- Crypto / Web3
- DAO / Community
Comprehensive Payment Solutions for DAOs and Individuals
SWAYPAY aims to offer payment solutions catering to both DAOs and Individuals. Our primary target audience consists of FUEL users seeking seamless payroll, funding, and vesting solutions. By providing these services, we strive to contribute to the growth and expansion of the FUEL ecosystem.
DAO Creation without Coding:
SWAYPAY empowers organizations to effortlessly create DAOs through an intuitive interface, allowing for easy configuration of DAO parameters, governance rules, and voting mechanisms. By eliminating the complexities of coding, SWAYPAY becomes accessible to a broader range of users.
Transparent Governance with Voting Mechanism:
Within each DAO, SWAYPAY allows users to propose Payouts and Funding requests. The community participates in a democratic voting process to approve or reject these proposals, ensuring transparency and effective fund management.
Seamless Payments and Payouts:
SWAYPAY facilitates seamless payments to individual users and other DAOs, both internally and externally. This feature fosters collaboration and financial interactions within the FUEL ecosystem.
SWAYPAY introduces Crypto streaming, a cutting-edge feature that enables real-time payments based on continuous streams of funds. This dynamic payment method suits various use cases, such as subscription-based services.
Payment Channels for Efficiency:
Leveraging Payment channels, SWAYPAY ensures near-instantaneous and cost-effective transactions for users. By reducing gas fees, this feature is especially advantageous for microtransactions and frequent transfers.
Decentralized Contract Architecture:
Each DAO, Crypto Stream, or Payment Channel in SWAYPAY is deployed as a separate contract on the FUEL testnet. This decentralized architecture ensures enhanced security and mitigates risks, as no central contract holds all the funds.
DAO & Payment Management
The primary flow of DAOs and Payment proposal management is as follows:
Additionally, the application offers several other features, including:
The primary flow of a Stream is as follows:
Additional features include:
To ensure fairness to both parties, users must possess the qualified assigned privilege when canceling or transferring a stream. In such cases, the remaining amount will be calculated and transferred to the recipient or sender accordingly. These measures guarantee a balanced and equitable user experience for all participants.
This is an MVP implementation for the payment channel concept. However, it still requires improvement to address critical security issues.
SWAYPAY can be used for the following purposes:
Managing DAO Treasury: It allows payout to individuals or funding other organizations through transparent proposals and voting, facilitating efficient financial management within DAOs.
Paying Freelancer Salaries and Subscription Services: SWAYPAY supports crypto streaming for payments, enabling freelancers to receive payments in real-time for their services or subscriptions. This feature provides security and transparency, protecting users in the labor market.
Transaction and Invoicing: SWAYPAY facilitates multiple transactions between parties, such as buyers and service providers. Each payment is confirmed and accepted through a claim, akin to a traditional invoice. Additionally, it is suitable for micropayments, reducing transaction fees and costs for payers and other payment engines built on blockchain.
To build SWAYPAY, we followed these steps:
Analyzed the FUEL ecosystem and hackathon requirements to understand the project scope.
Developed a comprehensive UI/UX concept to outline the application's requirements and functionalities.
Learned and utilized the SWAY programming language to write smart contracts, enabling efficient contract development.
Implemented autotest scripts to ensure the robustness and reliability of the most crucial features.
Designed an offchain database initially considering indexer integration, but due to technical challenges, opted for a cloud-based MongoDB solution.
Integrated SWAYPAY with fuels-ts and wallet SDK to facilitate smooth interactions with the FUEL blockchain.
Wrote the core components of SWAYPAY, laying the foundation for its various functionalities.
Progressively completed the planned features according to our development roadmap.
At this phase, SWAYPAY serves as an MVP that represents the core ideas of our project. Due to the short duration of the hackathon, there is ample room for improvement and further enhancements to be made in future iterations of SWAYPAY.
Here are the planned enhancements and features for SWAYPAY:
During the SWAY Summer Hackathon, we had an incredible experience exploring the possibilities with SWAYPAY. FUEL, as a blockchain platform, exhibits tremendous potential to become a major player in the industry. We take pride in contributing, even in a small way, to the success of the FUEL ecosystem through SWAYPAY.
We extend a heartfelt thanks to the FUEL open-source community and the dedicated support from the FUEL community. Without their invaluable assistance, we wouldn't have been able to complete this product within the given time limitations.
We look forward to further contributing to the growth and success of the FUEL ecosystem and are excited about the future possibilities with SWAYPAY.
Computer Science & Blockchain Researcher
Smart Contract Developer