ThorPay – Making contract-based distribution simple

1831
thorpay

Safe Haven recently released their new website and roadmap for the coming two quarters of 2019. One of the solutions that they released this first quarter is ThorPay Alpha — a multi-payment platform designed for third parties.

What is Safe Haven?

So what is Safe Haven and what do they do? Safe Haven is building financial, asset management and digital inheritance solutions on the VeChainThor blockchain. They provide a decentralized B2B2C platform for asset management, inheritance and financial technology solutions. The community, developers, entrepreneurs, inheritance & trust professionals, and existing financial services companies can use their protocols, technology and solutions to create their own asset management, inheritance and financial services applications.

Using their patented Share Distribution Protocol, a technology that allows them to encrypt and distribute digital asset shares between stakeholders/family members, they provide asset management solutions which give their users full control over their digital assets, while safeguarding them from threats and allowing others to access them.

Their products and solutions range from wallets and hardware ledgers to masternode, fundraising and pooling solutions and even their Inheritance Platform. This platform provides several Protection Plans, such as the Family Circle or Business Continuity plans, which allows users to protect, share and distribute their funds or inheritance to stakeholders or family members under certain conditions, automated by smart contracts.

The Safe Haven Foundation opens their tech and solutions for service providers to build on and incorporate in their own products. Their platform will thus be used by companies, ranging from SMEs to global enterprises, and in turn by their millions of own end users.

ThorPay

In December, Safe Haven announced they will release the ThorPay Alpha in the first quarter of 2019. They have recently announced that the ThorPay Alpha has already been integrated in the VeChainThor blockchain and that the Beta is on the horizon.

What is ThorPay?

ThorPay will be a multi-payment platform that harnesses the power of the Atomic Transactions Protocol (ATP). ThorPay makes contract-based token distribution simple for individuals and companies unfamiliar with developing and deploying smart contracts. This product is being built specifically for complex payment processing conducted by third-parties such as developers, bounty organizations and payment processors.

ThorPay makes sending cryptocurrency payments manageable for everyone.

The status quo in the blockchain technology space is that users and companies that aren’t familiar with blockchain technology or smart contract development will have a difficult time in this space. Smart contracts, if not meticulously developed, can be prone to errors. In this sense, blockchain technology and the immutability aspect of it are very unforgiving when it comes to errors, resulting in permanent loss of your digital assets. When you conduct cryptocurrency transactions on a daily basis or in bulk, this is unacceptable. Even more so in a corporate business environment.

ThorPay lets you manage and filter transfers to employees.

ThorPay removes the need for understanding the underlying technology and gives its users the benefits of blockchain technology and contract-based distribution, while retaining the simplicity of traditional applications.

What exactly does the ATP do?

The ATP or ‘atomic transactions’ utilize and demonstrate the power of the Multi-Task Transactions Protocol (MTT), a feature specific to the VeChainThor blockchain. In essence, it’s a bulk script for atomic transactions, using clauses to allow for token distribution to multiple parties.

“An ATP or atomic transaction is an indivisible and irreducible series of operations: all occur or nothing occurs. Atomic transactions with the addition of clauses offer even more, as they guarantee all clauses will succeed together or fail together.”

In a business setting, transaction dependency and a systematic execution of a multi-step process are essential when sending large amounts of transactions or complex payments. The MTT, and in extension the ATP, guarantee that this multi-step process either succeeds or fails in its entirety. For instance, when speaking of transaction dependency: if you send two transactions, of which the latter is dependent on the first transaction, you don’t want the second transaction to succeed in the case of a failed first transaction. This hypothetical situation applies to a multitude of business scenarios.

The ATP significantly contributes to achieving the goal of mass adoption. It makes the blockchain usable for anyone that wants to send complex transactions to multiple parties without needing knowledge of smart contracts. This protocol will be the underlying technology for multiple Safe Haven products yet to come, as well as third-party solutions. ThorPay will be the first product demonstrating the ATP.

Who can use ThorPay?

