Vadim Frolov

How to cash in

Short answer: go to smartlike.org/settings and add a donation address to receive direct transfers from your donors.

The cycle: donors make direct donations to creators outside Smartlike. Creators confirm receipts by filling donors' Smartlike accounts with the exact same amounts. The donors then use the funds to send micro-donations to their other favorite creators. Creators accumulate micro-donations and fill other donors' Smartlike accounts in exchange to direct donations thus creating a cycle...

The gateways: How would a decentralized network know when creator receives a real-world donation? - Creators confirm it with their crypto-signatures, either manually or in an automated manner. We develop an open source gateway to automate receipt processing. The gateway receives confirmations from third-party payment processors like PayPal or Stripe and notifies the network.

Privacy: Creators will know donors' payment account details from payment notifications. So the best privacy would be achieved when creators host gateways themselves. However, it could be impractical for smaller creators and so they may choose to trust a gateway hosted by a bigger creator that doesn't modify software to store private data.

Security: donation funds are kept decentralized on creators' accounts. They are secure and safe even from a total network collapse.

Details: to jump start the cycle creators should be able to accept donations even if they haven't yet accumulated enough micro-donations. This is accomplished with credit lines. Currency exchanges are performed automatically when needed. Exchange rates are determined by consensus among Smartlike users. No commissions or fees apply.


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