What are some functionalities of traditional fiat and or other Cryptocurrencies that would be great if you could use Monero only to accomplish.
(Apart from casting a willingness incantation that would allow every trader/business or entity to accept and adopt monero as tender lol)
Precisely said.
Working on it mate!
Proper and easy multisig.
Ratfacts
Also an easy Monero to PayPal ramp to pay for art commissions.
Because furry artists accept exclusively fiat and only via PayPal. Asking a furry if they accept crypto is like asking a Muslim priest if he would like some pork dumplings wrapped in a page from Quran.
Yeah it sucks.
I can buy drugs with Monero, no problem.
But some hot gay Master Splinter and Judy Hopps crossover action piece? Nope, gotta do KYC and leave a permanent record. Governments know what they can intimidate you with, I guess.
CCS wallet could have been multisig...
This.
Donations like Wikipedia, khan Academy, Linux distributions i use , and other organizations i think do good for humanity.
Text them. All of them together. If a lot of people write that they are willing to donate 5 USD in XMR, but that they accept XMR directly, I think many of them will add XMR as a donation option.
I asked a year ago...they stopped accepting crypto coz community did not want that.
https://meta.m.wikimedia.org/wiki/Requests_for_comment/Stop_accepting_cryptocurrency_donations
Maybe we can create new request to add it back? Someone with fluent corpo bullshit language? :)
If it's not worth it for them to manage accepting it then it is what it is. No reason to pester them, donate to projects that find value in it (generally privacy preserving projects like the Tor project, Tails, Whonix, etc)
Just fyi, one of them is not like the others (wikipedia). Do what you wish but you might wanna google where your money goes to before next donation
Fiat on/off ramp, without KYC. Is this even possible? We kind of need it to be at some point
Bisq, localmonero don't require KYC/AML. Haveno is supposed to be a Monero based on ramp, but the project seems stalled.
Yeah it is. Using AllArk. Fast and KYC free
That link made me dizzy
Something like a standing order (recurring payments, pushed by payer) or direct debit (same, but pulled by payee). For example if you want to pay for a subscription service or make a monthly donation. It might be possible to have this functionality in a wallet, but then we'd have to standardize on one wallet to make it useful to vendors. It's definitely the main thing where banks are better for everyday payments.
Also, some kind of NFC payment app like Google Pay or Apple Pay that you can use to pay with Monero in physical shops. Would definitely help with adoption
The ideal I think is a monero credit card. Allow some amount of spending in a more centralized manner where a third party is coordinating. Then pay back the debt to the third party with an on chain monero transaction.
i prefer the Google/Apple Pay model. This way people can send and ALSO receive monero.
Too complicated to understand. I am in crypto since 2010 and I can’t. What about simple end users? Intuitively I guess what you mean, but NO.
Direct circular end-to-end acceptance of Monero by merchants and customers is much simpler, necessary and sufficient.
That’s because despite you can’t transfer Monero safely by paper, the whole network is resistant even against nuclear war, unlike centralised VISA or Mastercard network.
The idea you mean might be exciting if you could print your coin right on a paper and transfer it securely to another person or merchant in order to buy goods or services.
In latter case, Monero you printed must be burned out, and your party can restore another Monero from a paper piece you printed.
But how to resolve security that nobody can make a photo of your paper and spend the coin printed?
You didnt answer his question
I have a feeling that any such system will be prone to fraud. It's hard to prevent someone from burning the physical "XMR cash" and claiming it isn't burn.
Besides, Monero is p2p electronic cash, might as well keep it online.
Burning in this context means nullifying the XMR cash thru the gateway.
Then the gateway would need to be centralized (which, isn't a real solution) or would be prone to scams.
Assume we have some magical black box gateway that is totally decentralized and everything, how do you suppose we encode this physical XMR in a way that the person exchanging it can't just redeem it before spending it? Better yet, what if they just redeem it after transacting before the merchant does? Who will create these physical XMR notes? Certainly not the same people spending them, otherwise they could record the information to redeem the XMR during the creation.
If not impossible, it's incredibly hard and not really worth the effort.
xD
Having transparent and trustless swaps at the protocol level would make Monero into the ultimate crypto.
Those are already in the works, well, BTC and ETH are done but ease of use is being improved.
Easier way to atomic swap, also to other blockchains.
Yup. Integration with Thorchain or similar
Stronger knowledge about your UTXOs, how many times they have been used as decoys in other transactions, ability for advanced users to select which UTXOs to use for payments in the GUI
This isn't a high priority, but payment channels would be nice.
I wouldn't bother with routing between them like the Lightning Network does, but a way of easily locking up XMR in a multisig and then sending unbroadcast txs between peers would be nice.
It would reduce onchain footprint a little, but that's hardly a problem in Monero, since the fees are very low. There's also some benefit in terms of privacy since only you and your peer would see those unbroadcast txs.
