Very interesting thesis secondee.ai

When was your first ever POAP? etherscan.io/nft/0x22c1f6050… @EDCON_Official 08 May 2019

AUDM @Macropod_AU retail payment went live in a Sydney café this week. Scan, pay, merchant has bankable AUD almost instantly. The rail underneath isn't the token. @OpenPasskey settles stablecoin in 1 second on Base, 0% protocol fee, no card network in the path. Same rail a person taps, an agent pays over x402/MPP. One settlement layer for human and machine money.

Poll 🆎 Assume two things are fully solved: crypto EMV card tap is accepted at every terminal, and every wallet fully supports ERC-681 token transfer (QR + NFC). Then it’s purely about the experience. Here are the two ways to pay stablecoins in a shop. A) EMV tap card. Like tapping a contactless bank card. You set it up once (add a card that spends your stablecoin), then at any shop you just tap. No app to open, no PIN, no confirmation. Sub-second. B) ERC-681 wallet. No card to add. At the shop you scan a QR or tap your phone, your wallet opens with the amount already filled in, you check it and confirm. Pay straight from your wallet. Every payment. So: tap-and-go with a one-time setup (A), or open-and-confirm with nothing to set up (B)? Which makes more sense?

Card schemes take ~$10k a year off a café doing $400k. That’s one good family holiday the owner never takes. Our rail @OpenPasskey : $280 a year. ~36,000 payments, 3 on-chain txs each, ~$0.0026 Base gas per tx. No percentage. Just gas.

The QR, explained. It's a plain ERC-681 URL (Not reinventing the wheel). ethereum:@/transfer with the amount and a receiving address. Every major wallet already reads this format, so any wallet scans and pays. Nothing custom to install. The receiving address is single-use. The terminal derives a fresh one per invoice with CREATE2, so no two payments share an address and nothing is reused. The customer's wallet sends straight to it, then the funds sweep to the merchant vault. No new app, no new account, no new card. Just a scan.

The phone tap, explained. On Android we use Host Card Emulation. The phone presents the same EMV card over NFC, no card needed in hand. On iPhone the secure NFC path (NFC SE) needs an Apple entitlement. We've applied. Not expecting it soon, Apple moves slowly here. We've also applied to Apple Pay and Google Pay. Same story, long queue. We're not waiting on either. The QR and card paths already work on every phone today.

The card tap, explained. That card tap isn’t a Visa card. It is an @OpenPasskey card. We hold our own IIN under ISO/IEC 7812, the same registry Visa and Mastercard use to identify issuers. Our card runs the same EMV chip standard as your bank card. Any acquirer that adds our routing entry can accept it on the terminals they already have. No new hardware. The chip signs with a P-256 key that never leaves the secure element. Non-custodial, the customer holds their own keys. Settlement runs on @base flashblocks, so confirmation lands in about 300ms.

Good things are coming! AUDM on base means lower cost and better UX for @OpenPasskey

Not AUD tether. In AU there are a few AFSL regulated AUD stablecoins including AUDD and AUDM. AUDD can do as low as 10 bps minting and redeeming. AUDM is free minting and redeeming. Even without stablecoins, in AU we do have the A2A payment network, NPP made by RBA for years. But no banks want to make it easier for retail payment use case. They rather sitting there and eating the free 3.2b each year. I tried to build a 0 fee retail payment solution based on the NPP, but banks control users accounts for that network, there can never be a good UX for merchant and consumer. AUD stablecoins give @OpenPasskey an opportunity to get rid off the banks and have these amazing UX.

8/8 So: do stablecoin rails win, or does the 10 years acquirer moat hold? Asking seriously. One of us is right.

1/ Jack’s diagnosis is exactly right. POS is the last payment surface that hasn’t been rethought at infrastructure level. Card rails are still domestic-first with international bolt-ons. His solution keeps Visa.

Every crypto card is a lie. Here's why. 🧵👇