As blockchain technology and decentralized finance (DeFi) continue to gain popularity among the masses, the instances of scams and fraud have also skyrocketed. This puts novice and seasoned crypto users at risk of losing their funds. Due to the immutable, permissionless nature of blockchain applications, smart contract transactions are irreversible, rendering lost funds unrecoverable. Lockness’ solution to this dilemma is a secure payment gateway enabled via escrow.
The platform will support two payment formats:
- Direct P2P Payments: Funds paid by customers are held in escrow and only released to merchants after customers confirm the reception of products/services.
- Milestone Payments: Scheduled distribution of funds held in escrow in predetermined amounts and frequency of distribution.
To facilitate the adoption of their platform, Lockness has developed a full suite of products that can be easily integrated by businesses as part of their payment system.
Software Development Kit (SDK)
Designed for ecommerce businesses, Lockness’ Software Development Kit (SDK), is slated for deployment between the first and second quarter of 2022. With that, businesses who intend to accept crypto as a form of payment will be able to integrate the Lockness API to utilize escrow services in their payment system. The platform charges a flat rate fee of 0.5% per transaction.
Tap & Pay
Tap & Pay is Lockness’ Point of Sale (POS) payment solution that can be implemented by traditional brick and mortar establishments without the need for third-party hardware. The system will utilize NFC technology built into most smartphones in the market today for over-the-counter payments.
LockSwap
LockSwap eliminates the need to swap unwanted cryptocurrencies by allowing users to determine a currency of choice before it is sent to their wallets. The system will automatically convert unwanted currencies to that which is desired before deploying them to users’ wallets. This cross-chain compatible feature will massively reduce clutter in crypto wallets, allowing for easier tracking of funds.
To complement all the above, Lockness will also be developing their very own Lockness wallet which is also scheduled to be released in the first half of 2022.
About CardStarter
CardStarter is the first incubator, launchpad and insurance program for projects being built on the Cardano network. The CARDS platform is a unique and dynamic launchpad, connecting projects to early supporters and a network of key partners. The Cards Accelerator Program (CAP) team works with each project individually to establish the right connections and map marketing strategies, establishing the foundation for long term success.
About Lockness
Lockness is a crypto payment protocol that aims to reduce the instances of fraud in commerce via the implementation of escrow services to create a more secure payment gateway for crypto buyers and merchants alike. The project will feature a plug-and-play API that can be integrated into existing online platforms and a POS solution that can be adopted by more traditional establishments. Lockness is led by a team of experts with diverse backgrounds in blockchain development, paytech and communications.
📰 INFO
https://cardstarter.medium.com/cardstarter-to-host-lockness-ido-c1d82192a742
