Mycelium, the company that aims to create an infrastructure-independent, self-powered, ad-hoc network, has announced the launch of a new merchant processor, Mycelium Gear. According to the company with the product, merchants can now receive payments directly into a Mycelium or Electrum wallet free of charge by installing a payment widget.
The payment widget is compatible with the websites as it can be integrated through open-source API into their backend. Information regarding the announcement came from /r/Bitcoin wherein Mycelium Community Manager Dmitry Murashchik stated that Mycelium Gear is a merchant processor is in offer for customers.
He informed that Mycelium Gear demonstrates something that has never been possible before Bitcoin i.e. the ability for merchants to use a full featured merchant processor to receive payments online. According to him this merchant process will send the money straight into their own wallets, even if that wallet is running on their own phone in their pocket.
Safe and Secure as well as Transparent Bitcoin Transactions
Murashchik tells about Mycelium Gear and informs that it generates invoices with unique addresses for every customer, automatically calculates the exchange rate, and sends a payment confirmation to the site’s shopping cart software. He further says that instead of coding a basic thing from scratch on own, merchants can use advanced shopping cart software.
The software tracks customers, invoices, addresses, revenues, etc. He says that merchants can add this little plugin to their website to process Bitcoin transactions. Interestingly, Mycelium Gear is built on top of the open-source Straight Server payment processor which was originally developed by Roman Snitko in 2014.
Nonetheless, Straight Server uses the BIP32 protocol to generate a new Bitcoin payment address for each customer order. The technology enables merchants receive payments directly from customers without Mycelium ever touching the funds. Thus, there is no risk involved when the application is installed.
The Mycelium project
The company says that the project was started by developing the Bitcoincard in 2008; thus, the history of Mycelium is as old as old is Bitcoin itself. However, the goal was to create an infrastructure-independent, self-powered, ad-hoc network that could dynamically form wherever a sufficient number of nodes came together to support it.
Nonetheless, when Bitcoin was released, the project team realized that it fits perfectly into the project’s ideology, and decided to concentrate its efforts on integrating Bitcoin into a software-programmable hardware device.
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