[Discussion] NuPay... How could Nu be the decentralized paypal

The Plaza
#1

Previously I imagined the future of Nu from a Shareholder point of view, and now I will try to do the same for Nubits user experience, I am not a technical guy nor a liquidity provider so this is the least I can contribute with.

All the following ideas are half baked and every comment is appreciated.

1- App name:
Nudroid is a great name which describes what the app currently do, I prefer it to be NuPay or Something more relivant with payment processing in general, when it becomes one.

2- Log in.
Once you open the app you land on the well known log in or sign up screen.
If you sign up a new account all you need is to enter UserName and a Password / Passphrase / Face recognition / fingerprint… etc.
A new file is saved on your phone named “nuw_Username.dat” not sure about the extension, any way the file should be encrypted with the Passphrase and contains a new pair of public and private address and default app settings / prefrences.
Every time you log, in the app searches the phone for the wallet and if founded it tries to decrypt it to load the addresses and prefrences.
If the user wallet is not founded the app instruct user to download their wallet from where they might be storing online as a backup, or just create a new one.
The app will also advise for backup the wallet file every time it updates it and make sure that user can locate it easily on the memory.
If a 2 step authentication decentralized service is available in the future you know what to do.

3- Balance and Currency interface:
Regular user deals with a single currency so the default interface should view your balance in just one Nubit product, which every transaction will be sent or recieved with, that ofcourse will need a robust backend currency conversion system between our products since they are all on the same network backed by the same asset or at least we can use B&C ex but who would pay the fees?!.
Currency should be also viewed in the original begged one not the Nubits product “Usd instead of us-Nbt”.

4- Activity:
This should contain the usual informations retreived from the BlockChain about transactions and confirmations but also the off chain history locally saved on the device “money requests and others”.

5- send and receive:
NuPay should be able to recognize every acceptable currency with just typing or scanning or Bluetoothing the crypto address or the centralized e-currency infolike perfect money.
Either shapeshift-like services or B&C exchange will be the back end to run this trades smoothly, again not sure who will pay for b&c fees.

An Escrow service or multisignature is also a must in paying for goods and services to substitute the centralized anti-fraud options, legal protection and chargebacks.

Like PayPal you will be able to send money or payment requestes to any one in your contact list by sending sms, WhatsApp, signal, mail or fb message contains:

  1. the request detailes like “Bob wants to pay you $10” or “Alice is requesting $20”
  2. a hyper link which the system can recognize and open in NuPay to
    a) send the requested money to the requested address “the default address of the user if he didn’t specify it manually while requesting” and saving the new contact address if its not saved already.
    b) accept the money which basically means replying on bob’s message with a hyper link containing your public address and instructions for NuPay to process the transaction and saving the new address in The contact list of NuPay.
  3. NuPay download link ofcourse in case the recipient doesn’t have one.

6- Cash in Cash out:
Every possible way to load or redeem money from PayPal should be available through the app but the most important is the geolocating of near peers wanting to sell or buy Nubits for Fiat -or some sort of money that is not available ob B&C ex as paypal "cashing in or out NuPay- " with the information about their fees, liquiditiy and rating, also which bussiness near you accepts any form of money that NuPay can deal with and its rating.
This will need ofcourse a huge infrastructure which I hope it can be done on a decentralized platform rather than a centralized server.

7- network variables Viewer:
Fees should be updated periodically in the help section beside any similar variables and should be fitched from the trusted servers of NuPay.

8- Advanced:
Most of users won’t need multiple addresses or multiple currencies and complex balance sheet but such advanced options should be available.

#2

I like your vision. Will do a bit of a breakdown / roadmap of each item you mention:

  1. That is an easy one once a few items below are implemented, potential problem is now you have mentioned it others might have claimed that name.

  2. Not sure of I fully understand this part. Why is an account needed? The nice thing with NuDroid is that no accounts or registration is needed. I don’t think we should give that away, maybe we can have it as an option.
    NuDroid has a wallet and an address book built-in, this can be made more user-friendly with links to people in you phone’s address book and their addresses. But people’s addresses will change over time, so there is limited value in doing that manually.
    …or are you referring to a hosted wallet on the internet?

  3. Like that and it builds on the current philosophy. Supporting multiple currencies in NuDroid is one of the things on the roadmap. Before that I would like to see the ability to receive non-native coins first while automatically exchanged to US-NuBits.

  4. We need to be careful not to built in a blockchain explorer into the App. A link to a page on the website of a blockchain explorer is feasible. Not sure about value of full integration. Would consider it ‘advanced’ information anyway.
    Transaction information is available in the App, can be presented a lot nicer with some effort though. It can also be exported from the App to process in external Apps if you need it now.

  5. It recognises most coins. Coins with exotic blockchains, like NXT, Ethereum, Monero etc. are tricky. This requires a lot of specific coding as there syntax is not compatible with Bitcoin. Thinking of adding Ethereum to the roadmap of NuDroid to start with and explore the amount of effort required.

Multi-sig was the other item to add to the roadmap. This also won’t be an easy implementation. We might look into integration with B&C or Cointools. Not sure what way to go yet. Cost, expertise versus value for money are considerations here.

