At GAP600, we believe that cryptocurrency offers a path to economic freedom and is the medium with which the world can transact and trade. However, if cryptocurrency hopes to entrench its relevance and ultimately drive adoption among end-users, service providers must create a seamless, secure and instant transactional experience.
GAP600 already enables instant cryptocurrency payments and deposits made in Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV) for any wallet, with support for Ethereum (ETH) rolling-out soon.
Instead of trying to effect the protocol in any way, we have focused on accepting the network consensus to add value by allowing service providers to instantly confirm (0-conf) certain transactions (tx).
By analyzing actual events and failed transactions, we’ve created predictive and preventive tools that enable us to guarantee 0-conf transactions, particularly for specific transactions with straightforward characteristics (while we can also accommodate certain edge cases, this article will only focus on the former tx types).
GAP600 clients, which comprise payment processors and exchanges, query our API upon an inbound tx reaching the client’s platform. GAP600 then responds with a confirm/not-confirm for that specific transaction. Once GAP600 responds with a confirm, we financially guarantee the value of the transaction should it fail to reach the blockchain.
To ensure the maximum amount of transactions are confirmed by GAP600, we provide clients with an API call that provides a fee recommendation which, if used (and in the absence of other abnormal variables), will ensure the algorithm instantly confirms a transaction.
We apply a straightforward fee/size ratio and fee based on the specific tx size that our clients generally process. This fee recommendation is in line with other standardized industry fee recommendations and is very similar to https://bitcoinfees.earn.com/, although we only provide one option to keep it simple.
In this regard, any tx from almost all standard wallets that offer a high priority service or create a dynamic network fee calculation, will almost certainly be approved and guaranteed with 0-conf requirements by the GAP600 system.
Based on our considerable industry experience since launching in 2016, we’ve established various simple best practice guidelines for service providers to communicate to their depositors & payees to ensure instant confirmation by the GAP600 service. Here they are:
In our view, cryptocurrency use, led by Bitcoin, already offers many benefits and greater value over fiat currency because it is an open source, decentralised platform that gives users complete control over their transactions.
However, to realise its potential and gain traction within mainstream markets, the experience of transacting with cryptocurrencies – whether that is a payment or deposit – must exceed that offered by incumbent payment and fiat services.
Read more about our views on how cryptocurrency can compete with fiat
And the key to crafting the type of customer experience that will add value to the payment transaction process is the ability to enable instant transactions.