As the MultiversX ecosystem’s scope and reach expand, so does the range of real-world applications that are gradually coming to life with the aim of upgrading traditional services and automating complex processes to improve efficiency and reduce operational costs.
Built by an enthusiastic group of developers led by Razvan Statescu, also known for other initiatives such as xDevHub, xDevGuild, Giants or Web3Print, CoinDrip offers an intuitive solution that enables recurring payments, token vesting and subscriptions, using the MultiversX Smart Contracts Framework.
Aside from this, they introduce a novel mechanism through which the recipient can execute a claim transaction at any period, being paid in real-time instead of predefined payouts.
Without sign-up requirements and using a MultiversX wallet, the stream creator just has to add the recipient, amount of tokens, duration and sign the transaction. After the transaction has been confirmed, the recipient can already start claiming by the second, 24/7.
The MVP of the protocol has already been made available on the MultiversX Devnet, with the mainnet launch scheduled for Q1 2023, when the project is also planning to open-source its smart contract and several sets of APIs.
Blockchains have been great at showing that things can be done differently, more efficiently and conveniently.
An example that stands out is money, which has been on a marathon with new properties to be picked on the side since inception. Firstly, being hard to use due to its material representations, and now, being owned & transacted freely by anyone without any limitation thanks to blockchains.
This is already a significant leap forward, but solutions such as the one built by the CoinDrip team are paving the way for new functionality and more flexibility, which will greatly improve the way we interact with money.
Easy to leverage MultiversX-based Web3 solution for creating custom payment streams, enabling a wide range of use cases like token vesting and recurring payments.