The Solana ecosystem is creating the future of payments right now with Solana Pay.
A major highlight is the case study of Autonomous Dotai, smart business furniture creator who has enhanced, integrated and rolled out several unique innovations to their payment flow using Solana Pay which is now being used in live transactions.
Autonomous Dotai Experience with Solana and Solana Pay
For instance, Sleek Work Pods and Standing Desks have been sold to more than 600,000 customers in more than 100 countries by making use of autonomous.ai. They are in hue demand right now.
Chi Tran joined the “smart furniture business Autonomous” to focus on its ecommerce operations as a CMO about seven years ago after it was founded.
By making use of a set of open Ethereum Smart Contracts – Autonomous built the first version of “crypto payment stack,” However, way back then it was zero orders, and Chi Tran realized that they needed a blockchain which would prioritize low-latency, high-throughout, and low-fees. When they came across Solana, they knew they are dealing with the ideal candidate.
While they were excited about “crypto payment stack” back in 2017, it was a different world and adoption was not as much; however, in year 2022 things are far different and adoption level is improved and better. Also, cryptocurrency, wallets, USDC, composable smart contracts are all growing exponentially.
Eventually, they decided to put a team to design the payment stack with Solana and Solana Pay, which is the new decentralized permissionless payment rail. This has in turn made it easy for merchants to transact digital dollars like USDC for just a fraction of a penny without having to use intermediaries at the point of sale.
Tran stated, “Unlike credit card payments, Solana Pay enables a direct payment rail between sellers and buyers that avoids intermediaries and their high fees,” Further, “As a direct-to-consumer retailer ourselves, we pay millions of dollars in fees to credit card processors, and our customers, in part, pay for these fees too.”
Further In short order, Autonomous enhanced, integrated, and rolled out several unique innovations to its payment flow via Solana Pay that are now being utilized in live transactions.
Thus, Tran pointed to how making use of cryptocurrency to transfer funds between the buyer and seller is great; however, also stated that there are lot of logic and agreement between the two parties when it is managed by trustless smart contracts.
The integration of Solana Pay with Autonomous led to several key innovations like: 1. Escrow smart contract to protect buyer. 2. Yield Generation for Escrow Funds in Solend. 3. Dispute resolution and smart contract to resolve conflicts. 4. Passing on Savings to Customers.
Since, everything we do is fundamentally some kind of agreement the smart contract capabilities of Solana to implement trustless agreements without intermediaries has changed the way we think about the potential of this technology.
Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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