Ethereum: Build a payment processor like Bitpay
As a main cryptocurrency platform, Ethereum offers a robust development environment to create decentralized applications (DAPP) and payment processors. In this article, we will explore the steps necessary to create a payment processor similar to Bitpay using the Ethereum blockchain.
Understand the architecture of Bitpay
Before diving into the construction of your own payment processor, it is essential to understand how Bitpay works. Bitpay is an exchange of cryptocurrency between peers which allows users to send and receive Bitcoin (BTC) directly from their wallets. The platform uses the Ethereum network for the treatment of payments via its API.
To reproduce this feature on Ethereum blockchain, you will need to focus on creating a payment processor that operates the ERC-20 tokens and the smart contracts provided by the Ethereum ecosystem.
Tools and technologies required
To build a payment processor like Bitpay, you will need:
- Developer Tools Ethereum : Familiarize yourself with the Ethereum development environment using tools like Truffle Suite, Web3.js or Remix.
- SOLIDity
: Write smart contracts in Solidey to define the logic of payments processing and interaction with external services.
- Web3.js : Integrate Web3.js to interact with the Ethereum blockchain and create a web interface for users.
- Payment gateway API : Use the APIs provided by payment gateways such as Stripe, Paypal or Square to process transactions on your platform.
Guide step by step
Here is a step by step guide to build a payment processor similar to Bitpay:
- Define your use case : Identify the specific requirements for your payment processor, such as the processing of cryptocurrencies, the creation of an API and integration into external services.
- Choose an ERC-20 token: Select an ERC-20 token (for example, USDT or DAI) which will be used as a payment token on your platform.
- Create an intelligent contract
: Write an intelligent solidity contract to define the logic of payments processing, including:
* Integration of the payment gateway: Use web3.JS APIs to connect with external services and process transactions.
* Master management: Manage the creation, transfer and exchange of tokens between users and payment gateways.
- Develop the web interface : Create a web interface using HTML5, CSS3 and JavaScript to allow users to interact with your platform.
- Test and itter : Test your implementation carefully, collect user comments and iterez on design and functionality if necessary.
Example of use cases: Creation of a simple payment processor
To illustrate this process, let’s create a simple example of a payment processor that can process Bitcoin (BTC) transactions using an ERC-20 token (USDT).
“ Solidity
Pragma Solidity ^ 0.6.0;
Contractual payment package {
// user mapping at their portfolio addresses
Mapping (address => UINT256) Public Userwallets;
// Function to create a new payment gateway connection
CreateConnection function () Internal returns (address to pay, bytes memory) {
// Use a Stripe API to connect with the payment gateway
require (bytes (abi.encodepacked (” “your_stripe_secret_key”))> = 1;
Address Paymentgateway = Abi.Ecodepacked (
” +
bytes (abi.encodepacked (“your_stripe_secret_key”)) + “.json”,
“Your_stripe_secret_key”
));
(Address the paid gateway, bytes memory metadata) = web3.utils.