SatoshiPay 2018 in Review

With 2018 coming to a close, we would love to share some of our highlights this year and talk about foundations we laid for an even more successful 2019.

SatoshiPay wallet and purchases accessible from any device

SatoshiPay’s device sync website

While keeping the wallet’s secret key in the browser storage enables remarkably fast user on-boarding and frictionless payments, we wanted users to be able to use their wallet across many devices and browsers. Therefore we introduced the export/import feature in March, allowing users to create a wallet backup, take control of their secret key and import it on any device. Transferring the wallet from one device to another is done through a smooth process of simply scanning a QR code. This feature also allows convenient backup recovery, enabling users to restore their SatoshiPay wallet from a screenshot or printout on any device they own in seconds, with all its funds and purchases.

Advanced security measures

This concept allows us to avoid enforcing a signup and verification on our consumers, and instead focus solely on publisher accounts; the only gateway out of the SatoshiPay ecosystem and into fiat currencies. Using a multi-tiered know-your-customer (KYC) registration process, a protected ecosystem consisting of verified publishers is created. We do this by subjecting registering publishers under a thorough verification and auditing process before approving them.

First big publishers begin using SatoshiPay

Payment screen for ad-blocker users on City A.M. website

The SatoshiPay family grows

The SatoshiPay team

Becoming a major player in the global Stellar ecosystem

  • SatoshiPay becomes the second most trusted entity in the Stellar network, surpassed only by the Stellar foundation itself.
  • We launched three new Stellar network validator nodes, located in the US, Germany and Singapore. Our new nodes dramatically increase the reliability of the network, because they maintain a full Stellar transaction history, not just the current state of the ledger, as most nodes do. Our nodes are the only globally distributed setup in the whole Stellar network that also maintain publicly accessible history archives. Furthermore, operating the fastest Stellar API server (Horizon) available means we offer the smoothest user experience possible.
  • During an internal hackathon, we implemented payment channels on Stellar in JavaScript, increasing transaction throughput to thousands of transactions per second. Look out for our upcoming blog post for this!

Additionally, we decide to take on responsibility for a German Stellar community cluster, which includes organising official Stellar Meetups in Berlin and other community events. We were happy to host, amongst others, Stellar.org developer Bartek Nowotarski at the first official meetup to give a detailed introduction into Stellar.

Stellar.org developer Bartek Nowotarski at the Official Stellar Berlin meetup

Preparing for organic growth and a fresh look

The all-new satoshipay.io

In the weeks before Christmas, we launched two major tools to boost adoption of our payment system:

  • After first waves in April and May, we re-launched our giveaway program. SatoshiPay users can claim their first credits for free, but this time they require an invitation from one of our trusted publishers. This allows us to see the direct effect it has on publishers’ sales, and in turn we can incentivise new publishers to integrate SatoshiPay by allocating a contingent of invite codes when signing-up.
  • This giveaway program is complemented by our brand-new referral program, allowing our publishers to be automatically rewarded when referring new SatoshiPay clients, without the hassles and overhead costs affiliate programs usually entail, thanks to the advantages of blockchain.

With these two unique tools, we confidently expect organic growth within the community of bloggers, influencers — the “long tail” segment of our target group.

2019 outlook: Awesome things to come!

  • Integration of a stable EUR-pegged token as the means of payments within the SatoshiPay ecosystem, replacing Stellar lumens as unit of account. This “Euro token” runs on the Stellar blockchain as well, but its value is pegged 1:1 to the Euro, therefore removing price fluctuations. Our publishers will thus be able to price their assets and receive their revenues in EUR values, whilst profiting from all the advantages of the blockchain,
  • Lightning network style payment channels to be used for metered video streams (“pay-per-second”),
  • Two-way payments that allow publishers to give back to their consumers within a loyalty scheme,
  • A completely reworked dashboard for our publishers to manage their accounts and track sales, as well as affiliate referrals,
  • Software development kits for mobile applications,
  • And, last but not least, a real game changer for the entire Stellar ecosystem is upcoming! However, we can’t reveal any details yet, as this project is still in stealth mode…

So, that’s it. Thank you for your support, we are eagerly looking forward to another year full of exciting developments at SatoshiPay, and we hope you are, too! :)

The SatoshiPay team

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store