Author: John Bailon 2015-09-15 15:02:57
Published on: 2015-09-15T15:02:57+00:00
A proposal has been made for a BIP (Bitcoin Improvement Proposal) for a standard URI scheme that will allow wallet operators to implement instant exchange or pegging to other currencies, cryptocurrencies or asset classes. The idea is to include in the wallet address as parameters information that supplements the presentation of a proposed transaction. For example, a wallet operator that instantly exchanges bitcoin to gold would present a wallet address with parameters such as currency, rate, and when the rate loses validity. This would allow the sending wallet to present up-to-date exchange rates. The scheme would benefit end users of instant exchange wallets and would be implemented by wallet operators, enabling them to communicate with each other. This would abstract bitcoin rates from both end users. To illustrate, imagine Alice wants to send JPY 10,000 to Bob who has a JPY pegged wallet. Alice's wallet can scan Bob's wallet, which tells Alice's wallet the relevant information such as Bob's BTC address, Bob's wallet currency, and the price of BTC. With this information, Alice's wallet can already derive how much BTC she needs to send to Bob to fulfill the transaction. Alice's wallet can also show how much BTC is converted to USD, which is presented to Alice as the amount she needs to pay to Bob's wallet.
Updated on: 2023-06-10T22:33:32.797224+00:00