Press release. Ljubljana, Slovenia: this GoCrypto project Always committed to bringing encrypted payments into the mainstream. The upgraded solution called GoCrypto 2.0 realizes a truly decentralized payment. Merchants can accept almost any currency and receive settlement in the required cryptocurrency, with almost no central entity in between. The core of the solution will use the blockchain that supports smart contracts to automatically process payments and its several steps, such as accepting payments, routing and exchange of funds, charging, settlement to cryptocurrency addresses, or executing smart contracts. It is also possible to connect third-party bridges to interact with blockchains that do not support smart contracts, and possibly even interact with traditional payments (such as cards and digital wallets).

How this works:

The following is an explanation of the payment process. The merchant POS system generates a QR code with smart contract instructions through the GoCrypto gateway. Customers with compatible wallets scan the QR code and approve the transaction. Then the funds are withdrawn from the customer’s wallet and passed through DEX or directly into the merchant’s settlement account. Before the funds reach the merchant’s smart contract, the service fee will be automatically deducted. As the project progresses, you can adjust how the expenses will be allocated in the future. Initially, the cost allocation will be determined by the GoCrypto project as the creator of the solution, but if governance is later transferred to GoC DAO, then stakeholders (GoC holders, developers, etc.) will be able to allocate costs.

The addition of other functions and the inclusion of other systems based on non-smart contracts will be possible through different bridges, which will be developed and released by the project or any other third-party providers who wish to plug into the decentralized payment system.These will be bridges for centralization or decentralization, making payments possible Bitcoin, Credit cards, digital fiat currency wallets, etc. It is also possible to add a bridge at the settlement end, so it is possible for merchants to receive settlement in fiat currency.

Main advantages:

The cost basically does not exist, and the agreement only charges a small fee for further development
Decentralized payment, no central entity controls payment funds, they are directly transferred from users to merchants through a completely transparent and auditable smart contract system
The solution is designed to integrate many 3rd party dApps, applications and bridges to add different functions to the payment
GoC token ecosystem

The GoC token will become the main token in the agreement. It will be used to reward agreement participants, such as mortgagers, affiliates, and developers. They will be able to obtain GoC through an affiliate program, which will help the spread and uptime of the solution. Developers will be rewarded with GoC for their contributions to the protocol development, and pledgers will receive GoC through their GoC deposits, Because these deposits will realize the governance of the agreement through the creation of the community and the GoC DAO.

Next step:

The modular design of the protocol will enable additional functions such as salary deposits, charitable donations, fund deposits and credit lines to be further developed and integrated into the system to help connect the legacy system to the decentralized network until we achieve complete decentralization of payment change.

A detailed description of the GoCrypto 2.0 protocol development process can be found in the company’s route map Web page.

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