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Venmo for crypto, send ERC20/ETH at realtime speed, search via username

4 points by peerdistrict ↗ HN
I'm hoping this app helps make crypto easier to use for peer-to-peer transfers and for accepting crypto at Points of Sale, since we can process payments in real time. Would love for any feedback from this group!

Users can send ERC20 tokens or Eth by username. Peer-to-peer transfers are free (only pay gas cost in currency being sent)

Buy ETH/DAI/USDC in app with apple pay.

How our app works

• User deposits funds to smart contract via mobile app from private wallet

• Users can search for other users by username

• User signs a transaction with the amount to pay and wallet address (which is provided via app), which is then sent to a processing queue for settlement.

• The merchant balance is updated on app immediately, but it may take up to an hour for the transaction to settle on the Ethereum network.

• Once the funds have settled on the network the user can send a request to withdraw the amount received.

• User must send a request to withdraw to prevent users from withdrawing when they owe money. We can only prevent withdrawal of funds for approximately one week but we cannot at any time seize customer funds due to the decentralized nature of the smart contract.

Smart contract code publicly viewable and verifiable here: https://etherscan.io/address/0x1292463b22ed4cb340c737fbc046258fb428f27c#code

https://www.mopayd.com/faq

App available for ios platforms only at this time. Download link -> https://apps.apple.com/us/app/mopayd/id1479303782?ls=1

5 comments

[ 3.5 ms ] story [ 25.6 ms ] thread
greenyoda
This company's web site[1] does not inspire confidence for a financial business that people are expected to trust with the security of their money and their sensitive personal information. There's no indication of where the company is located (I had to do a web search[2] to discover that) and the only way of contacting them is through a web form - no phone number or address. There's no mention of who the founders are and what experience they have with funds transfer or security.

You'll probably need to look more trustworthy before you get any traction in this line of business (especially considering the number of high-profile scams and hacks that have occurred in the crypto space).

[1] https://www.mopayd.com

[2] https://www.bizapedia.com/ca/mopayd-llc.html (created 9/10/2019)

peerdistrict
Thank you for the feedback! I'll update our website now to include that info!
peerdistrict
I added a team page with pics + our bios. Added phone number and mailing address. Let me know if you see anything else I could improve!
Maxtylor
There are only common words for the project itself.

If you want to challenge DeFi further, please describe the advantages of competing projects such as MakerDAO and Compound based on numbers

peerdistrict
The main benefit of using our app is real-time processing of payments via smart contract/web app architecture. Removing blockchain processing speeds allows crypto to be accepted at points of sale. Additionally, its a bonus that you can lookup users by username and attach receipts