fees are low.
API needs to hook up to a droxne wallet to receive/send droxne coins CC Agree, there needs to be a link to a Droxne wallet initially the desktop wallet and eventually a software wallet to motivate consumer adoption of the Droxne coin.
Droxne's games incentives, is they're a default incentive and if we will be collecting just percentage of gaming revenue or will there be a base fee + incentive CC - I think the easiest way to implement the prototype is as a percentage of the gaming revenue, but ideally we give developers the flexibility to price the service with base fee + incentive model, especially for merchants who may price products on price + fixed margin. There is also a third model where we may have two or more incentive percentages. Lets assume we have a lottery game: 60% of revenue is for prizes, 8% for Droxne mgmt co and 8% for a charity organization. The 8% for the charity might be converted to ETH since charities may only accept BTC or ETH. Obviously the parameters need to be adjustable, e.g. the amount paid out for prizes may fluctuate.
Payment received in USD or other FIAT currency requires a 3rd party payment provider to receive payments, my suggestion is to go with braintree https://www.braintreegateway.com/. As they: have one of the lowest fee out there, consistent api and good api docs, reliable. There are a few payment provider out there if you'd like to do some research before deciding, I'll list out a few for your convenience and consideration - stripe, paypal, amazon pay, zoho CC: Agree, let's go with your recommendation to use Braintree. For the prototype we can start with ETH and DRXNE only, but fiat would be highly desirable for the strategic solution. Btw 99 cents is a key pricing point used successfully by dollar stores in the USA and Apple iTunes.
Automatic FIAT conversion to pay the game devs is doable. However coin->usd means paying transaction fee to a provider also paying game devs droxne coin help boost the droxne community as more people will be holding droxne coins CC Agree, but lets not get bogged down with the fiat if this adds too much complexity to our app for the purposes of getting our working prototype.
We need to set a minimum threshold for incentive withdrawal, such as you can only withdraw when your incentive reaches an arbitrary amount, this is to protect ourselves from getting spammed and to keep our game devs involved in their project as they'd be trying their best to hit that threshold or else our hard work means nothing. I recommend 0.1+ ETH as a acceptable threshold. CC Agree, 0.1 ETH or equivalent value in Droxne. This helps our ecosystem since game developers and merchants using our app have an incentive to hold our currency and grow their app user bases so that they receive payments more frequently in ETH or Droxne.