Integration with social media (WhatsApp, FaceBook, etc) is a long-time desire I have, nice that you mention it again. Maintaining there ever changing proprietary APIs won’t be easy though.

  1. Not sure if you meant PayPal or Paypal-like. PayPal integration won’t be possible with their current terms and conditions. What would be possible is that third parties take the PayPal risk in exchange for your credentials/registration?
    More interesting is the LocalNuBits idea @coingame has also been referring to. That is a solution for fiat, B&C could be for crypto. The key issue with LocalNuBits is imo the actual usage. Who want to play bank with all the risks and legal issues involved? Those who do will ask high fees so you end up with high prices which will shy users away. You can already see that on sites like Local Bitcoins. Tough one regarding fiat exchanges. There is another thread about this subject.

  2. The fees and prices are actually shown in the App when you prepare a transaction. This is not entirely transparent as some fees are hidden in the spreads on the exchanges used. We could add some feeds to NuDroid providing the spot prices on key exchanges, similar as what is currently been done with the fiat prices in NuDroid.

  3. I think some users should use multiple addresses and have the ability to that. We lost that functionality to create new addresses somewhere in NuDroid. I still have an upgraded wallet with multiple addresses. Tip: create a wallet with the 1.0 version of NuDroid and then upgrade to the latest.

Not trying to shoot down your ideas, but just exploring feasibility and immediacy of some of your ideas and how possibly to get there. I’m in the process of gathering thoughts for another NuDroid upgrade and related grant. This would just be a step towards all the ideas above. Implementing all ideas will be a process of many years and /or high investments i believe. We will have to chip away slowly towards the ultimate mobile wallet and prioritise steps within our means.

2 Likes
#3

Thanks for taking time to reply, I appreciate it, Here are my answers:

1)Didn’t thought about that ^_^, still Nudroid isn’t bad any way.

2)The account needed for saving all the addresses and private keys and app settings and may be may be the favourite addresses of your contacts and their corresponding aliases.
This is the same as wallet.dat in Nu client except that the username is implemented in the file name to make it easy to locate the file manually, back it up and downloaded, and the password will be the same as the encryption password in Nu client, but instead of just allowing or denying actions, the password will allow or deny the opening of the wallet file and optaining any information in it, it gives the user the same security level as Nu client with the ease and familiarity of the loging in online accounts.
Its kind of brain wallet I think!.

3)I agree that Us-Nbt is only what we need for now beside accepting and sending other crypto and e currencies.
What do you think about hiding the Nubits products and just viewing their value in the begged currency, I dont want to know if I have 10NBT that worth $0.99 just tell me that I have $1, paypal doesnt say you have 10 paypal dollars despite right? Why should we?.

  1. I meant the usual information that the BlockChain knows, I understand that we need trusted nodes or servers to broadcast that, I only wanted to say that in the activity tab thier should also be information about what trusted servers can’t know, like the last payment requests you sent with WhatsApp, thier history and if any of them were processed or denied. These informations are the responsibility of NuPay and it will be stored in a history file that we can afford to lose, rather than keeping that in thae wallet file unnecessarily.

  2. I am not interested in nxt or eitherium, this isnt an exchange its a payment processor, all what we need is what people already use or accept for goods and services, mainly bitcoin, bitusd, tether, perfectmoney, cashu…

I prefer multiseg as It keep it in Nu, and I still dont know who will pay the blockcredits if b&c were used? Sure I will not buy block credits and put it in NuPay for such uses! No

Its not only integration with other apps, we should find a way to make the OS able to identify the hyperlinks and open them in NuPay! I am not a technical guy but this is the only way I think we can do it, because sending an attachment file with the payment request will be dangerous, wait a minute! May be a qr image and giving NuPay the ability to screenshot them and read them, I dont know.
About the API s, one can always use sms/mms and email atleast.

  1. I meant that if it will be ever possible to comunicate with master cards and bank accounts it would be great but it is sure unlikely.

b&c for cryptos are the opvious step, but may be we will be able to add perfectmoney and centralized e-currency, that would be great because the sell scratch cards, I am also aware of the bounty for coding an online exchange for them with Nubits, either solution should be implemented in NuPay so one can load his balance with a scratch card or pay with NuPay in places accepts e-currency not bitcoin.
I am also aware of the localNubits idea and I think it also should be implemented in NuPay, your concern is legit but as long as optaining Nubits locally is cheaper than having a banck account and some times Nubits is the only way "think of cash control in Greece and Egypt " then this solution is valuable. beside it will help users find merchants accepting crypto.

  1. I thought about something like the FAQ section, to optain abstract information like the variable voted fees and may be liquidity?

  2. I agree that multiple addresses are important, and that is the idea of the log in process and that “brain/Face/fingure wallet”, not having to memorize any thing.

I understand that Nudroid will and should develop through time, I was just disscussing the big picture and the key ingredients I think are essential to work as a convenient robust payment processor for a convenient and robust pegged currency.

That’s why I appreciate disscussing this vision and developing it and wish for the participation of technical guys here in the community, as for the road map. It can take as long as it need once we have a clear idea what should Nu app look, and feel like for the every day user.

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