Proposal link published in a Google Doc:
Github link:
id: 195
period: 4
title: Frostbits Solutions Arcpay
author: Wilder Stubbs (@WilderStubbs)
email: wilder@frostbits.solutions
discussions-to:
company_name: Frostbits Solutions
category: dApps, SDK
focus_area: Payment Processing, NFT
open_source: Yes
funding_type: Proactive
amount_requested: 149000
delivery_date: 2024-08-31
status: Draft
Abstract
Arcpay is a plug and play open-source payment processing platform to easily transact on the Algorand blockchain. Arcpay empowers businesses to receive Algorand tokens as payment simply and build advanced workflows for use cases such as community engagement through loyalty point redemption, subscription payments, e-stores, etc.
Arcpay is meant to be a gateway to the Algorand ecosystem that provides a streamlined path for traditional web-based projects and removes barriers to entry through an easy to use web interface and SDK. Arcpay will support network tokens and all Algorand Standard Assets (ASAs).
Team
Our team is composed of seasoned professionals with extensive experience in blockchain technology. This background provides a robust foundation for addressing the unique challenges of integrating Web2 with Algorand Virtual Machine (AVM) technologies, ensuring Arcpay’s seamless functionality across diverse digital environments.
Expertise and Roles:
- Blockchain Development: Four senior software engineers, including two PhDs in computer science, bringing over a decade of combined blockchain experience.
- UI/UX Design: Specialists in creating intuitive, user-friendly interfaces that make complex functionalities accessible to non-technical users.
- Project Management: Agile and lean methodology experts ensuring that Arcpay development is responsive, on schedule, and aligned with governor expectations.
Experience with Algorand
The Frostbits Solutions team has been contributing to the Algorand ecosystem since 2021. Notably with Algogems, an Algorand platform known for its pioneering work in NFT creation and trading. We have a strong technical understanding of AVM technologies!
Present Proposal
Problem Description
Integration of Algorand technology into existing applications presents significant technical and operational challenges, hindering broader adoption and confining blockchain applications largely to niche markets. Common barriers include the need for specialized knowledge, security concerns, and integration complexities.
Aligned with Algorand’s vision of global decentralization, scalability, and security, Arcpay introduces a seamless gateway to the ecosystem and provides a streamlined path for businesses to transact on the blockchain. Use cases include B2B and B2C payments, loyalty point management and redemption, and removing intermediaries for improved operating margins. This will make Algorand an appealing and cost-effective choice for businesses entering the competitive Web3 ecosystem.
Solution Approach
Arcpay will bridge traditional applications and blockchain by providing:
- Seamless Integration for Businesses: Comprehensive suite of APIs and a well-documented development kit for easy Algorand payment integration.
- Smart Contracts as a Service: Transparent, customizable, ready-to-deploy smart contracts for various transaction types.
- Dual Integration Modes: Magic link-based setup for non-technical users and advanced development kit integration for tailored user experiences.
Deliverable
Technical Approach
Arcpay is built on principles of flexibility and user-friendliness, with a commitment to open-source development and community collaboration. Security strategies include community-driven vulnerability assessments and periodic expert reviews if financially viable, ensuring a reliable and secure platform. The Algorand native solution will build upon and refine the Arcpay platform created for Voi Phase1 testnet.
- Supports appropriate assets
- Sellable Assets
- RWAs
- No token standard, these are any goods that aren’t on chain. We provide payment processing and API integration.
- NFTs
- ASA
- ARC3
- ARC19
- ARC69
- ASA
- SFTs
- ASA
- ARC3
- ARC19
- ARC69
- ASA
- RWAs
- Buying Assets
- Tokens
- ALGO
- ASA
- Tokens
- Ability for user to connect their wallet
- Pera
- Defly
- Exodus
- Lute
- Views on the Arcpay Web Interface
- Sign In
- Network Switch
- Testnet
- Mainnet
- User dashboard
- Create a listing
- List of available assets
- Listing wizard
- Active listings
- List of active listings
- Manage listing (Edit, Cancel)
- Statistics
- Volume
- Revenue
- Fees
- Volume
- User Settings
- Username
- Link address
- Social links
- Secondary market settings
- Fee rate
- API subscription page
- Free
- Paid
- Create a listing
- Purchase
- Buy Now
- RWAs
- NFTs
- SFTs
- Bid
- NFTs
- SFTs
- Buy Now
- Supported sale mechanisms facilitated by smart contracts.
