Faith of Payment Application Walk-through
Disclaimer: This is my personal Medium profile and the opinions expressed here do not necessarily reflect the opinions of my employer, Object Computing Inc, however this article does concern OCI technology. To learn more about our work, visit objectcomputing.com/
Walk-through
In an earlier article we had introduced the Faith of Payment web application and talked about the opportunity value it opens up to business. Here we do a walkthrough of the application.
Open Faith-of-Payment demonstrator application in your browser by navigating to the following URL:
http://faith-of-payment-demo.objectcomputing.com
First, navigate to the create account page.
If you have an existing Stellar testnet Account enter your public & private key credentials to leverage your existing testnet account. Wait for your account to be created before being automatically redirected to the user dashboard.
Create Account
Once looking at your payments dashboard navigate to the “Outbound Payments” Tab
Outbound Payments
Click on “New Payment”
New Payment
To whomever you intend to send funds, input their public account key, and do the same for the arbiter. Alternatively, if their name is within our database, you can select them from the dropdown menu. In the event of a dispute, only the arbiter will have the ability to decide if the funds go to the intended recipient, or back to the sender. Once all of the fields have been filled, click on submit. The application will create a temporary Stellar escrow account with appropriate permissions and park the funds within it. The escrow account is similar to a joint account and needs more than one signature to unlock it.
Now, the owner of the receiver account should see the payment waiting in their inbound payments tab.
Inbound Payments
The receiver can click “collect” if they are ready to receive the funds. They can click “dispute” if there is an issue with the payment. Clicking “dispute” will put the payment into arbitration and remove control from the sender and receiver, waiting for the arbiter to favour a party.
Now, the owner of the sender account should see the payment in their outbound payments tab. If the receiver chose to “collect” they can complete the payment by pressing “pay”. If the receiver disputed the account, the sender can take no action. Finally, if the sender feels there is an issue with the payment they can click “dispute” and send the payment to arbitration.
Outbound Payments
If either the sender or receiver clicked “dispute” during any step of the payment process, the arbitrator will find it in their Arbitration tab, where they can ultimately disperse the funds by clicking on “favor sender” or “favor receiver”.
Arbitration Panel
Regardless of the sequence, once the funds have been dispersed from the escrow and the payment is complete, both the sender and receiver should see the payment in their respective payment history tabs.
Inbound Payments History
Outbound Payments History
Checkout more cool OCI technologies & tech trends here:
https://objectcomputing.com/resources/publications/sett