First of a kind, Litemint connects a seamless decentralized payment platform and collectibles marketplace to games.
As Litemint 1.2 has been successfully released with DEX trading, I am taking a bit of time to write the first blog article. Let’s start with the presentations.
What is Litemint?
In its core, Litemint is a secure, multi-currency, noncustodial, anonymous, DEX, open source Stellar wallet. It also allows developers to publish games and apps and provide a seamless decentralized payment platform to monetize them in various ways.
How does it work?
Besides the traditional monetization channels (ads and IAP) which are also supported, the main idea behind Litemint is to use various features of the Stellar Network including the asset anchoring system of Stellar and payment path finding to facilitate cross-asset, decentralized marketplace listings and execution of client to merchant, peer-to-peer, transactions through the Decentralized EXchange. Developers can sell in-app products to their users. They can also distribute collectible items such as skins, gold, cards that can immediately be traded on the DEX. Players can pay in any currency seamlessly as path payment searches are executed to route payments through to destination.
An Open Marketplace
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 (publishers NET 30 and/or arbitrary audit times), or to operate one-sided reversals, others even force users to transact using specific currencies.
An ideal marketplace should provide its users with the ability to list freely and pay for goods in any currency and with the least possible friction.
The design of the Litemint marketplace was therefore driven by 3 main criteria:
- Blockchain-based asset listings and payments should remain decentralized – no middleman. Although client wallets may provide content curation and filtering, listings should not be meddled by a middleman.
- Buyers should be able to pay sellers from the currency of their choices and such payments should remain decentralized.
- Sellers should be able to receive payments in the currency of their choice.
Marketplace Process Flow
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.