- Fixed-price sale
- ALGO for RWAs
- ASA for RWAs
- ALGO for ASA
- ASA for ASA
- Auctions
- English
- ALGO for ASA
- ASA for ASA
- Dutch
- ALGO for ASA
- ASA for ASA
- English
- Fixed-price sale
- Link to assets on the block explorer
- Allo
- Pera Explorer
- Deployed and working on
- Algorand
- Testnet
- Mainnet
- Algorand
- Sellable Assets
Concerns & Risks
| Concerns | Mitigation Strategies |
|---|---|
| Technical Challenges | Incremental Deployment: Roll out features in stages to manage complexity and allow for focused testing and optimization at each step. Community Beta Testing: Prior to official release, conduct extensive beta testing with community members to ensure real-world applicability and robustness. |
| Bugs and Broken Features | Ongoing Maintenance Post-Launch: Continue to address and rectify any issues that arise post-launch on the mainnet, ensuring the platform remains reliable and secure. |
| Adoption Rates | Partnerships: Form strategic partnerships with key players within the Algorand ecosystem to leverage their networks and gain credibility. |
| Hosting Sustainability | Revenue Model Implementation: Develop and implement a clear revenue model to support long-term hosting and operational costs. Performance Monitoring: Regularly review performance metrics to ensure that hosting remains financially viable and adjust strategies as needed. |
| Documentation and Community Support | Documentation: Develop comprehensive, easy-to-understand user and developer documentation. Community Channels: Establish and maintain active community support channels, including forums, live chat support through Telegram, X, and Discord. Feedback Loops: Implement structured feedback loops to continuously improve documentation and support based on user input. |
| Ongoing Maintenance | A 4-week review and validation phase per milestone launch, followed by ongoing maintenance, ensures platform reliability. |
Future Blueprint
Project Longevity
Designed for sustained growth, Arcpay will evolve with blockchain advancements and community feedback. Supported on both the Algorand testnet and mainnet, our platform aims for long-term operational sustainability through a clear revenue model. Our commitment extends to maintaining the platform for at least one year after final delivery, with intentions to continue as long as it remains economically feasible.
Project Timeline
- Development Kickoff: Immediately after successful voting, targeted to start smart contract development by June 3rd.
- Milestone 1 - MVP Release: Core functionalities within four weeks.
- Milestone 2 - Enhanced Features: Introduction of auction systems by the sixth week.
- Milestone 3 - Final Delivery: Full deployment readiness by the eighth week.
Throughout the project, we will actively gather and incorporate feedback via the Algorand Forums, social media, and messaging platforms ensuring that Arcpay not only meets but exceeds community and user expectations.
Milestones
| Milestone | ETA | Scope |
|---|---|---|
| Milestone 1 - MVP | 4 weeks | - ASA to ASA sale contract - End-to-end UI to create sale and interact with contract (Sign In, User dashboard to create, edit, and list NFTs and payment modal) - Link to assets - Secondary market sales listings and settings - Integration through direct links - Development kit to interact with the listings - Documentation |
| Milestone 2 | 6 weeks | - ALGO to ASA sale contract - ASA to ASA English Auction contract - ASA to ASA Dutch Auction contract - ALGO to ASA English Auction contract - ALGO to ASA Dutch Auction contract - Secondary market auctions listings - Updated UI for Auctions - Updated Development kit for Auctions - Updated documentation |
| Milestone 3 - Final Delivery | 8 weeks | - ALGO to RWAs sale contract - ASA to RWAs sale contract - User dashboard with statistics and settings - API Subscription page - Updated UI for RWAs sale - Updated Development kit for RWAs sale - Network switch - Updated documentation |
Benefits for the community
Expected Impact & Outcomes for the Algorand Community
- Ecosystem Growth: Simplifies integration for businesses, promoting Algorand ecosystem growth.
- Broadening Accessibility: Bridges traditional and decentralized economies, revolutionizing B2B and B2C transactions on Algorand.
- Analytics: Provides businesses sophisticated tools to refine strategies and align offerings with market demands.
- Strategic Partnerships: Enhances utility and liquidity of tokenized assets with major Algorand projects. This includes Cosmic Champs, Algo Leagues, Flipping Algos, and the list grows.
Define Success
Success for Arcpay will be defined by the adoption rate among businesses and P2P users, the volume of transactions processed through the smart contracts, and positive community feedback regarding its impact on the ease of integration.
We envision Arcpay’s success playing out in two sequential stages:
- Adoption by top Algorand players such as top NFT projects, Wallets, and existing dapps.
- Expansion to traditional businesses and non-Algorand native Web3 projects.
Additional information
Contact Information
This proposal is supported by Frostbits Solutions, a Canadian company specialized in custom, cutting-edge software, that leverages decentralized networks to facilitate rapid, secure, and cost-effective exchanges of digital goods.
Website: frostbits.solutions
Email: wilder@frostbits.solutions
Twitter: @WilderStubbs
Discord: algogems