SpankChain Development Update 003 — November 12, 2017
We are very excited to unveil Vynos, our browser based micro-payment wallet.
Vynos was described in our Whitepaper and you can see it in action in our tech demo. The answer is pretty simple, we couldn’t find a wallet that could handle off-chain micro-payments; so, we built our own. We have set up a demo content publisher site that uses micro-payments to charge readers for time spent reading articles on the site.
So let’s dive in and take a look:
1) Vynos is similar to an ordinary on-chain wallet allowing you to create or import an account
2) Once you’ve created a wallet and have an account, grab some test Ether.
3) Now click on one of the examples on the page, this will initiate payment and open a channel (if one is not already open). This is the deposit that is secured on-chain and funds the channel. Once the transaction has cleared, micro-payments will be sent from the content provider for Vynos to sign. These are similar to IOU messages that the content provider uses to verify payment. This is Vynos at work; it is signing these IOU payments. As the end user, all the micropayments receipts are stored in your browser’s local storage
Under the hood, Vynos is using service workers to maintain the same state across multiple browser windows that may have the same or other channels open.
At any point either party can close the channel. Since both have a copy of the signed message, either party can submit.
We believe that Vynos is going to be a critical piece of infrastructure that helps with scaling transactions allowing all parties to verify payments transparently as well as provide users with a self-sovereign identity solution.
The SpankChain global token sale event is currently ongoing and will end on Monday November 13th, 2017 at 10:00am PST, so be sure to go to the SpankChain auction page to place your bids! To keep up to-date with SpankChain as we disrupt the Adult Entertainment Industry follow us on Twitter, join our Discord, or subscribe to our mailing list!