DexWallet and Dexpay have evolved into an unstoppable wallet and payment gateway that solve inherent problems ailing crypto transactions currently. DexWallet, a next-generation crypto wallet won a grant from MakerDAO, a decentralised app platform and the company behind the stablecoin DAI.
MakerDAO and DAI Stablecoin
MakerDAO is one of the very old projects that is based on Ethereum blockchain. It is a decentralised autonomous organisation or DAO that manages a system for producing and managing a stablecoin called DAI. DAI is pegged 1:1 against the US Dollar.
The decentralised system controls the supply of DAI, thereby regulating the price near 1 US Dollar every time. MakerDAO is governed completely by another token, MKR, where the holders have certain rights that allow them to govern the functioning of DAI.
MakerDAO solves the biggest problem in crypto: volatility. As any token cannot be used for transactions unless there is very low or no volatility. A stablecoin is a cryptocurrency that is stable with respect to Fiat currencies, making it an extremely useful digital asset. Most cryptocurrencies today are not used as a medium of exchange, primarily because of price volatility. A stablecoin solves that problem by removing the volatility aspect.
Their flagship product DAI is a hard currency backed by assets. Users have to provide a collateral for an asset to issue DAI. DAI’s value is kept stable by changing the interest rates based on market conditions.
The Stablecoin Fund
MakerDAO announced a fund for upcoming crypto startups to help them innovate faster. It is a $45 million fund that is meant to provide initial capital for crypto startups working with DAI. This fund also provides an on-going support for business development, follow-on rounds of funding and strategic introductions. It is a dream come true for any crypto startup.
Under this fund, MakerDAO provides grants of $25000 and investments of up to $200,000. They fund startups at ideal stage, beta stage or even post launch. To top it off, they have a list where they note their thoughts about problems yet to be solved in the crypto space so that startups can align their goals and avail the grant.
DexWallet, is a wallet that allows users to secure control their assets and private keys. The wallet provides an Ethereum name service, state of the art security, multi-chains wallet, token management and transaction history, all in a simple experience. The team also build white-labelled wallets for their clients. Currently, the wallet app is downloadable from the Apple’s App Store. And will soon be releasing an Android app for users in waiting.
The goal of xPay is clear: “A permissionless alternative to WeChat Pay and Alipay. xPay is an Open Source crypto point of sale based on xDAI”. In simple terms, xPay is a point of sale app for merchants and customers. It has maintained a simple design and no frills functionality making it a worthy competitor to go after the $15 trillion mobile payments market in China.
So how does this app work? The way it works is:
- User chooses an amount to be paid
- On the next screen, they enter that amount to be transferred
- Then the app will show a bar code which can be scanned
- The payment is complete
What makes the POS solution unique is also that it eliminates the need for a Chinese bank account, surpasses censorship of any kind and is usable for local residents as well as foreigners traveling inside China.
Just tested @dexlab_io POS with my 4 year old daughter. She is happy to report there are no bugs or issues found. She seems comfortable accepting crypto. I think we are ready to roll. 😄 @Alexintosh @dimarconicola @davecraige pic.twitter.com/Bz8A4r9R8H
— Perminder Klair (@pinku1) February 20, 2019
Dexpay is the latest iteration of the POS solution. It evolved from a GoBuild hackathon where it was presented as Unipay. The idea was to provide a crypto payment gateway with zero volatility risk. To take it one notch above other gateways, it also aims to achieve this in a completely decentralised manner.
Most payment gateways out there currently use some centralised method to keep track of the transactions and Ether. But the POS runs completely by Smart Contracts and enables receiving of DAI stablecoin. This protects the merchants against crypto volatility.
Dexpay’s complete decentralisation on Ethereum blockchain makes it impossible for an external entity to shut the gateway, block or censor the transactions. This is what makes it an unstoppable gateway.
Quick Preview Video of Dexpay with @DexWallet
— Alexintosh.dexname.eth ⟠ Dexlab (@Alexintosh) February 19, 2019
One of the problems in most crypto wallets is that while transferring, the recipient usually has to send their public wallet address to the sender. This is a long string of characters. To make this simple, we are providing free ENS or Ethereum Naming Service for a limited period. ENS is like a domain name was for the internet. It takes the long string of numbers that is the wallet address and makes it into an easy to use name. For example, paying to a long string of number that is a crypto wallet address is always tedious. Instead, with ENS, a user could create a link like alice.dexlab.eth. This is easy to remember and use while transferring the crypto tokens.
Throughout their journey, they have been true to the core ethos of crypto – decentralisation and ease of use providing everyone a chance to join in the economic revolution. The team has been taking up one challenge after another and climbing steadily towards the new world of fast, cheap transactions without a central entity.