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Information about "Laqira Protocol"
1. Laqira Protocol
Laqira Protocol, established in 2021, is a subsidiary of the TOBTC TRADING company. Based in Istanbul, Turkey, this company explores a variety of sectors within blockchain technology, such as decentralized finance (DeFi), cryptocurrency trading, and gaming. Its main services include LaqiraPay, LaqiDex, and the TaBit dapp, all integrated into Laqira Protocol's comprehensive DeFi application, LaqiraHub. Additionally, it offers a suite of services like a Telegram mini-app, an NFT marketplace, and the Laqirace game.
2. LaqiraHub
LaqiraHub is a cutting-edge, fully decentralized platform for vendors, employing a token-burning method with each transaction to incrementally increase the value of LQR tokens. It caters to a broad audience that includes everyday users, vendors, e-commerce businesses, online entrepreneurs, and developers. LaqiraPay is prominently featured as the leading and most important product in this ecosystem.
2.1. LaqiraPay
LaqiraPay boasts the status of being the first fully decentralized, asset-agnostic, multi-network payment solution, effectively addressing the limitations of conventional cryptocurrency payment systems.
2.1.1. LaqiraPay Key Benefits and Features
LaqiraPay offers several distinctive features:
Fully Decentralized: The entire payment process is managed by a decentralized logic embedded in a blockchain-based smart contract, preventing any tampering with the transactions.
Immediate Settlement: Transactions made through LaqiraPay are finalized instantly, ensuring a smooth experience. This system operates without custodial services or third-party interference, granting vendors full control and visibility over customer payments.
Direct Payment Receive: Payments made by customers through LaqiraPay are transferred directly to the vendor's wallet.
Vendor Transparent Financial Statement: A significant feature for vendors is the dedicated financial statement for each network, implemented via smart contracts. These contracts keep a detailed record of each transaction completed through the LaqiraPay payment system on the vendor's portal, serving as transparent, lasting records for future reference.
Asset-Agnostic: LaqiraPay's asset-agnostic nature allows customers to use any cryptocurrency within the chosen network for payments, removing the limitations of crypto gateways that require specific assets. Vendors receive payments in stablecoins, alleviating concerns about value loss, transfer fees, and exchange rate fluctuations for various assets. This broad acceptance is facilitated by LaqiraPay's reliance on a DeFi algorithm using trusted price feeds like ChainLink, enabling the acceptance of deployed assets on a network by any vendor.
Readily Inclusive: This feature builds on the asset-agnostic characteristic, addressing challenges faced by other gateways, teams, and communities. Vendors receive stablecoins irrespective of the cryptocurrency used by the customer, allowing implicit acceptance of all cryptocurrencies. This provides a valuable opportunity for teams aiming to list their tokens on a payment platform without needing to persuade vendors to accept them, offering their communities access to numerous stores for spending tokens.
Hassle-Free Customer Payment: Unlike the cumbersome process of traditional payment methods, which involve specific instructions and addresses, payment with LaqiraPay is simplified. Customers connect their wallet, select the network and asset, and press "Pay," making it ideal for fast transactions in busy places like supermarkets.
Automatic Valid Network Detection: LaqiraPay operates as a multi-network payment system, but the final payment must occur within one network. Customers choose a network from supported options, and if connected incorrectly, they're prompted to switch networks. Wrong network payments are reversed, solving a common problem where funds are mistakenly lost in other systems.
Automatic Valid Asset Detection: Customers select a cryptocurrency and are guided to the portal, where pressing "Pay" automatically deducts the chosen asset from their wallet. This prevents errors from sending incorrect assets, a common issue with other gateways, and blocks fraudulent attempts to send fake assets.
Automatic Valid Vendor’s Address Detection: LaqiraPay streamlines the process by eliminating the need to manually send payments to specific addresses. Customers simply connect their wallet and press "Pay," and LaqiraPay directs funds to the correct vendor address, ensuring easy, secure transactions.
Automatic Exact Amount Detection: Unlike traditional systems requiring exact amounts, LaqiraPay simplifies transactions. On the payment portal, customers press "Pay," and the system deducts the required amount from their wallet. Any excess funds are automatically refunded.
Transparent Exchange Rate: LaqiraPay uses transparent, real-time exchange rates from reliable sources like Chainlink, ensuring fair charges. Additionally, it includes a stablecoin depeg protection mechanism, safeguarding vendors from price volatility.
Slippage: To protect against sandwich attacks in the DeFi algorithm, slippage logic is implemented, securing customers' funds and preventing transactions from occurring when price changes exceed customer-set limits.
In-App Wallet: LaqiraPay includes a built-in wallet, allowing customers to deposit funds for payments or withdraw balances. Vendors can choose to receive payments into their in-app wallet, lowering commissions compared to using personal wallets.
Cashback: After a payment, customers earn cashback credited to their in-app wallet, encouraging loyalty. This incentive is higher when using the in-app wallet compared to a personal one.
Lottery: Part of the commission from each LaqiraPay transaction is converted to LQR tokens for periodic customer lotteries. Customers receive lottery tickets based on transaction amounts, increasing their chances of winning prizes.
Fully Decentralized: The entire payment process is managed by a decentralized logic embedded in a blockchain-based smart contract, preventing any tampering with the transactions.
Immediate Settlement: Transactions made through LaqiraPay are finalized instantly, ensuring a smooth experience. This system operates without custodial services or third-party interference, granting vendors full control and visibility over customer payments.
Direct Payment Receive: Payments made by customers through LaqiraPay are transferred directly to the vendor's wallet.
