CAFECOIN’S INTUITIVE APP WILL TRAIL BLAZE A NEW PATH FOR CRYPTOCURRENCY
One of, if not the most prevalent reason as to why cryptocurrency hasn’t been able to achieve widespread adoption is because most cryptocoins need a certain level of technical knowledge in order to be fully utilized. The most basic feature users look for in an alternative payments platform is how quick and easy it is to use. They want to be able to choose what they want to purchase, pay for it, and then go about their business quickly. Transactions themselves should last only a few minutes at most, and this is simply impossible with the current state of crypto being what it is today.
Considering that some transactions in certain coins can take up to multiple hours until they are completed, you can see why a lot of people are easily turned off from using cryptocurrency. Another problem is the high transaction fees imposed upon those who exchange coins in cryptocurrencies. Sometimes, users need to pay a quarter of the amount being exchanged before their transaction can get settled, and even then, it will still take a long time before it is done being added into the blockchain. There are other factors The CafeCoin Foundation has identified, but those are the more common ones.
The Foundation intends to overcome these roadblocks to widespread adoption, and be the first true utility token that people use to purchase goods and services. In order to achieve this, they made sure to not only tap the right people for their expertise, but also to prioritize incentivizing their cryptocoin in order to further increase the rate of adoption. Because of this, CafeCoin’s processes and protocols are specifically geared towards giving both consumers and merchants advantages that are hard to resist. And the vehicle where all of this can be accessed is through CafeCoin’s intuitive mobile application.
The accompany mobile software will be designed to wrap up the complex cryptographic technology that goes into CafeCoin, and compound it into easy-to-use features that anybody can utilize. This includes wallet creation, transactions, liquidity access, and more. The app will give users the ability to initiate a transaction between consumer and merchant, or even between two CafeCoin users who want to trade CafeCoin. The app will have versions for both merchants and consumers, which will be available in both desktop and mobile devices. The consumer’s application will be especially intuitive, so it can be marketed to the plethora of users who have little to zero technical knowledge in cryptocurrency.
The application will be modeled after the simplistic design and functionality of traditional payment applications like Venmo and PayPal. Although the application is the main vehicle for interaction between other users and will therefore have multiple abilities, its main benefits are the following:
Holding and Transferring CafeCoins – The mobile application will double up as your CafeCoin wallet, and will have the ability to hold the collected coins. Completing transactions and transferring said coins from one account to another is also done on the application.
Accessibility to Personal Promotions and Discounts – Users’ past transaction history will be stored within the mobile application. This data can be shared by the customer in exchange for certain incentives set by the merchants.
Generate Savings Review – It is anticipated consumers will generate a certain amount of savings by purchasing via CafeCoin from Foundation-affiliated retailers. Just how much a user has saved can be seen from the application, and it can even show additional revenue gained because of the applications information sharing mechanism.
Third-Party Liquidity Provider Accessibility – Users of CafeCoin will have connectivity to third-party liquidity providers, which they can use to trade CafeCoin for traditional fiat currency.
Data Migration – Users can leverage the mobile application in order to move data from mobile wallets, online banking applications, and traditional payment platforms into CafeCoin.
The Foundation aims to focus on the development of the mobile applications first, and the robust web application and desktop applications will follow. These applications will be available on Android, iOS, or any other mobile or desktop web platforms. Moreover, the accompanying mobile software will have a plugin functionality, which enables simple integration with WeChat Pay, Alipay or Square, and will further facilitate adoption of transactions in CafeCoin. For example, if a merchant were using a point of sales solution on the Square Platform, which is a very popular point of sale system, the CafeCoin accompanying software will have the ability to identify a completed cash sale to Square.
Through this method, any credit card or debit card payment processing fees can be avoided, and yet the merchants can still make full use of the inventory management software. This is extremely useful to retailers, especially to those who already make use of Square, or other similar payment processing and inventory management software. This software interaction between the merchants, consumers, and the API which facilitates interconnectivity with existing inventory management and CRM systems is proposed to be integrated into CafeCoin’s software.
THE TRANSACTION PROCESS
Consumers purchasing from a merchant will make use of the merchant exchange process, which is facilitated through the CafeCoin application on the consumer’s mobile device, and the CafeCoin app that is maintained by the retailer. During the transaction, there are two entities, namely the seller and the buyer. The seller, in this case the merchant, can either manually input costs and description of the goods that are to be sold into the application, or they can also opt to have the CafeCoin application determine the right amount through integration with an existing point of sale system. A QR code will then be generated, which encodes the details of the sale, and a public key for the digital wallet of the merchant.
The second party will be the buyer. The buyer can then scan the QR code, and the CafeCoin application will reflect the proposed transaction on screen, along with all the details. The buyer has the option to confirm the transaction from their own phone, or if they see something amiss, or do not agree on, they can then reject the transaction. CafeCoin assures its users that no coins are exchanged until the user has elected to settle the transaction. When the price is accepted, a transaction request will be created and sent for validation using the CafeCoin blockchain. A confirmation screen will show once the CafeCoin app has executed the transaction on the network, and it will also provide visual feedback to both parties that the transactions has been completed.
The CafeCoin Foundation made sure to develop their mobile application in a way that even those with very little technical knowledge in general will be able to make full use of CafeCoin in a commercial setting. Even the transaction process has been simplified to the point that anyone who can navigate through a smartphone will be able to easily conduct transactions. These are just parts of what CafeCoin has in store for prospective users, though. For the full gamut of what the coin can do, check out their white paper on their website at cafe-coin.com.