Smart contract, like codeless and serverless, seems to be an over-hyped snake oil, where their open source implementations are far lagging behind "expectations", or downright poorly documented.
PhosPay might just be the most definitive implementation of smart contract, as our implementation and documentation are designed to be verified by peers and adopted by collaborators. As such, we hope that PhosPay may redefine the roadmaps of future smart contract implementations.
In PhosPay Online Tipping , we describe an online tipping scheme based on ID-less asymetric cryptography. Based on the concepts described above, we describe an entity called PhosPay Wallet or PhosWallet, which accumulates the tipping amount on behalf of the Payee, before the Payee is even notified of the credits the Payee is eligible to claim.
The minimal condition for this transaction is that the Payee shall advertise his (her) public key on his social media account. Further, the public key can be generated randomly from time to time, using PhosPay compatible apps OR just equivalent algorithms, which PhosPay shall publish, strictly in accordance to the spirit of free software.
Likewise, a Payor does not need to make physical or electronic payments to a PhosPay Agent, before the Payor's intention to pay the Payee of a certain amount X in currency P (including cryptocurrencies), is recorded in the Payor's PhosWallet.
As such, PhosPay acts as a smart contract, in the sense that it expresses the intention of the Payee to pay the Payor of a certain amount X in currency P, just like a conventional paper contract does.
The most important unique selling point of PhosWallet is the potentially very large amount of tips given to popular social media influencers. This will drive prospective candidates to become PhosPay Agents (PhosAgents), who are critical to make PhosPay work, and will earn significant commisions from PhosPay transactions. The ease of becoming a PhosAgent and the large number of PhosAgents will in turn make the costs of transactions of PhosPay cheap and make PhosPay reliable.
- For example, 100 influencers receiving USD 100 tips daily would be equivalent to USD 10,000 daily. At 1% commission fees, that is USD 100 per day – passive income!!
- USD 10k daily transaction could be achieved within 1 month after launch of PhosPay.
- A conservative linear growth estimation could put PhosPay DAILY transaction at USD 100k, or USD 3 million per month, at the end of one year after launch of PhosPay.
By acting as PhosAgent, Cryptocurrency owners can utilize cryptocurrencies that they own, earning additional income. As such, PhosPay will become a new unique selling point to attract more people to use cryptocurrencies.
Conventional open source projects labelled as "smart contract" either:
- do not have a realistic short term goal (e.g. within 3 months), or
- too few people understand the theories and proposals for implementations.
As such, our project should satisfy both criteria above to be credible.
The breakthrough in PhosPay is a result of:
- eliminating the conventional Unix style user ID, and
- applying asymetric cryptography in completely novel ways.
Due to its simplicity and transparency in usage and implementations, PhosPay shall become the reference implementation for smart contract and raise the bar for the industry, just like GCC does for compilers.