Sikoba IOU platform-Development Update
Here are some of the highlights of the progress that was made over the past two months:
New money type
The platform now has a custom money type designed to support even the most hyper-inflated currencies which might require huge numbers — billions, trillions or more. The type was designed to also support the other side of the spectrum. Namely, the custom money type supports cryptocurrencies like Ethereum that might require a large number of decimals digits (up to 18 in the case of ETH).
So now, you can even use cryptocurrencies for your IOUs!
Payment capacity and payment options
As of now, the system allows users to have a detailed overview of the payment possibilities they have towards other users.
When a more general estimation of payment capacity towards someone is required, the user can get the maximum amount for each currency that the user can pay.
When precise amount needs to be paid in a specific currency, the user can call for payment options. He then receives a list of payment possibilities, each with a detailed overlook of the fees that he would have to pay for in addition to his base amount.
IOU payment
The previous two points paved the way for the core functionality of the platform: IOU payments.
Once a user has selected a payment option to execute a payment towards someone, the system will verify the balance on his credit lines and if all is well, the system will create IOUs towards the target/payee user of the transaction.
Once a debt has been settled outside of the system, the payee user can choose to mark it as such in Sikoba, thus completing the life cycle of an IOU.
With this, the core functional requirements of the platform are satisfied!
Internal testing
Finally, we implemented a testing environment for internal use so that our team can have first-hand experience with the available features, at least until the front end comes to life.
Here’s a brief look at that:
Make sure to stay tuned, since depending on the feedback, we might even make this environment available to the public!