However I think the real benefit is in making it possible to do a massive amount of micropayments. Imagine something like a video streaming site that charges you per second of video or a cloud gaming platform that charges per second. With payments channels you could make payments this small and you wouldn't have to worry about the 10-block lock either.
Aside from the two I listed, other applications that could potentially benefit are things like ride sharing apps, paid proxy services, paid APIs, and really anything else that you can imagine that would benefit from the ability to stream money.
How about just make it so you can spend as soon as you get it, like BCH.
However I think the real benefit is in making it possible to do a massive amount of micropayments. Imagine something like a video streaming site that charges you per second of video or a cloud gaming platform that charges per second. With payments channels you could make payments this small and you wouldn't have to worry about the 10-block lock either.
I don't think this is necessary. Most companies solve the micropayments issue by having a database of internal credits. There would be little demand for trying to send the transactions by the second/minute/whatever when this solution is perfectly fine.
You can safely accept zero conf transactions..
Sounds like you want a monero L2 solution
What's not fast and cheap about Monero right now? The fact that you can't spend immediately after receiving or sending? I'm pretty sure that can be solved without layer 2. Layer 2 ≠ Layer 1.
No, XMR is not fast enough for POS
You can just use 0conf transactions. Nobody is going to attack the chain to steal 20-100 dollars from you. If the transaction is marked as double_spend then you can make them wait for 1conf on the side, which, shouldn't really happen unless they are trying to steal from you (and who would do this if they have the knowledge to do so? they wouldn't be broke)
and the merchant transaction layer needs to be at fractions of a cent if you want to adopt merchants in mass.
This is simply not true. Do you realize how much of a cut payment processors like paypal, stripe, square, etc take from merchants? Maybe if you're lucky you'll be paying 2% plus some fixed fee?
The current price of a Monero transaction is already less than a cent, this is perfectly acceptable and has nothing to do with the lack of adoption.
I’m pretty sure bitrequest is instant
So Bitcoin Cash then, privacy aside?
Smart Contracts
I'm not a big Monero expert but it seems to me that this is basically impossible.
I mean thank god not that, the thing i love about Monero is really a true crypto currency not ponzy scheme and easy to own, send and receive but for fucks sake those weird shit of ETH could never wrap my head around it.
I used to want this but if you really get down to business there's not much that smart contracts have to offer. It sounds like a really good idea, but in order to make complete applications, you still have to hook into off-chain stuff to have any effect in the real world. Even DEXes which are one of the most pure smart contract applications still require off-chain infrastructure to be useful.
Ultimately, doing business of any kind involves risks. The blockchain is here to take away the risks of dealing with banks and government currency, but smart contracts fail to eliminate the trust required to deal with people remotely except in very narrow domains that most people don't care about. We should focus on other decentralized tech for those applications and leave the blockchain for its original purpose.
That and the fact that many things you "need" smart contracts for don't actually need smart contracts.
Nobody here really wants smart contracts, mostly because they're a marketing gimmick and have no reason to exist in a peer to peer electronic cash system.
Sleepy channels, though lightning network is a failure due to how monero is built it’s easier.
get rich
What are some things you wish you were able to do with Monero that you can't do now?
There are no such things.
What are some functionalities of traditional fiat and or other Cryptocurrencies that would be great if you could use Monero only to accomplish.
None.
Waiting for Seraphis upgrade.
Easy to use Monero based dex. With XMR as a base currency for trading pairs.
If a thorchain like dex will appear (serai?) It will be the first opportunity to gain passive income in liquidity pools.
Monetize my website with monero, currently Im being paid in EUR for the ads
Algorithmic stablecoins. It’s a pity, because Zephyr Protocol took the tech and built it.
It's only a pity if that stablecoin on top of Zephyr will be a success, longtime. It's very, very early days on that if you ask me. Don't forget that Haven also "took the tech" and built stablecoins on it. They struggle for years already getting that to run smoothly.
Fair point. But since they’ve been struggling for years already, maybe one could argue it’s not very early days anymore…
ATMs that work just with wallets, no further ID.
Prepaid plastic cards offered by trocador.app. I wish more competitors would go to the market.
Their cards are real silver bullets. You CAN link that cards into your NFC smartfone and pay STREET goods. Imagine? Virtually no KYC for pay everyday food in almost every country for XMR.
freelancer hire platform payment way.
I want to buy a gallon of milk or gas with Monero. Pay for tuition. Pay my electric or gas bill.
Ya know, all the stuff that the American fiat dollar currently does.
Monero-LWS!
View only wallets
Get rid of ring signatures / decoy inputs and switch to full membership proofs.
A completely circular Monero economy. I want to be paid in Monero, and pay for goods with Monero.
I accept Monero. I want everyone else to as well.