Magnet Merchant Tools – Public Beta

With Magnet Merchant Tools now in Public Beta (https://merchant.magnetwork.io), we want to step ahead and facilitate Magnet usage in real life scenarios as an online currency.

At the same time, we don’t want to use these services as an excuse to centralize control so we are designing our services to offer the least friction not only for users, but also for the merchants.

Here is how we achieve this:

Decentralized transactions.

The system allows you to use your own Magnet address, so your private key is never stored nor sent to our servers. You remain in full control of withdrawals from your own wallet and the incoming money never transacts through our servers.

Real-time Payments

Any invoiced amount is directly sent to your merchant MAG address, so you can enjoy the payment as soon as it is made in real-time. No intermediaries, no string attached.

Automated Invoicing

At its core, Merchant Tools provide streamlined online invoicing for your goods, services, gigs and charity donations. Your users can checkout and pay using any MAG wallet or directly from any exchange.

Easy Setup

Integrating Magnet Payment buttons with your website to create an automated checkout process is fast and easy. We provide a custom button generator, you are just a few clicks away from integrating MAG payments to your website.

Tracking Tools

You can login to your account at any time to manage invoices, view real-time graphs and payments history. Besides, we are constantly working to improve the merchant features based on your feedback.

Technical Notes

Keeping the system as decentralized as possible has been our main design goal since day one.

To achieve this, we are leveraging non intrusive and public features (such as “watch only) available on the wallet. Such features allows anyone to import a public MAG address without the need for its associated private key. This effectively limits the operational freedom of the server on the merchant accounts but ensures that the system remains fully decentralized at the transactions layer – the control remains fully on the merchant side.

In other words, the merchant back-end is only a “watcher” of transactions and our system design has been built around that. This clearly poses some challenges on our side (as developers), but we are up for them to not sacrifice the core concepts behind cryptocurrencies.

 

Any questions, feel free to join us on Discord for some live talk.

Frederic Rezeau

I am Frederic, developer with 10+ years of experience working for financial firms in Paris and London specializing in development of real-time trading and brokerage systems. I am co-founder of Israeli-based video game company Massive Games and founder of award-winning UK-based studio Okijin Ltd. 2014 Honorable Mention Prize Winner – The Linux Foundation and Samsung – Tizen App Challenge. I created blockonomy.org to throw my two satoshi at a fascinating realm which boundaries spread much beyond technology.

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