Overview:
This proposal unveils the groundbreaking opBNB $ID Sidechain International Payment Solution Card, a synergy with BNB Greenfield. Embedded in the Optimism OP Stack open-source framework, opBNB proffers notably low transaction fees of $0.005, enhancing overall system efficiency and long-term affordability.
To augment its sustainability, we also propose a batch quarterly burn mechanism, preserving the low transaction fee. In an era of depreciating fiat currencies, the integrated wallet verification provides a compelling feature offering a direct crypto payment solution. This permits users to retain their crypto assets until a spending decision, providing a more stable and resilient alternative to traditional fiat currencies.
In this proposal, we further explore the potential of utilizing web3 domains, such as .bnb (e.g., alleb.bnb). Leveraging web3 domain name resolution technologies can streamline and secure the transaction process, reducing reliance on traditional financial intermediaries. Implementing such technologies could potentially position SPACE ID as a pioneer in the practical application of web3 domains, opening up a new revenue stream for the community. As such, the opBNB $ID Sidechain International Payment Solution Card represents a leap forward in merging real-life transactions with web3 domain technology.
Purpose:
This proposal targets a fundamental overhaul of international payments, addressing prevalent issues like high-cost, slow transactions, and limited scalability. By leveraging the low transaction fees of opBNB and BNB Greenfield’s data scalability enhancements, we aim to make international payments more accessible, affordable, and seamless.
In an environment where fiat values are rapidly depreciating, our solution integrates a direct crypto payment solution via a web3 domain integrated card. This key feature empowers users to retain their crypto assets until they decide to spend, ensuring value preservation and user autonomy over financial decisions. The proposal strives not merely to provide a practical solution but also to instigate a paradigm shift in the financial world, enabling more economically beneficial and accessible international payments through the burgeoning influence of cryptocurrencies.
Scope:
The scope of this proposal is manifold, involving the integration of the opBNB $ID Sidechain with BNB Greenfield, along with the development of an International Payment Solution Card.
The creation of an opBNB $ID Sidechain is crucial for this project. The opBNB is built on the Optimism OP Stack, a scalable and customizable Layer-2 solution that is perfectly suited to handle the needs of international payments. The $ID Sidechain will enhance transaction processing speeds, lower gas fees, and facilitate the efficient handling of high transaction volumes. It essentially forms the backbone of our proposed solution, ensuring it is fast, secure, and cost-effective.
Moreover, BNB Greenfield, a robust and scalable database solution designed for the BSC network, will be integrated to handle data scalability. This component plays a crucial role in ensuring the solution’s robustness and ability to handle large volumes of transactions.
Implementation: The implementation process will entail:
- Design and development of the opBNB $ID Sidechain solution based on the Optimism OP Stack.
- Integration of the BNB Greenfield for data scalability enhancement.
- Development of an execution client for performance optimization.
- Integration of various proof generation types for security enhancement.
- Testing and refining the integrated system.
Timeline: The estimated schedule for implementation is as follows:
- Design and development of the opBNB $ID Sidechain solution - 3 months.
- Integration of BNB Greenfield - 2 months.
- Development and integration of an execution client and various proof generation types - 3 months.
- Testing and refining the integrated system - 2 months.
Hence, the estimated total timeline for the project is approximately 2-7 months.
Budget:
The estimated budget required for the successful implementation of this project ranges from $50,000 to $150,000 USD. This includes all stages of software development, system integration, testing, and refining. The budget breakdown is as follows:
- Design and development of the opBNB $ID Sidechain solution - $30,000 to $45,000.
- Integration of the BNB Greenfield - $20,000 to $30,000.
- Development of an execution client and various proof generation types - $20,000 to $30,000.
- Testing and refining the integrated system - $10,000 to $45,000.
By leveraging existing technologies, such as the open-source Optimism OP Stack and BNB Greenfield, we can minimize development costs and deliver a more cost-effective solution.
Expected Outcomes:
The implementation of this project is anticipated to yield numerous positive outcomes, including:
- An efficient, secure, and low-cost solution for international payments.
- A significantly improved user experience, characterized by lower gas fees and faster transaction processing times.
- A valuable contribution to the open-source community, stimulating further innovation and collaboration among EVM-compatible blockchain developers and users.
It is important to consider potential risks associated with this project. These include potential delays in the development process and unforeseen technical challenges during system integration. Nonetheless, these risks are standard across software development projects and can be effectively mitigated with proper planning and execution.
Additional Information:
The opBNB $ID Sidechain International Payment Solution Card transcends the boundaries of conventional financial operations, offering more than just enhanced, affordable, and safe transactions. Its adaptability and capacity for high-volume operations equip it to cater to a diverse range of applications, including high-frequency trading platforms and large-scale DeFi initiatives.
Moreover, this integrated solution reimagines the utility of cryptocurrencies in daily transactions. It effectively addresses common drawbacks associated with traditional systems, such as high costs, sluggish processes, and scalability issues. With an integrated wallet, users can securely hold their crypto assets, preserving their value until the moment of transaction. This innovative approach merges the worlds of digital and physical finance, paving the way for a new era of financial transactions and services.
- SPACE ID would be the first web3 naming service to offer a solution of this kind to its user base
- Our current addressable market (current users) is nearing 1 million unique addresses on BNB chain
- $ID has 138,096 addresses holding the token
- this could lead to more .bnb domain owners becoming $ID owners
- our card service could be tested out on our merch store