Rate3 Prototype [Testnet LIVE!]: A Step-by-Step Explanation

Read this guide to learn more about our Testnet!

Before we dive deep into showing the Rate3 prototype, some context is required. We already have a LIVE payment processing product: RateX, and this article will give more context on how dApps can work on the Rate3 protocol.

Download the RateX extenstion here: https://ratex.co

Download the Rate3 Testnet Prototype here: https://rate3.network/testnet

Using RateX: Fiat-Fiat exchange

Our flagship product RateX is a browser extension to help consumers save on FX charges when we shop online. Essentially, when you pay for overseas cross-border changes, you pay additional (and often hidden) charges in two ways:

  • Credit card processing fees
  • Dynamic currency conversion fees (from buyer’s domestic currency to merchant’s accepted currency)

This often adds up to 3–10% on a transaction. In short, consumers pay more for a transaction and merchants receive less from a transaction.

We created RateX to solve this fiat-conversion issue and allow consumers to check-out seamlessly with a beautiful user experience.

How does RateX work?

A few simple steps:

Step 1: Install the browser extension from Google

Step 2: Shop normally on our supported merchants.

Step 3: On check-out, the RateX payment extension automatically appears and consumers can choose to pay by credit/debit card, Rate wallet or bank transfer.

At the Check-Out page for our supported merchants:

The RateX extension appears seamlessly during check-out.

A Closer Look at What’s Happening:

For Amazon (US) where merchants receive and settle in USD, we allow consumers to pay in SGD and TWD (our currently supported fiat pairs).

The savings (in FX conversion and processing) from using RateX are very clearly displayed too. We also display the prices you would pay if you use Amazon, and other banks’ credit cards for you to compare:

RateX for Amazon (US). Source: Rate.

Now, let’s take a look at another very popular merchant: Taobao from China. Here, consumers can pay in SGD or TWD, while merchants receive in RMB.

RateX for Taobao (China). Source: Rate.

How Consumers Pay:

Consumers can choose to pay by credit/debit cards or bank transfer, without incurring any of the additional credit card processing/exchange rate charges.

One of the payment methods: Debit/Credit card

What fiat currency-pairs do RateX support now?

Good, but not greaaaat.

Creating different valid currency pairs is tough. Right now, consumers can choose to pay in SGD or TWD for our supported merchants who can receiv only in USD, RMB and YEN.

Introducing… the Future: MetaMask for Payments.

Rate3: MetaMask for Payments. But Better.

RateX is wildly popular because it is easy to use, looks good and it works. Likewise, MetaMask is popular for Ethereum because it is easy to use, looks good and works seamlessly.

Imagine the MetaMask for E-Commerce Payments.

RateX as the first dApp to process payments

Using RateX as the first dApp, consumers can pay in their debit/credit card or any cryptocurrency (that are supported on the Stellar Network).

In this example, we use 1 specific case of payment through RTE tokens. In terms of list of supported currencies that consumers and merchants can receive, please read below. This transaction is live on the Stellar testnet.

Transactions are almost instant: 3–5 seconds.

Successful Transaction on the Stellar Testnet

Tracking your test transaction on Stellar testnet. Live!

After trying out the transaction, you can see the transaction hash and log on the Stellar testnet itself.

You see the transaction fees too — as borne by the merchant, due to our Cross-Border Payment Protocol.

What currency pairs can Rate3 support in the near future?

Consumers can choose to pay in any supported fiat currencies (either through their credit/debit cards, bank transfers) or supported cryptocurrencies (through any native crypto-wallets).

Currency flows in the future

For the detailed list of all currency and assets that Stellar currently supports, please refer to the offiical Stellar directory and StellarTerm.

Essentially, RateX allows one to do fiat-fiat exchanges.

Rate3 allows you to do much more. You can accomplish:

  • Fiat-crypto-fiat conversions (consumer pays fiat, merchant receives fiat)
  • Fiat-crypto conversions (consumer pays fiat, merchant receives crypto)
  • Crypto-fiat conversions (consumer pays crypto, merchant receives fiat)
  • Crypto-crypto conversions (consumer pays crypto, merchant receives crypto)

What the Rate3 Testnet Demo Shows

This Rate3 Testnet Prototype aims to show three important points:

  • Stellar-asset transactions are already live on the Stellar testnet, using this RateX dApp
  • You can pay in any of the supported currencies, while the other party can receive in any of the supported currencies
  • Payment can be done easily and seamlessly: Rate3 is just like MetaMask for Payments. But Better.

Rate3’s Grand vision

Our Grand Vision

Payments (whether cross-borders, fiat or crypto) should move like email. Payments should be easy and seamless, with no borders.

For Consumers:

  • No more messy public key addresses, transaction hashes for crypto payments— just 1 simple and beautiful payment interface
  • Consumers can pay with their existing debit/credit cards, and NOT incur the additional charges
  • For unbanked consumers (without debit/credit cards), pay with any supported wallets
  • Pay in any supported currencies easily: RTE, SGD, USD, BTC, ETH, LTC (and more)

For Merchants:

  • Receive and settle in the supported currencies, of their choice: RTE, USD, EUR, BTC, ETH, LTC (any more)
  • Integrate our merchant SDK with 1 line of code easily
  • Use a beautiful merchant interface to monitor transactions and payments
  • Customize the payment acceptance form to their desired design
  • Pay the network fees in RTE tokens, at a fraction of the current payment processing fees

What’s Next in our Roadmap?

Look out for our subsequent pieces on:

  1. The Merchant Interface: Helping merchants to integrate, accept and settle currencies seamlessly
  2. Cashback, Rewards, Giftcards and other Incentives on the network
  3. Bringing Online Commerce offline: Offline Payments
  4. How other dApps can build on top of the Rate3 Payment Protocol easily
  5. How Credit Scoring can be accomplished
  6. The Entire Ecosystem: How Everything Fits Together

Try the Testnet Prototype now!

Download the Rate3 Testnet Prototype here: https://rate3.network/testnet

About Rate3

Rate3 is a decentralised dual protocol for cross-border payment and credit scoring. Rate3’s Cross-Border Payment Protocol and Credit Scoring Protocol aim to empower a world of payment without borders. Rate3 Network’s first chrome dApp is live on Rate3 testnet and you can try it out here: https://www.rate3.network/testnet. Likewise, their Pre-Sale has started and you can participate here: https//kyc.rate3.network.

Website: https://rate3.network

Blog: https://medium.com/official-rate3

Twitter: https://twitter.com/officialrate3

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