CoinSwap in-app

[eloyesp]

Problem description

There are many different cryptocurrencies, and while diversity is great for the ecosistem, it makes it harder to promote cripto as a medium of exchange.

For the clients, managing multiple currencies requires different wallets or multi-currency wallets and also requires some frozen balance on those coins.

For the merchant, supporting different cryptocurrencies also adds much more complexity.

Also, it is not always easy to exchange DASH for FIAT directly, and adding coinswap could make it easier.

Proposed solution

Adding support to some (or better for many) coinswap services, like https://fixedfloat.com/ , https://flyp.me , https://simpleswap.io/ or https://changenow.io/ may enable the android wallet to receive and pay almost any coin without much hassle, while keeping just one application and a single balance (the user only stores Dash). The user still needs to trust the service, but just for each single transaction and just for a couple of seconds or minutes.

Current Status

Currently, dash wallet does not offer any support for any other crypto, only support FIAT through Uphold. @HashEngineering mentioned in discord that:

Coinswap support is something that has been considered in the past. The iOS Dash Wallet once supported Shapeshift, but no longer does.

Detailed solution

When clicking on receive, there should be a new button to receive other coin that enables a selector for different coins, then the QR will be the one given for the selected coinswap service (hopefully with the best exchange rate).

Then, the following screens will follow the transaction steps (first transaction received, first transaction confirmed, second transaction confirmed), with an status indicator.

On the other hand, the send coins menu would also have an additional option to send a different coin, that would allow to scan a QR or paste an address and specify an amount.

Alternatives Considered

Using those services as they are is possible, but is rather difficult and tedious, and almost impossible to do on a retail environment. Using custodial wallets or multi-currency wallets does require to hold balances on different currencies making it too expensive on certain contexts, and require more trust.

Additional Context

I'm trying to promote the usage of Dash to some local merchants locally on Argentina, but there are some features (like this one) that are required to make it possible, and most merchants do have Android phones available.

[Danyalkasiri]

[email protected]

[HashEngineering]

Dash Wallet currently supports swap services from Coinbase.