CoinPayments is a payment processor that currently supports Zcash. They are overhauling their service and creating a new payments platform from the ground up. They reached out for Zcash to be included and they are asking project teams to complete the integration using this documentation.
Integration on the new platform would include a hosted ZEC wallet, support for ZEC payments via ecommerce plugins, integrations, APIs and other payment methods. This integration would allow merchants to start accepting payments in ZEC when they integrate CoinPayments into their store.
Platform highlights:
Over 60K merchants globally, directory found here.
Processed over $10 billion in payments volume since launch in 2013
Active in over 180 countries including all the major markets
Prebuilt integrations and plugins for all the major ecommerce platforms
They have a growing marketing and sales team that are actively trying to attract new merchants and users to the platform
They average about $35k in monthly ZEC payments volume
My objective is to gauge whether this is something ZOMG would be interested in funding and begin the process of finding a developer to complete the integration. Given these inbound requests come up from time to time, it would be great identify a process for providing bounties on specified development work. Let me know if you have any questions or thoughts on next steps.
Great to hear. They are currently overhauling their platform, so for Zcash to continue to be supported, we would need to do this integration.
Since they are looking for project teams to build this, I believe it could be an opportunity to integrate z-addresses. I’ll confirm if there are any dependencies that we should be aware of.
Yes, they’re open to supporting z-addresses. There may be some small UI work that needs to be done, but it shouldn’t be a problem from what I’m told.
The platform is rolling out in the next 3-6 months. If we don’t complete the integration ourselves OR pay an integration fee, there is no guarantee Zcash will be supported. So, I’d like to work with the community on using this opportunity to add shielded support.
What is this fee? It would be good to know so we can compare to hiring a developer ourselves.
Also, does anyone at ECC or ZF know of anyone who would be interested/able to do this? I’m in favor of funding, the hard part is finding someone to tackle it.
That’s not offline per say since the process is running on a machine that is connected to the CoinPayments server. They trust their firewalls to provide security.
TBH, it would be insane if the private key left the process. But arguably, it is still not very secure since the private key is in the process. A memory dump would expose it though you need to get inside their network first.
Their requirements are quite reasonable.
If the ZOMG prefers CoinPayments to BTCPay, we could consider switching my proposal to it.
In the long term, I think we should have an open source payment solution though.
Personally (not speaking for ZOMG) I would be more supportive of you working on a Coinpayments solution than the BTCpay.
Primarily because Coinpayments has a large amount of vendors that already use thier services for Zcash and I think it is important for them to continue to do so.
And secondly this could be a good opportunity to get Z-addresses integrated on thier platform which if we were to just “pay” some sort of fee to keep Zcash listed then they would likely choose the path of least resistance (T-addresses). Not to mention this will probably require ongoing development work once Unified Addresses come out so it would be nice to have someone get familiar with thier team/processes.
Based on these discussions, the zomg and @hanh are switching gears from BTCPay support to Coinpayments support:
@hanh, Andre @aserrano has kindly offered to connect you with the Coinpayments team, in order for you to scope out what needs to be done in the new grant proposal. He has also offered to help with marketing support that would help with adoption when we’re ready for launch. Please reach out to him!
We at the zomg are looking forward to your new grant application!
Thanks Hanh! We will discuss at our next meeting which is next Tuesday (11th May). But overall we were in favor of switching from BTCPay to Coinpayments.
Hi @hanh, I’m pleased to let you know that this has strong support from the ZOMG and is approved. Thanks for stepping into the gap identified by @aserrano.
We look forward to your updates here! We found your video demos from the cold wallet project really helpful, so if you find it worth your while to do the same for this project, please consider posting video demos too!
This looks great and it’s really interesting to see how scanning tx’s can be made much more efficient when many addresses are controlled by the same entity.
Would there be any drawbacks to using this approach in a user’s wallet, say?
