Since announcing this past weekend that the Escaroo platform is open for business, we have had an amazing response. Thanks to all who have signed up! We are excited about the future and glad you have chosen to come along for the ride! Several of our users have asked questions regarding the future rollout plan for Bitcoin and other currencies.
This post will attempt to address those questions and share our intended timeline over the next few months.
Because the Escaroo business model is so radically different from just about every other payment system, we thought it would be a good idea if we explain what makes us different, before we talk about our timeline.
Just about every other cryptocurrency payment system uses the fund manager method for handling payment disbursement. This method of managing funds is how it has been done for ages and has generally been safe, but when applied to blockchain-based transactions, it starts to show its age. The problem becomes even more evident as we see these companies being compromised and hacked almost daily.
Escaroo is different, very different! The whole point of cryptocurrency is to give the control of money back to the people. This is why we never touch user funds. We built the Escaroo system to ensure only the parties involved in a transaction have access to the funds.
We did this by harnessing the power of smart contracts. These smart contracts control how funds are received, stored, and disbursed, removing any need for fund manager oversite. Currencies like Ethereum, EOS, and Cardano all have fantastic smart-contract based ecosystems that can be easily added to Escaroo.
Unfortunately, this is not the case for currencies that are based on the original Bitcoin protocol (BTC, LTC & BCH & BSV). These currencies need to be handled in a slightly different manner, so adding them to the Escaroo system will take a bit of time as they each have unique issues to overcome.
We will add each of these currencies soon, but before doing so, we want to make sure we do it right. We want each transaction to be easy, secure, and inexpensive. Most importantly we want them to be exempt from any form of fund management.
Sure we can easily add a hot wallet for each of those currencies, then manually manage the funds for each transaction, but that defeats the whole point of Escaroo, and to be honest, it’s not secure. You deserve better. So here are our plans for 2020, and how we plan on building a better, more secure payment service.
We are currently building the Escaroo API. If you don’t know, an API is just an easy way for third parties to tie into our software ecosystem. Once complete, businesses will have the ability to build additional tools for the Escaroo platform.
After the API is built, we will work on a payment plugin for WooCommerce. This will be a big step, as it will give online shops the ability to take secure crypto payments using Escaroo. Next, we plan to add Bitcoin and EOS to the mix, as they are the two most requested currencies.
These first three steps should be completed by the beginning of March 2020.
After that, we will be adding in additional payment plugins and apps for other eCommerce software providers like Shopify & Ecwid, along with other currencies. By the end of 2020, we plan to produce a full-blown App for iOS & Android phones, fingers crossed.
Things are moving fast in the crypto space… we plan to keep ahead of the curve. Again, thanks for coming along for the ride!