Air Transfer Protocol (ATP) is the world’s first open-source P2P protocol for decentralized cash payments using Ethereum blockchain and stable-coins for secure, fast, cost effective and transparent money transfers.
The Ethereum blockchain is an open, borderless financial system that represents a wide variety of assets as cryptographic tokens. However, for the end user, these tokens only usable within the tokenized app. With ATP, it can be liquidated to fiat (CASH) when necessary in minutes across the globe in local or USD currency.
A user creates a transfer order by going to a nearest retailer, selects a recepient's address (country, city, suburb), hand over the cash and specify the recepient's secret or a document type & number.
Alternatively, a dApp can convert a user's tokens to stable-coins approved by ATP using any converter component, then places token-to-cash order.
Median creates the order by sending the calculated order amount and fees in stable-coins which gets locked by the ATP. Notifications are sent by the ATP indexing node where possible after confirming the order.
The recepient goes to the delivery median/retailer and handover the order number, secret code or a document. When the order is successfuly verified and confirmed, the delivery median gets a success notification.
After a median verifies the secret on the system, he scans a signed cash receipt and attach it to the order then handover the cash to the recepient.
ATP code base will be audited by experts in the field before handing the basecode to the open-source community. Also, being an open source, there will be continues audit and collaboration from all developers involved.
Using a unified protocol, any dApp built on top of ATP can seamlessly communicate with other dApps. For example; If app (A) created an order, app (B) can close the order without any conflicts and every dApp gets its fees.
Apps will earn fees for all transactions being processed by them. Fees are determined by the app and the ATP is not forcing any. Due to competency between apps, fees will be challenged in favour of the end users.
Built on Ethereum's distributed network with no centralized point of failure and no down time, each trade is settled atomically and without counterparty risk.
ATP is a free to use protocol for developer without any fees. In contrary, developers earn money by setting fees for their apps that will operate on the protocol.
ATP will be an open source after having an audited code base. After that, it will be open to developers collaboration and new ideas to take the ATP to the next level.
No need to any of the other parties of the transaction, the transfer is secured by the network cryptographics and the ATP.
Any individual or company can run a remittance in minutes using any ATP based app, just stake commitment bond and go.
Wold is the limit, in a P2P decentralized network with zero entry costs, the network is self-expandable beyond imagination.
Save on marketing, medians on the ATP protocol are discoverable by millions of other ATP users who are transfer to their zone.
On ATP powered by Ethereum network, transactions can settle in seconds to minutes.
Due to large median’s and dApps’ pools, a competency occurs in favor of the end user that results in low transaction fees and enhanced service.
There are 2 billion unbanked users and 1.1 billion users who don’t have identity. With ATP based apps, these people will be able to send and receive money.
With zero-cost entry, the network can be extended to reach post offices, markets, shops and any retailer that wants extra source of income as a side or main business.
None of user details are stored on the network and a transfer doesn’t require a user to reveal any details about himself. ATP based apps my require some information that’s securely stored by them not by the ATP.
ATP converters will be a pluggable building block for token based apps that wants to give their users the ability to liquidate their token into fiat in minutes, saving costs and time.
For an open protocol, there is a need for a Decentralized Autonomous Organisation (DAO) to make necessary decision for the future of the ATP; DAO is a decentralized app where members from medians and developers can create and vote for proposals to add new features, enhancement and changes to the ATP, then the changes are applied after getting majority of votes.
For a decentralized protocol, a decentralized autonomous organisation (DAO) will exist as a Governance DAO for the future enhancements, upgrades, adding/removing stable coins and other decisions for the ATP. DAO’s members will consists of medians and app’s developers.
Using stable coins equals to a dollar value, maintains the staked tokens and transfer values from other crypto tokens volatility.
Stable coins are different and many, however the ATP allows multiple stable coins to exist and doesn’t dictate one coin as long as they meet certain criteria and approved by the DAO.
The ATP follows the proxy pattern to achieve upgradability for fixes and future enhancements, however, for admin permissions and future upgrades will go through DAO approval process.
Being built on Ethereum network, the ATP is secured by the network and the smart contracts are open source to have collaborative review, enhancements and audit from dev community.
Imagine a decentralized version of Airbnb, Uber, and UpWork can provide the same performance and quality except where users are getting paid with tokens. Can they achieve the same success and spreading?
Blockchain was introduced in 2009 with the rise of Bitcoin as a great use case in payment space where it was supposed to be cross borders with low transfer fees that will benefit common users in their daily life.
Below we’ve provided a bit of General, Technical, and few others. If you have any other questions, please get in touch using the contact form below.
Air Transfer Protocol (ATP) is an open source protocol consists of set of rules and steps to be followed, escrow management and medians registry in one common shared spot.
ATP deals in stable coins only so it preservs the value of staked and transferred amounts. However, the protocol is not limited to a certian stable coins where coins can be added based on ATP DAO decision
Developers builds on top of the ATP adds to and benefits from the shared medians pool, one standard and audited optimised code and bunch of ideas and collaboration from community.
ATP DAO is self governance portal based on smart contracts that allows medians and developers to create proposal for suggested features, enhancements and vote on them. Once approved by the majority, the changes are applied to the ATP.
By default registered medians and registered apps, so developers who want to contribute can register their app on the ATP, it's free.
After launching the initial phase of the ATP, development will start in the DAO.
ATP will be open sourced with MIT licence.
All code updates for fixes, new features and enhancements will take place after being audited by the maintenance team and approved by the DAO.
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