Stellar Community Fund

By Syklo

Syklo WooCommerce integration

SCF #19

$25.1K

Legacy v4.0 Award

Awarded

We are building the bridges and roads for mass adoption of self-custodial USDC in LATAM.

Products & Services

By installing the Syklo Pay WooCommerce plugin, businesses would allow their customers to pay with any off-chain local currency (ARS, BRL, COP, VES, etc…) and receive USDC on Stellar.

Monetary protocols from many countries (e.g. Argentina and Venezuela) are not working. These countries are organically transitioning to blockchain-based dollars. Currently, USDT on Tron is very popular. USDC on Polygon would be better. However, USDC on Stellar would be the best solution, especially for businesses that receive small payments and need USD convertibility to pay providers.

Online businesses would benefit from being able to charge local currency anywhere, receive instead USDC on Stellar at low fees, and later use it to pay providers. 43% of sites use WordPress, some 35 million sites. WooCommerce’s market share in ecommerce platforms is 25% and over 3.5 million websites use WooCommerce checkout. Syklo Pay would help them be internationally available. The difference with other crypto plugins is that with Syklo, the business’ customers can obtain USDC via P2P with many local currencies and payment methods.

Users would need to install the Syklo Payment Gateway for WooCommerce, signup/signin their Syklo account, and click on Syklo Pay in WooCommerce → Settings → Payments → Syklo → Manage. In Syklo, create an API Key and copy it. In WooCommerce, paste the API key. In WooCommerce, copy the endpoint URL. In Syklo, click add an endpoint, paste the endpoint URL. In Syklo, click show shared secret and copy the shared secret. In WooCommerce, paste the shared secret. Business’ customers would then be able to pay with Stellar USDC.

Once the plugin is configured and users click on pay with Syklo, they will be redirected to pay.syklo.io and shown a QR code with the business’ USDC address. The customer would then open the Syklo mobile app, with a few clicks purchase Stellar USDC with their local currency and send to the payment QR. The site will detect when the payment is sent and will return to the business checkout so the order is processed.

The business will be able to see WooCommerce transactions and details in a dashboard and refund them if needed. Users hold assets on individual Stellar wallets that would be able to pay in WooCommerce websites, send assets to other users, exchange off-chain assets with the help of a temporary on-chain multisig escrow, create escrow (create multisig wallet, setup signers [buyer, seller, jury], establish trustline for USDC, transfer funds from seller to the escrow), release escrow (collect the required signatures to release the funds, submit the transaction to the network), and mediation (if there is a disagreement during the transaction flow, users can raise a dispute regarding the transaction where a jury (currently a Syklo support member) will review the case and sign the transaction in favor of a winner).

All transactions are currently sponsored by Syklo. The transactions use channels to ensure reliability and prevent sequence number collisions. Also, transactions use sponsorship future reserves to allow users to submit transactions to the network without needing a minimum XLM reserve. Multisig wallets are ephemeral; once the escrow is released, the escrow account is merged into the creator account. We currently use the Stellar blockchain in our Android app due to its efficient design and reliability. The production address is: GBMUZ7DCFWJ47CI2FGFR4NIVSZNPPZENJJWNG7THSRWQWFZVNUNZJTR4.

Requested Budget

$25.1K

Team

Jorge Ruiz — Co Founder of Syklo, Senior engineer and entrepreneur (15+ years) spanning mobile, fintech, and web3 / DeFi co-founded Airtm.com and built the Heurist.ai agent framework; ex-CTO/CEO.

https://www.linkedin.com/in/jorgere/

Cristina Manrique — Co Founder of Syklo, Senior engineer (15+ years) in web3, computer vision, AR/VR, fintech, and game dev; pioneered early AR/VR implementations and served as technical lead on multi-disciplinary projects.

https://www.linkedin.com/in/cristinamanrique/
Hugo — CPO and Web3 DeveloperUnreal Engine developer with 6+ years’ experience across C++, Blueprints, and systems design; led teams on large Web3 game projects and builds engine-level tooling.

https://www.linkedin.com/in/hdolivares/