Major e-commerce sites still do not accept virtual currency. Therefore, the developers have created a special extension that allows you to pay for online purchases with cryptocurrency. In the article, we examined the features of the project and its impact on the development of the cryptoindustry..
It’s all about the approach
American startup Moon has released a browser extension of the same name, which operates on the basis of the Lightning network channels. It is important that although the product helps to pay for goods with bitcoin, ether, litecoin and bitcoin cash, sellers and sites themselves do not contact the coins. The extension independently converts virtual assets into fiat, and then transfers funds in the traditional form to the site.
This allows the solution to be integrated with almost any e-commerce platform, regardless of whether or not it supports cryptocurrency. So far, you can make purchases on Amazon in this way, but work is already underway to add:
- Ali Express;
By 2020, the Lightning Network-enabled feature should work on all major sites.
Non-Technical: Lightning Network Explained
Traditional financial institutions help to convert funds. The project also integrates with the Visa and Mastercard networks to reduce exchange fees when transferring to credit cards. Moon does not store user funds, but only transits them. The service does not charge additional fees for operations.
How to pay for an order with cryptocurrency
Moon is a compact extension for Google Chrome, Opera and Brave. The service manages payment channels and offers a simple interface for sending them. To get started, you need to find it in a compatible web browser store, install and create an account.
In the process of placing an order in the online store, Moon will independently offer to pay for the goods with cryptocurrency. A window will appear with the payment amount, the available digital asset options and the payment method. Since the service acts as an intermediary, then for the transfer you need to specify the address of your crypto wallet with support for the Lightning Network.
After filling in the required fields, the continue button will become active. The extension will give out a QR code for scanning and duplicate it in the form of a Lightning account, which can be copied. After confirming the payment, the work with the extension is completed. The service automatically converts and transfers funds to the seller.
Popularization of cryptocurrency
A team of three people with a budget of $ 100,000 has created a product that is capable of taking the crypto industry to a new level. The solution will allow any cryptocurrency holder to buy goods on the most popular sites without restrictions.
This will partially solve the problem of the global use of coins and their popularization, stimulates the development of the Lightning Network – second layer protocol for scaling instant payments on the net. As the list of supported online stores and virtual assets expands, people will feel the benefits of using cryptocurrencies, and merchants will notice the demand for a young asset class..
Further growth in popularity could potentially lead to global use, recognition of the legitimacy of digital coins and stabilizing their rates.
We also talked about plugins for accepting cryptocurrencies on your website.
text: Maria Alyaeva, photo: Moon, Shutterstock