ADAPlus focuses on bringing in a mass payments system that helps users save time and money on the crypto sphere as they can send multiple transactions for the price of one. The team behind this project realized that by combining numerous transactions, the fees reduced drastically. This prompted them to develop a marketing tool that serves pool operators and other crypto enthusiasts.
Institutions, crypto projects, and other users are adopting the Cardano cryptocurrency with each coming day. This increases the need for convenient means of sending mass payments to multiple recipients. Examples of mass payments seen in the current crypto ecosystem include payments to the freelance teams working on projects, payouts to project investors, or releasing payments of earned commissions in affiliate programs.
The current Cardano wallets lack mass payments systems within them, thereby making it cumbersome to the senders as they have to cope with sending one payment at a time. ADAPlus brings in the possibility of making these mass payments with reduced fees and a minimum time investment too.
The Case for ADAPlus
Currently, 0.17₳ is Cardano’s minimum transaction fee. Now multiplying this with several addresses adds up to a significant amount. The amount of information sent in a transaction determines the fees; typically, it is about 300 bytes. Cardano’s transaction cost calculation combines the base price of 0.155381₳ per transaction and 0.000043946₳ per transferred byte. A single transaction is limited to a maximum size of 16kb which results in a maximum fee of approximately 0.875₳.
When ADAPlus comes into the picture, a fully-packed transaction can contain up to 50 payments to different addresses, thereby helping users save transaction fees. A good example is for a project that makes 50 separate payments to its team using a regular wallet and has to cope with at least 8.5₳ in transaction fees.
Even without looking at the amount to be paid in fees, the process of copying and pasting addresses and amounts is already cumbersome. If the same project was to use ADAPlus for the 50 payments, the single combined transaction would cost approximately 0.8₳, ten times less than the fees seen in regular wallets.
Users only need to import the file containing the list of addresses and payments and ADAPlus will take over the process in a single click. The system will use extended CIP-0020 to help users send separate messages to different UTxOs for when the sender wants to include a payout identifier for affiliate programs or even thank the recipients.
The ADAPlus Team
The ADAPlus team has vast experience both in the crypto ecosystem and the centralized world. They have a combined experience of over 15 years as software engineers, architects, marketers, and entrepreneurs. Another secret weapon within the team is that they are working with the developer of CardanoWall.
Having such a diversified team ensures the ADAPlus project gets to gain from their deep knowledge and skills. Looking at the success of CardanoWall, one is assured of the team coming up with a high quality platform that meets the needs of users.
ADAPlus Funding Request
With the gradual growth of the Cardano network and ADA approaching $5, the cost of transactions on Cardano might not be sustainable in the near future. This is why a funding request of USD 30,000 is quite modest, especially for a project that comes with a new way of keeping costs relative to current fiat transaction costs.
The USD 30,000 will help in the development of the Proof of Concept that allows users to test mass payments with tADA on the Cardano mainnet, testnet, and a guild network. This phase should take approximately two months of development.
Active development will then follow and it might take 6 months.
Then launching wallets to simplify payments for clients. This process for coming up with wallet solutions will take up to 3 months of development.
The final phase is marketing and onboarding larger companies.
A Payments System Saving Users Time and Money
As Cardano projects keep mushrooming, the number of payments to be made to different parties will keep rising too. ADAPlus brings in a new approach that helps the project owners save money in transaction fees and also spend little time while releasing payments to multiple parties. By providing a seamless and fast means of completing payments, the project is saving time and money for the entire crypto ecosystem, thereby ensuring projects invest the money they save towards rising even further in the crypto ecosystem.
If you’d like to know more information or have questions/comments regarding the ADAPlus proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/ADAPlus-io-Mass-payments-system/366809-48088