First of a kind, Litemint connects a decentralized marketplace to users’ wallet
As Litemint 1.2 has been successfully released with DEX trading, I am taking a bit of time to write our first blog article. Let’s start with the presentations.
What is Litemint?
Litemint is a multi-currency wallet and marketplace built on Stellar. It allows you to send, receive and trade any asset including crypto and fiat currencies (USD, EURT…) issued on the network as well as list and execute “marketplace offers” on the decentralized exchange.
So, what makes Litemint so special?
The core idea behind Litemint is to use the asset anchoring system of Stellar to facilitate decentralized marketplace listings and execution of client to merchant (P2P) transactions on the DEX. Litemint enables discovery of marketplace offers which are tagged with a “memo id” on the blockchain allowing association of meta data (e.g. name, description, photo) so that client wallets can offer rich listing for these offers to users. Offers are aggregated by their quotes, we call these “merchant hubs”. I will talk about these concepts in greater details in our upcoming blog articles.
An Open Marketplace
A marketplace is made by its merchants and clients. For this reason, when designing the marketplace in Litemint, my goal was to make sure technology did not get in the way of users’ freedom.
Most mainstream marketplaces use centralization, not only to collect fees (e.g. App Stores), but also to impose prices on listed items (e.g. Envato), to hold users’ money (NET 30 and arbitrary audit times), or to operate one-sided reversals, others even force users to transact using specific currencies.
I believe that an ideal marketplace should provide its users with the ability to list freely and pay for goods in any currency they feel comfortable with, any currency they trust as a group, within a decentralized, P2P environment and with the least possible friction.
The design of the Litemint marketplace was therefore driven by 3 main criteria:
- Listing and payments should be decentralized – no middleman. Although client wallets may provide content curation and filtering, merchant listings should not be meddled by a middleman.
- Users should be able to pay merchants from the currency of their choices and such payments should remain decentralized.
- Merchants should be able to receive payments in the currency of their choice. Anchoring cryptocurrencies to Stellar would then become a way to open doors to real-world utility and accessible merchant hubs.
Marketplace Process Flow
After selecting their listing currency (merchant hubs), the sellers issue their assets on the DEX through managed offers. Then client wallets discover listed offers and provide rich listing via memo id lookup. The buyer chooses the payment currency and a payment path search is initiated from the chosen currency to the issued asset. The delivery process can be compared to withdrawals from anchors and can either be automated or manual depending on merchant preferred workflow.
An Open Source Project
Development on Litemint happens directly on the GitHub repository and external contributors are welcome to send pull requests which will be reviewed and discussed.
Founder at Litemint. Developer with 10+ years of experience working for financial firms BGC Partners and Crédit Lyonnais Bank (Crédit Agricole) in London and Paris. Honorable Mention Prize Winner at the 2014 Linux Foundation & Samsung Tizen App Challenge. Co-founder of Israeli-based video game company Massive Games. Founder of award-winning UK-based studio Okijin and Magnetwork.