WindingTree Market Protocol Development Update — August 2023
Welcome to the latest update on the WindingTree Market Protocol! In August 2023, our team has been hard at work, making significant progress in enhancing the protocol’s features and user experience. Here’s a breakdown of the key developments and exciting features on the horizon.
SDK Improvements and New Documentation
Our primary focus in August was to enhance the Software Development Kit (SDK) of the protocol. We’ve been implementing essential hotfixes and introducing new features to make the SDK more user-friendly and efficient. Additionally, we’re thrilled to announce the release of our updated SDK documentation. This comprehensive guide covers common usage scenarios and provides insights into building applications on top of the WindingTree Market Protocol.
LevelDB Support and Upcoming Releases
Among the exciting features in development is the addition of LevelDB support in the protocol’s storage layer. While these enhancements were developed in August, they are scheduled for release in September, so stay tuned for their rollout.
Improving User Experience
We’re not just focused on developers; we’re also dedicated to enhancing the user experience of the WindingTree Market Protocol. To that end, we’re exploring the concept of creating a special outer layer of the protocol. This layer aims to address the challenge of onboarding users who may not be familiar with cryptocurrencies. While we plan to share more detailed information in October, here’s a sneak peek at what’s in store:
In-App Crypto Wallets
The protocol’s SDK will introduce automated tools for end-users to create and manage in-app crypto wallets. These wallets will be non-custodial, ensuring that users’ private keys are never exposed to third parties.
Secure Wallet Backups
Users will have the ability to securely back up their wallets in an encrypted form and restore them on the same or different devices. The encryption password recovery process will be transparent, allowing for external services or protocols like social recovery to be used.
Fiat-to-Crypto Conversion
With this new protocol layer, users won’t need to transfer or purchase cryptocurrency to fund their wallets. Instead, they can interact with backend relayer services that facilitate the automatic conversion of fiat funds into cryptocurrency. This innovation enables users to make transactions using their preferred fiat currencies.
Decentralized Liquidity Pool
To support network costs and user transaction value, we plan to implement a decentralized liquidity pool. Anyone can deposit their crypto assets into this pool and receive rewards in the form of a portion of the per-transaction commission. This system allows experienced crypto users to earn rewards by assisting non-crypto users in adopting our service.
Simplifying Cryptocurrency for Businesses
For hotels and other protocol participants, we’re introducing a decentralized liquidity pool. This feature allows businesses to seamlessly convert the cryptocurrency they receive for their services into fiat currency. In doing so, they can continue to operate without the burden of legalizing earned cryptocurrency.
Please note that these concepts are still in development, and we’ll provide the community with more detailed information as we progress.
Stay connected with us for further updates and exciting developments as we continue to make the WindingTree Market Protocol more accessible and user-friendly for everyone. We’re excited about the future and appreciate your ongoing support!
