One of the main features of the proposed CafeCoin cryptocurrency is its innovative mobile app. A lot of cryptocurrencies out there already leverage their own style of mobile application. However, CafeCoin’s app has features that set it apart from the rest. There are abilities that are geared towards reaching one of The Foundation’s milestones, which is to eliminate transactional cost to the point where transaction fees are basically non-existent. They have also incorporated technology into the mobile app that no one else has even considered before, and its functionality and flexibility are totally different from the rest.
A lot of previous ICO’s didn’t really think of what would set them apart from others. Yes, they had things that were inherent only to their specific cryptocurrency, but functionality and process-wise, they basically followed the same cookie-cutter design that was set by Bitcoin and earlier altcoins. CafeCoin is different in this respect because it identified factors that were blocking the way of cryptocurrency gaining traction in the retail sector, and they devised a plan and set certain goals to directly remove those roadblocks, and possibly pave the way for other cryptocurrencies to gain public utility as well.
The intuitive payments app
The CafeCoin mobile application will be developed to simplify the complex cryptography that goes in its secure transaction processes. Users will be able to make full use of the wallet creation feature, transaction capability, liquidity enhancement, and others, without needing in-depth technical knowledge of how crypto actually works and operates. The application is used as a way to create a transaction between a merchant and their consumer, or between any two CafeCoin users.
The consumer’s app will be made to be intuitive so it can be easily integrated and marketed to potential non-technical users who have zero experience with cryptocurrency. The app will also be designed to be simplistic, and follow the ease-of-use standard that other mobile payment applications and services have set before it.
Primary benefits or uses of the CafeCoin mobile app
The first and most fundamental use of the mobile app is to hold a user’s CafeCoin. The app will serve as the user’s crypto wallet, and all CafeCoins earned or bought will be stored there. The next is to transfer CafeCoins from one account to another to complete a transaction. All cryptography security checks and protocols will be followed during this process, and The Foundation has even added certain features of their own to enhance security even further. The next use is to avail of retail discounts or rewards programs for customers, if merchants allow. This is to incentivize consumers letting merchants access the data regarding transactions between consumer and merchants, so the merchant can make use of the data to glean analytics from the information.
Users are also able to review the savings they have made by making use of CafeCoin. Value discounts or promotions are the primary focus of this feature, as well as additional revenue that the user was able to get as a result of the information the consumer shared with merchants. Another great feature of the CafeCoin mobile application is its connectivity with third party liquidity providers. With this access, users are able to convert CafeCoin to traditional fiat money, just by making use of the app. Data can also be transferred in from mobile wallets like online banking applications, as well as traditional payment platforms into CafeCoin.
The Foundation will prioritize the development of the mobile application first. This is wise because of the growth in mobile phone usage, and studies have shown 50% of the people who access the internet mainly use their mobile phones to do so. What follows after the mobile app will be a robust web application, and desktop applications. The Foundation, of course, will ensure to make the applications available to all the most popular platforms and operating systems, like Android and iOS, as well as other mobile or desktop web platforms.
The CafeCoin app will also be designed with a plugin functionality that will enable basic integration with WeChat Pay, Alipay or Square to further ease and facilitate the transfer from other traditional mobile payment transaction into CafeCoin. For example, a merchant uses point-of-sale software that leverages the Square platform, one of the most popular platforms for POS.
The CafeCoin app has the ability to identify a completed sale to Square, and therefore it can avoid any credit card or debit card payment processing costs. But aside from that, it also has the ability to keep the benefits of using its inventory management software. This is an invaluable solution for most merchants who already make use of similar payment processing and inventory management software.
Digital payment process, and app user interface
The payment process is easy to use and its functions fulfill basic parameters that cryptocurrency transactions are expected to fulfill. CafeCoin is going to be a decentralized utility token that can be easily exchanged for goods and services in retail or wholesale centers anywhere in the world, be they brick–and-mortar stores or online ones. As mentioned before, transactions will happen mainly between merchant and consumer, or two CafeCoin users who wish to make a transaction with each other.
As mentioned before, the CafeCoin mobile app is designed for those non-tech savvy users, who have no prior knowledge in cryptocurrency, so even they can make full use of the advantages that cryptocurrency—and CafeCoin in particular—gives. The app allows for easy access to market liquidity and point-to-point merchant purchases using their CafeCoin digital wallet. The primary display upon opening the app shows many features immediately. One is the current balance of your CafeCoin wallet. There will also be the current fiat currency conversion rate for CafeCoin. There will also be a buy-and-sell button, which will initiate the merchant and consumer exchange process.
CafeCoin market information will also be shown, where the valuation graph and other pertinent statistical information will be generated by the liquidity providers. There is also a settlement feature, where users can have real-time access to market liquidity by accessing the third-party liquidity providers. There is also the transactional history button, where you see the details of your previous transactions. And finally, there is the option to share the past purchases with a merchant, as mentioned before. Users can rest easy by knowing they have complete control of their privacy, and they have the ability to choose whom they want to share the information to.
Transaction process between consumers and merchants
When consumers wish to purchase goods from a merchant using the CafeCoin system, it is facilitated between the CafeCoin app on the consumer’s smartphone, and the CafeCoin app used by the shop either on a phone, or a mobile device. The process goes in such a way that the seller will manually input costs and description of the goods to be sold into the app. The CafeCoin App can also determine the amount through integration with the existing POS system.
A QR code will be generated, and then the buyer will scan this code. The CafeCoin app on the buyer’s side will show the proposed transaction, and the buyer can then confirm the transaction or reject it. No coins are exchanged until the user has settled the transaction, and once the transaction is accepted, it is then sent for validation in the blockchain. A confirmation screen will then pop up to show that the transaction has been validated.