Vendor Transparent Financial Statement: A significant feature for vendors is the dedicated financial statement for each network, implemented via smart contracts. These contracts keep a detailed record of each transaction completed through the LaqiraPay payment system on the vendor's portal, serving as transparent, lasting records for future reference.
Asset-Agnostic: LaqiraPay's asset-agnostic nature allows customers to use any cryptocurrency within the chosen network for payments, removing the limitations of crypto gateways that require specific assets. Vendors receive payments in stablecoins, alleviating concerns about value loss, transfer fees, and exchange rate fluctuations for various assets. This broad acceptance is facilitated by LaqiraPay's reliance on a DeFi algorithm using trusted price feeds like ChainLink, enabling the acceptance of deployed assets on a network by any vendor.
Readily Inclusive: This feature builds on the asset-agnostic characteristic, addressing challenges faced by other gateways, teams, and communities. Vendors receive stablecoins irrespective of the cryptocurrency used by the customer, allowing implicit acceptance of all cryptocurrencies. This provides a valuable opportunity for teams aiming to list their tokens on a payment platform without needing to persuade vendors to accept them, offering their communities access to numerous stores for spending tokens.
Hassle-Free Customer Payment: Unlike the cumbersome process of traditional payment methods, which involve specific instructions and addresses, payment with LaqiraPay is simplified. Customers connect their wallet, select the network and asset, and press "Pay," making it ideal for fast transactions in busy places like supermarkets.
Automatic Valid Network Detection: LaqiraPay operates as a multi-network payment system, but the final payment must occur within one network. Customers choose a network from supported options, and if connected incorrectly, they're prompted to switch networks. Wrong network payments are reversed, solving a common problem where funds are mistakenly lost in other systems.
Automatic Valid Asset Detection: Customers select a cryptocurrency and are guided to the portal, where pressing "Pay" automatically deducts the chosen asset from their wallet. This prevents errors from sending incorrect assets, a common issue with other gateways, and blocks fraudulent attempts to send fake assets.
Automatic Valid Vendor’s Address Detection: LaqiraPay streamlines the process by eliminating the need to manually send payments to specific addresses. Customers simply connect their wallet and press "Pay," and LaqiraPay directs funds to the correct vendor address, ensuring easy, secure transactions.
Automatic Exact Amount Detection: Unlike traditional systems requiring exact amounts, LaqiraPay simplifies transactions. On the payment portal, customers press "Pay," and the system deducts the required amount from their wallet. Any excess funds are automatically refunded.
Transparent Exchange Rate: LaqiraPay uses transparent, real-time exchange rates from reliable sources like Chainlink, ensuring fair charges. Additionally, it includes a stablecoin depeg protection mechanism, safeguarding vendors from price volatility.
Slippage: To protect against sandwich attacks in the DeFi algorithm, slippage logic is implemented, securing customers' funds and preventing transactions from occurring when price changes exceed customer-set limits.
In-App Wallet: LaqiraPay includes a built-in wallet, allowing customers to deposit funds for payments or withdraw balances. Vendors can choose to receive payments into their in-app wallet, lowering commissions compared to using personal wallets.
Cashback: After a payment, customers earn cashback credited to their in-app wallet, encouraging loyalty. This incentive is higher when using the in-app wallet compared to a personal one.
Lottery: Part of the commission from each LaqiraPay transaction is converted to LQR tokens for periodic customer lotteries. Customers receive lottery tickets based on transaction amounts, increasing their chances of winning prizes.
2.1.2. LaqiraPay Various Payment Methods
LaqiraPay offers three different payment methods for vendors:
E-Commerce Plugin: Perfect for e-commerce businesses on websites, plugins are being created for technologies like WordPress, ReactJS, and others. These will be open-source, inviting global developer contributions.
Mono-Link: This method suits businesses on platforms like social media, where vendors sell products or streamers receive donations. Vendors can share a Mono-Link with customers, who can then input the product price and complete payment easily.
Point-of-Sale (POS): Ideal for local stores, vendors can use the Laqira POS app on smartphones. Customers can pay by scanning a QR code after the vendor enters the price, facilitating cryptocurrency payments in-store.
E-Commerce Plugin: Perfect for e-commerce businesses on websites, plugins are being created for technologies like WordPress, ReactJS, and others. These will be open-source, inviting global developer contributions.
Mono-Link: This method suits businesses on platforms like social media, where vendors sell products or streamers receive donations. Vendors can share a Mono-Link with customers, who can then input the product price and complete payment easily.
Point-of-Sale (POS): Ideal for local stores, vendors can use the Laqira POS app on smartphones. Customers can pay by scanning a QR code after the vendor enters the price, facilitating cryptocurrency payments in-store.
2.1.3. Lottery
As part of its incentive program, LaqiraPay introduces a blockchain-powered lottery, ensuring fairness and security. Utilizing Chainlink's Verifiable Random Function (VRF), LaqiraPay creates a fully decentralized and random lottery system.
Every purchase made through LaqiraPay earns customers lottery tickets, based on their spending. For every dollar spent, a ticket is earned, with amounts under a dollar not counting. The more a customer spends, the more tickets they receive, improving their odds of winning.
After each round, Chainlink's random number service selects a winning ticket automatically, ensuring fairness. Customers can check if they've won on LaqiraHub, with prizes instantly withdrawable thanks to blockchain technology.
Every purchase made through LaqiraPay earns customers lottery tickets, based on their spending. For every dollar spent, a ticket is earned, with amounts under a dollar not counting. The more a customer spends, the more tickets they receive, improving their odds of winning.
After each round, Chainlink's random number service selects a winning ticket automatically, ensuring fairness. Customers can check if they've won on LaqiraHub, with prizes instantly withdrawable thanks to blockchain technology.
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