BitCanna has released a payment plugin for the Cosmos-ecosystem for WooCommerce and Prestashop. In this plugin $ATOM is enabled as payment method, offering a possibility for webshops to start accepting $ATOM as a means of payment. Community support is vital in our opinion, which is why we want to ask the approval of the Osmosis community to have $ATOM enabled in the plugin with this proposal.
Vote Yes if you are in favor of having $ATOM as a payment method in Cosmos Pay
Vote No if you donât want $ATOM as a payment method in Cosmos Pay
Details
Who is BitCanna?
BitCanna has been found by and for the cannabis industry. It aims to provide a secure and efficient way for businesses and consumers to transact using blockchain technology to create a transparent and immutable ledger of transactions, enabling fast and secure payments without the need for intermediaries. The platform also includes a range of tools and services for merchants, such as point-of-sale systems and financial management tools. With BitCanna, the cannabis industry can benefit from the advantages of digital currencies, including low transaction fees, global accessibility, and increased security.
What is Cosmos Pay?
Cosmos Pay is an open-source plugin developed by BitCanna for the e-commerce. Currently it is live for the platforms WooCommerce and Prestashop. Keplr is integrated, making the user experience to pay as smooth as possible.
The plugin offers the possibility to integrate a lot (if not all) Cosmos-SDK based cryptocurrencies and is therefore an addition to the tools the Cosmos ecosystem already has to offer. In the current setup $ATOM, $OSMO, $JUNO and $BCNA are supported; with more to come in the (near) future.
Why this proposal?
Support from the community is one of the greatest perks in the Cosmos-ecosystem. Via this route we want to give the Cosmos Hub community a chance to have their say in this and to have a method to express their support of the Osmosis community to have $ATOM enabled as a coin in the Cosmos Pay plugin. Similar proposals have been uploaded to the Osmosis and Juno communities to get their support as well.
Forum post link
IPFS link
Governance votes
The following items summarize the voting options and what it means for this proposal:
YES - Vote Yes if you are in favor of having $ATOM as a payment method in Cosmos Pay
NO - Vote No if you donât want $ATOM as a payment method in Cosmos Pay
NO WITH VETO - A âNoWithVetoâ vote indicates a proposal either (1) is deemed to be spam, i.e., irrelevant to Cosmos Hub, (2) disproportionately infringes on minority interests, or (3) violates or encourages violation of the rules of engagement as currently set out by Cosmos Hub governance. If the number of âNoWithVetoâ votes is greater than a third of total votes, the proposal is rejected and the deposits are burned.
ABSTAIN - You wish to contribute to quorum but you formally decline to vote either for or against the proposal.
Most important for us is the consent of the community. We now chose to integrate without asking, but that bypasses the opinion of the community. If we want to move towards decentralisation to gage the support of the Cosmos Hub community we need a round of gathering of opinions, which is as far as we know now only possible through governance.
Would there be a way on the Hub official channels as well to reach this goal without going through governance?
Historically any new listing or use of Atom into DeFi dapp never requested the use of governance, unless it was a request of funding.
Even more risky defi applications that require using Atom as collateral, never required Atom community permission.
In this case the use of Atom as payment, doesnât include any risk that Iâm aware, but it may could include a future regulatory risk if there is an on-chain evidence that the community approved this use of Atom.
So I actually see more risks in having an on-chain governance on the topic, that not having it.
So personally I donât see it as a necessary proposal, as a Cosmonaut Iâm happy that Atom is listed on Cosmos Pay, I see it as an adoption news to share with the community across Cosmos Hub channels.
I love the idea of adding a method of buying and selling real world products as well as building out said infrastructures to make this possible. Good work! Revenue flowing through the Cosmos is a big value add. Keep up the good work.
That is a question we wanted to ask the community.
In current society there are already too many choices made without consulting the people it affects. In this case we have taken a decision which affects people invested in $ATOM.
We only thought it was fair to give the community a voice in this and to see if they are ok with the choice made. We believe it is how this ecosystem should work with governance (or anything similar) as one of the powerful tools for people to participate in which choices are made.
Amazing innovation and addition to the cosmos network, congratulations on your launch! Looking forward to this chains future.
I have to submit a âNWVâ here, specifically for $ATOM being used as a money token through this payment system. $ATOM is NOT money and should not be viewed as such, due to the systemic risks (ATOM One Constitution).
I can surely see this innovation being applied using the other tokens ($OSMO $JUNO $BCNA), seeing that TERRAâs crash did not disrupt the entire Cosmos Network as a whole, or perhaps the fees collected from COSMOS PAY can be partially converted/sent to the $ATOM community pool?
If $ATOM were to be involved w/ COSMOS PAY under BCNA, then there has to be a way for COSMOS PAY to accrue value back to $ATOM, the token that secures the overall network, by design.
Note that we (BitCanna) will not earn anything with any transaction done using Cosmos Pay. It is free for shopowners to install, configure and offer Cosmos Pay to their customers. There is no fee for this.
Note that there is also no additional fee for any payment done using Cosmos Pay, besides the transaction costs on chain. And since each transaction will be done on the native chain, it will always be possible to pay in the coin someone has (so the tx fee will be in $ATOM on the Cosmos Hub, in $BCNA on the BitCanna chain, in $OSMO on the Osmosis chain and in $JUNO on the Juno chain).
It might indeed be nice to redirect the fees to the community pool, but there is not much to redirect as you can see
Cosmos Pay is not a means of making money for BitCanna, it is a service we offer as gratitude of being part of this ecosystem and making the Cosmos ecosystem a success together.
We do not know yet where regulations are going (if going anywhere) worldwide.
The risk of having this approved via the governance could be potential partial ban of $ATOM in some countries/regions.
I think everyone deeply appreciates what you did (and Iâd love to see more projects of that kind that are DONE and ready to go before any CF allocation/governance vote is done) but it should be totally segregated from Cosmos and you only should be responsible for the solution that you developed in case of issues and regulatory changes.
