The Settlement Contract Is Now Open-Sourced
Ever since we launched Bistroo, the vision has always been to create a fully self-sustainable commerce network with our technology and allow it to service different markets all over the world. It is a fluid process in which we are constantly trying to broaden our vision and adapt to the ever changing food delivery/blockchain environments.
A lot of work has already been done since the start of this adventure and even more so during 2022 when it comes to laying the foundations for our global commerce protocol. By developing & testing our first set of smart contracts for the Bistroo Smart Contract Framework we are taking a big step towards a blockchain driven transactional environment for ordering your favorite meals and engaging with your loyal audience or favorite restaurants.
As announced in our Mid-Year Breakdown, we started with the core of decentralized and peer-2-peer commerce by developing on-chain settlement contracts for this industry.
But wait, what is a Settlement Contract?
Firstly, on-chain transactions are completely peer-2-peer plus recorded and verified by the blockchain. They offer security and transparency since they can’t be altered once they’re verified and recorded on the network.
The core use-case of this contract is to actually facilitate direct commerce between supply & demand parties within the Bistroo ecosystem where the most primary functions of settlement & assurance are covered:
- Payment from buyer to seller
- Escrow to ensure funds are allocated once delivery is verified
- Refund capabilities
It is key to implement these features within the Bistroo ecosystem in a secure, user friendly and easily adoptable manner. This is the main reason we want to collaborate with our community at the earliest convenience in our design and development cycle. Therefore, we start with the open-sourcing of the first three smart contracts in the Bistroo Smart Contract Framework, in quick succession in the next few months.
The Open-Sourcing : Let’s Get Specific
Today is the day we open-source the internally tested version of the Solidity-based and EVM-compatible Settlement Smart Contract and share it with the world! It is fully available on our public repository GitHub. We are so looking forward to getting your feedback on it to improve what needs to be improved before launching this for our BIST open community testing.
The Settlement Contract includes a delivery verification and fund escrow for the decentralization of the process and relies on a BIST ERC777 token (with its special hooks) to facilitate the process.
Let’s break it down with this visual :
Bistroo & Community: Building Together
We are blessed with an amazingly talented dev team that is passionate and highly committed to realizing our mission and vision. Building tech from scratch is not easy and it takes a lot of work, especially when building a real-world business and platform. Intertwine this with a decentralized vision of the future and you add another layer of complexity. However, our internal team cannot tackle all these design challenges alone, we need our community to help keep us aware of all perspectives and co-create the best version of our ecosystem!
Open-sourcing our smart contracts is a major step towards reaching our borderless goals and going global, a milestone which the community has been so excited about. Step by step, we are unleashing the full potential of the Bistroo ecosystem.
Ultimately and soon enough we will involve our community in the building process as they will be the end-users of these features after all. To increase adaptability we are hell-bent on providing them with the best UX possible. After getting and processing the feedback through the publication in our GitHub repository, we will be releasing a public Polygon interface/testnet. Here we will create a high-quality sandbox for our entire community to interact with our smart contract features and engage with the team to hone them to perfection! Fun times incoming!
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Bistroo is a peer-to-peer marketplace for food & beverages, powered by the BIST Token. Bistroo is a pioneer in the blockchain-based food industry, building protocols that empower the merchants in an ecosystem that also benefits the customers.