Secure transaction of SWC for cash between users


#1

Sweatcoin encourages it’s users to trade their Sweatcoins between each other in order to make it a widely used digital currency and so that it can have actual cash value. But transactions between users cannot be made securely since it has to depend on mutual trust between the buyer and the seller who are complete strangers to each other.

I have a Facebook page with 250 members for the purpose of trading Sweatcoins in Turkey. I always get messages from my members about people getting scammed or people trying to scam them. One of the larger Facebook groups banned Sweatcoin trading altogether in their page due to these scams.

I am aware that it would be incredibly difficult to implement a secure payment system that works both for Android and IOS due to their different application development structures. I am not sure how payment is processed inside apps on Android so I will go with IOS as an example for my suggestion.

You can buy a membership for Troublemaker and once you confirm purchase and you start using it outside of your free trial, the payment to be made comes out of your Apple Wallet which is linked to your bank account or card. If you don’t have the neccessary account balance, it is the bank’s problem to get that payment from you. The bank pays Sweatcoin and then takes the money from your account. You can think of it as the same thing as getting a mortgage, the bank plays the role as the middleman.

Why not implement the same thing for secure trading of Sweatcoins? You can prepare a sample contract and people can sign them online. There might be some legal issues regarding this of which I am not so informed about but I have seen online signatures and online contracts before. In the sample contract the fields to be filled would be the amount of Sweatcoins being sold and the monetary price that will be paid in exchange for them. In order to be eligible for this kind of trade, the user obviously needs to have their Apple Wallet connected to a bank account or a credit card. You can even add extra secuirty measures such as requiring a balance to be present in the Apple Wallet to make a trade. I know it would be very difficult or maybe impossible to do this cross-platform but for Android and IOS seperately it should be possible.

Different currencies may also create a problem. You can at first limit this to users in the same country and then find a way to make it global.

Benefits it would create for Sweatcoin:

-There are a lot of people wanting to trade Sweatcoin because they believe in the future of this digital currency but they cannot do it due to scams, this will mean they will feel secure to trade.

-Since all the transactions will be made on the app and not on Facebook groups or etc. , you will have all the data on the prices being charged for Sweatcoins. Since you will then have a great amount of data about the trading prices of Sweatcoins, you will have a glimpse on what people thinks about the future of Sweatcoin and this will no doubt be helpful in your business decisions.