Published on: 2015-09-15T15:02:57+00:00
A proposal has been made for a Bitcoin Improvement Proposal (BIP) to create a standard URI scheme that would enable wallet operators to implement instant exchange or pegging to other currencies, cryptocurrencies, or asset classes. The proposal suggests including parameters in the wallet address that would provide supplementary information for a proposed transaction. For example, a wallet operator that instantly exchanges bitcoin to gold could present a wallet address with encoded parameters such as currency, rate, and timestamp of when the rate loses validity.This proposal aims to allow wallet operators to communicate with each other and abstract bitcoin rates from end users. By including relevant information in the wallet address, such as the currency, rate, and expiration date, the sending wallet can present up-to-date exchange rates to the user. This would benefit end users of instant exchange wallets by providing them with accurate and timely information.To illustrate how this would work, consider a scenario where Alice wants to send JPY 10,000 to Bob, who has a JPY pegged wallet. Alice's wallet can scan Bob's wallet and retrieve information such as Bob's BTC address, Bob's wallet currency, and the price of BTC. With this information, Alice's wallet can calculate the amount of BTC she needs to send to Bob to complete the transaction. Additionally, Alice's wallet can also show the equivalent amount in USD, which is the amount she needs to pay to Bob's wallet.The proposal suggests using the bitcoin address as an example, but the concept can be applied to other currencies, cryptocurrencies, or asset classes. By implementing this standard URI scheme, wallet operators can ensure interoperable communication of rates and other pertinent information. This would simplify the process for users and provide a seamless experience when using instant exchange or pegging services.In summary, the proposal suggests a BIP for a standard URI scheme that allows wallet operators to implement instant exchange or pegging to other currencies, cryptocurrencies, or asset classes. By including parameters in the wallet address, such as currency, rate, and expiration date, wallet operators can provide up-to-date exchange rates to users. This proposal aims to benefit end users of instant exchange wallets and enable wallet operators to communicate with each other effectively.
Updated on: 2023-08-01T16:08:27.224305+00:00