ThorPay will be a solution for companies sending large amounts of transactions or conducting complex transactions with cryptocurrencies. For example, consider an ICO project that needs to distribute their tokens or a bounty program provider which needs to distribute bounty rewards. Moreover, developers may integrate it into their dApps to provide complex payment functions. Another possible use case could be existing payment processors that want to offer cryptocurrency payment methods. They could use ThorPay to facilitate the crypto aspect.

Basically ThorPay makes sending large amounts of transactions simpler, more efficient, and easily manageable. Any company, service provider or payment processor that wants to offer cryptocurrency payments can use ThorPay. Here are some examples:

  • Developers
  • Blockchain projects doing token distribution or airdrops
  • Bounty program platforms (e.g. Bounty0x)
  • Payment processors offering crypto payments
  • Payroll companies offering crypto
  • Exchanges doing manual deposits and withdrawals

Why is ThorPay needed?

ThorPay solves a huge problem for businesses. ThorPay removes an entry barrier for companies and developers that want to benefit from the power of blockchain technology or cryptocurrencies, but don’t have the required knowledge of smart contract development.

Another problem that it solves is reliability. By utilizing the ATP, ThorPay improves the efficiency and reliability of complex payment functions. As mentioned above, the ATP achieves this through ‘atomic transactions’ in combination with clauses.

For businesses, transaction dependency is incredibly important because errors in cryptocurrency transactions are immutable and unforgivable. A company processing crypto payments for a payment provider, and thus handling their clients’ funds, can’t afford to make mistakes. Similarly, ICO token-, bounty reward- or airdrop distribution should be executed flawlessly.

Developing your own script or smart contract to achieve this, and making sure that it works perfectly, requires a solid development team and extra time and resources. ThorPay solves this by removing this requirement and presenting businesses with a simple and easy-to-use interface for sending bulk transactions.

How will the SHA token be used?

Safe Haven’s SHA token will be used in all of their solutions. It can be used either as fuel for transactions or smart contract executions or for locking to gain access to their services or being able to sell their services to your customers. It can also be used for staking in their Masternodes, for which more details will be announced this quarter.

To make use of the ATP, you must be a registered user of the Safe Haven Platform and holder of the Safe Haven Connect, Harbor, Consensus or a Legacy Masternode.

In ThorPay, SHA will be used as the gas. In other words, it will be required to send transactions. SHA will automatically be converted to VTHO to pay for transaction costs on the blockchain. A percentage of the paid SHA will be burned and a part of the SHA that is not burned will be sent to the reward pool for Safe Haven Masternode holders.

What is next for Safe Haven?

Since they announced the roadmap of the first two quarters of 2019, we know there are multiple products in the works that will be released soon. With a new web wallet, Masternodes, Masternodes mobile app and the governance model on the horizon, there is plenty for SHA token holders to look forward to.

In addition, their ThorBlock platform will have an integrated public API in the first quarter, which allows developers to build on top of the solution. The Trust Alliance Network (TAN), a social network and resource hub for legal entities specializing in crypto, will be released and rolled out in Europe first. They are also working on a U2FA Fido solution that – while similar to hardware like Yubikey and others – integrates in the SH Inheritance Platform.

For the second quarter of 2019, Safe Haven will start the development of an OTC solution (Congruity), custodian services and the onboarding of various verticals. ThorPay will have its full release. Their fund pooling and distribution service, ThorBlock, will receive new features such as crowdfunding and charity options, and we’ll see SafeID’s beta release. Finally, the TAN will expand into the US, an expansion development team will be set up in Cyprus, and the business expansion of the Inheritance Platform will be increased for Europe.

Conclusion

Overall we can see that ThorPay will be an interesting solution for many organizations and will drive adoption, circulation and use of the SHA token. With many more releases coming out in the first half year of 2019, we’re expecting Safe Haven to become a healthy financial, asset management and digital inheritance solutions company. By combining traditional revenue streams and crypto funding as income sources, they are financially robust enough to perform well in any market conditions.

The ATP demonstrates the power of MTT and clauses. This technology allows for the easy implementation of blockchain technology for complex payment purposes and sets blockchain up for mainstream adoption.


Links


If you spot any mistakes or have suggestions on what can be added, please notify us by sending an email to contact@theemberworks.com.

DISCLAIMER: This article is for informational purposes only and does not provide legal, financial or investment advice.