Blockchain Foundry, the developer behind Syscoin has been ramping up its development efforts around recently launched Blockmarket Desktop before the Blockmarket Web release which is due in just a few months. Until Blockmarket Web is publicly released, the team is fixing as many bugs and implementing as many value-added enhancements as possible.
Now announced in the just-released Blockmarket Desktop 1.1.3 version, Blockchain Foundry has added support for bitcoin and Zcash “direct payments.” This means that users can now list offers requiring a payment method of bitcoin or Zcash rather than Syscoin. To use this feature, buyers will send bitcoin or Zcash directly to a user’s Syscoin wallet to complete their purchase, rather than using the peg-converted Syscoin equivalent.
If purchasing a Blockmarket offer that uses bitcoin or Zcash direct payments, users will be provided with instructions on how to complete the purchase. This functionality is similar to features in Syscoin QT but with several usability improvements; one such improvement is the ability to now use pegged-currencies with direct payments.
In the Syscoin Qt wallet, it was necessary to price an item in bitcoin or Zcash to use direct payments, thus exposing the pricing of an item to volatility. In Blockmarket 1.1.3 all payment methods utilize the pegging mechanism, which allows the seller to price their offer using any of the supported peg currencies (eg. USD, GBP, etc). When the offer is purchased Blockmarket will use real-time market data to convert the pegged-amount to the correct bitcoin or Zcash total and then direct the user to complete payment.
Collecting bitcoin and Zcash direct payments is easy because the SHA256 keys of Syscoin are compatible with bitcoin and Zcash. All a seller needs to do is import their Syscoin private key into a bitcoin or Zcash wallet and their funds will be available immediately.
Blockmarket Desktop does not currently support escrow for bitcoin or Zcash direct payments, and neither does it support ‘mixed’ payment methods. In upcoming releases, the Blockmarket team says it will be adding both of these features. This will enable sellers to accept any combination of Syscoin, bitcoin or Zcash for payment rather than having to choose between them. By enabling escrow on direct payments, buyers and sellers alike can use Blockmarket safe in the knowledge that their transaction is secure, regardless of the payment method. Providing escrow capabilities around bitcoin and Zcash payments will be a unique and innovative feature to Blockmarket.
The team stated:
“Blockmarket development is gaining momentum fast and we’re excited about the upcoming releases through the remainder of 2017 and onward throughout 2018. We’re currently on track to deliver the Blockmarket Desktop 1.2 payment processors release later this month and we expect it to include some of the enhancements mentioned in this post.”