TBitBot releases yellow paper for micropayments system

TBitbot, a project that is coming out with various investment tools for crypto traders has released their yellow paper for integrating a micropayment system.

About TBitBot

TBitBot is a ecosystem developed in consideration of the novice crypto trader. It includes a series of solutions that are to be released in the near future such as wallets, a cryptocurrency exchange with exposed APIs, trading bots and a token to facilitate zero fee trades. In the later stage of the roadmap, they plan to develop a micropayment system using the MicroRaiden state channel solutions.

The development of the entire ecosystem will be overseen by the TBitbot foundation. They have plans of adopting a DAO structure for automation and decentralization of all decision making.

TBitbot is currently listed on HitBTC and Etherdelta.

Micropayments yellow paper

The solution named MicroP will enable a content creator to link his content to an account that enables micropayments. Any reader accessing the content will have to use the MicroP wallet. Once he does that, a small charge will be debited from his account. The wallet will also show a list of balances and the payment history.

Here are some interesting use cases made by the authors for micropayments:

1. A graphics designer has no way to display his portfolio to clients in another the country as he has no way to enable protection and paid access to his works.

2. A subscriber to an online magazine has to pay 20% transaction fee to the payment service provider which amounts to a big number when he reads 10 articles and transfers the money 10 times.

3. Subscribers to news feeds are getting 5 out of 10 articles as “fake news” promoted by vested interests.

4. The writer of a famous article gets quoted at multiple locations and has no way to monetize his content references.

They plan to develop the tools required for the micropayments workflow. It is divided into 3 segments:

Media channel modules: They will develop MicroP browser plugins, custom browser, video player and even a customized blogging service. This is to ensure the copy protection and access of content. They also plan to develop custom features such as auto debit, balance alerts and fraud detection within these modules for a user friendly experience.

Payment modules: The management of the micropayment system will be done through these modules.

As per the yellow paper,

The payment channel modules are going to manage the micropayment transactions, the crypto balance fund transactions and crypto cash withdrawal. Each type of crypto will have its own payment channel, so we will implement a PC(Bitcoin), PC(Ethers), PC(IOTA), PC(Litecoin) etc.

They have discussed the solution architecture and system design in length.

Subscription module: This module integrates the payment and the media channel modules. It provides the functionality of profile management, account history and balance views.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.