APIS — Functions & payment solution

Hello, this is APIS team.

Here we present 9 technologies of APIS mainnet to help APIS ecosystem grow and APIS PAY!

Mineral(MNR) system is developed to overcome the limitations of the earlier fee system and upgrade the utility. It is the system that distributes ‘Mineral’ to users based on their contribution to APIS network and users can pay fees by minerals. They can also purchase MNR with APIS if needed.

We implemented Address Masking which registers a mask for a cryptocurrency Wallet/contract address as a ‘name@domain’ form to increase user convenience.

To provide dramatically improved smart contract user experience and construct active dApp ecosystem, APIS developed ‘Smart Contract on Canvas’ technology.

Smart Contract on Canvas is an innovative technology that can provide both smart contract and user interface(UI) simultaneously. With APIS-developed open source library ‘app3.js’, anyone can develop a contract-connected user interface with ease. Furthermore, developers can easily provide their service only with contract address(or mask) just by adding some elements to the contract.

More than that, APIS supports ‘Solidity’ programming language, which is used to develop Ethereum dApps. So based on that, developers can use a variety of smart contract standard like ERC20 token contract without any modification.

Cryptocurrency trading is validated by private key/public key. Since users lose their asset if the private key is lost or stolen, some choose to store it written on a paper or in a hardware Wallet.

But those methods are still not totally safe from physical threats such as robbery, loss, or fire. To solve this, APIS suggests adding an additional key, ‘Knowledge Key’ which only its owner knows for verifications and transfer to help users keep their asset safe.

Most of platforms blockchains provide the environment to freely develop and deploy smart contracts. But once Smart contract is deployed, there is no way to fix or update it on their structure.

To fix this problem, APIS provides a function to update contract code. Unlike connecting numbers of complex contracts and changing main logic contract which was used in Ethereum dApp development, developers can update contract code by their own and it improves stability and ease of development.

Additionally, for contracts that confirmed to have integrity or asset managing contracts, APIS provides Contract Freezer to make contract cannot be updated forever, and to ensure reliability.

You can review accurate, detail transaction list on ‘Transaction’ page of APIS Wallet. But you need a more simple way to check transactions more efficiently. You can check the APIS Blockchain’s status, Block data, Transactions with ease on APIS Explorer.

For sure, dApp development teams want their services to gather as many users as they can. However, a significant amount of transaction fee or massive staking requirements reduces user accessibility and becomes a critical threshold to both dApp development team and users.

With Mineral system, APIS already solved fee problem of common users. But in the case of using smart contract frequently, users may have to pay transaction fees.

In this case, dApp development team can use ‘Wink System’. With Wink System, the development team can purchase lots of MNR into their contracts and pay transaction fee instead of contract users.

If developers write their contract to emit ‘Wink’ event under a specific condition, the contract can pay transaction fee instead of a user if the contract has enough MNR and met specific condition developers set.

The Wink System and Smart Contract on Canvas dramatically increased the possibility of smart contract commercialization. And actually lots of users can use dApps without concerns regarding transaction fee, and dApp developers can maintain their contracts economically with MNR discount policy. This can create a healthy and active smart contract ecosystem.

APIS PC Wallet and mobile Wallet have powerful features, convenient interfaces, and industry-leading security. APIS did not stop here and developed APIS Pay, a chat-bot based transfer solution to lower the entry barrier of Blockchain, which is the ultimate goal of APIS.

APIS Pay is an easy payment solution developed as a messenger chat-bot for Telegram, Kakao Talk, etc and users can transfer, check balance & transaction with simple commands.

This image is an example of balance check and transferring with Telegram APIS Pay chat-bot. It performs well with Address Masking and APIS Pay supports both normal address and Masking domain. It also minimizes the key takeover and phishing risk since it is confirmed with a private key that is saved in a separate database.

APIS Pay release date will be announced afterward.