Nakapay - Proposal for payment method using client generated paycodes and federated paycode servers

Nakapay - Proposal for payment method using client generated paycodes and federated paycode servers
From: Michael McLees @ 2014-11-06 13:29 UTC ( / )
  To: bitcoin-development



I sent this yesterday but it is not showing in the archives, so I'm not
sure if I did it correctly. I sent it prior to subscribing, so perhaps that
mucked it up.

nakapay.com

I have developed a system whereby a person requesting Bitcoin can make a
specific request (amount, address, timeframe, etc...) by only communicating
a 6 character paycode to a payer. The system does not require that users
sign up for the service; it is open to all. Users may submit information by
POST via my API for which I have documentation on the website above. It is
my intention to convince wallet developers, merchants, exchanges, and
payment processors to integrate my system into their products.

Common objections are a lack of use cases and a lack of security. I'd like
to explore possible use cases and discuss security with this mailing list.

When talking to wallet developers, I've gotten the impression that there is
a chicken and egg problem with my product. If no one uses it, they won't
develop for it, and if they don't develop for it ... on and on.

There are possible monetary incentives for development as there is a
possible revenue stream for paycode server operators.

I've not used a mailing list like the before, so I'm not sure if this
submission is getting where it needs to go.

Thank you all for your time and continued efforts to improve Bitcoin.