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Open the door to a new market



The 20bytes digital engine enables cryptocurrency payments, without intermediation, allowing any eCommerce product, or service provider, to tap into a new slice of the high-spending market. With 20bytes' Smart contract ecosystem, the intervention of a trusted third party is no longer necessary; the system can handle transactions completely autonomously, 24/7/365, granting certainty of execution and immediate availability of sources on the Merchant's wallet.

Market context



The cryptocurrency market has extensively demonstrated its strength and resilience, following the same path as the internet itself in 1991, and reaching a market value of approximately $3 trillion.

As of today, data shows that this sector still has extremely high growth potential:

  • 500 mio of active wallets (Crypto.com)
  • +13% of crypto project development
  • 75% of retailers plan to accept cryptocurrency payments (Deloitte)
  • Cryptocurrency payments reached $21 bn of cash flow with an annual growth of 35% CAGR (Statista)


And it is precisely on this last point that an unparalleled opportunity arises: allowing customers to make purchases through them. More and more merchants are integrating this possibility, but the choice of platform is crucial.

This is where the 20bytes digital engine comes into play. It does not require the merchant's trust, as it is not an intermediary, while ensuring a continuous service with no possibility of blockage.

deploy-flow

The 20bytes digital engine integrates in a "plug&play" manner into any eCommerce through our APIs. If the eCommerce platform uses integrators (e.g., WooCommerce, Shopify, etc.), we have dedicated and ready-to-use plugins.

The integration flow is extremely simple and only needs to be performed once when deploying the Smart Contract ecosystem. Our team will oversee the entire process, providing the necessary support and intervening when needed.

The steps are usually:

  • Receiving the request;
  • Possible adaptation or customization of Smart contract variables as needed;
  • Sending our guides on Wallet opening and Smart contract management (via our Partner Hub);
  • Smart contract ecosystem deployment, first loading of products/services, and transfer of authorities to the Merchant;
  • Ongoing assistance.


At the end of the process, 20bytes will perform the "renunciation of ownership" of the Smart Contract, from that moment on only the Merchant will have the ability to modify catalogs and all related variables managed and stored by the system itself.

payment-flow

The operation of the system at the time of payment is extremely simple and intuitive, just like paying with any other method.

Once the customer has filled their cart and reached the summary screen, they can choose 20bytes among the available payment methods. From there, the interaction with the Digital Engine and the Blockchain will begin:

  • Redirection to the 20bytes's payment page, which does not process any logic but serves solely to display what is happening on the Blockchain. All displayed data comes from the Smart Contract, and actions are sent directly to it
  • The page will show a summary and an initial conversion of the FIAT price into cryptocurrency. The customer can switch to a different crypto or confirm the pre-selected one
  • Once the customer confirms, the Smart Contract ecosystem will perform all necessary transaction verifications, authorizing it only and exclusively if all checks are successful
  • After completing all verifications, the Smart Contract ecosystem will finalize the transaction, notifying the Merchant of the successful purchase and sending the actual value within ~12 seconds
  • The ecosystem will internally store the transaction through a specially generated transaction code but will not retain any sensitive data, neither from the Merchant nor the customer

The 20bytes digital engine directly connects the buyer's Wallet with the Merchant's Wallet. In this way, the transaction amount is credited to the Merchant immediately (usually within 12 to 15 seconds), eliminating the need to wait days for bank settlements.

Thanks to the absence of intermediaries, there is no longer a need to entrust transactions to a third party, such as an intermediary or a payment network. Everything is executed directly, autonomously, and democratically on the blockchain itself.

Referring to the following articles:

  • Article 22 - Retail trade and assimilated activities - Decreto-legge n. 34/2019
  • Article 10 - Tax-exempt transactions - Decreto Legislativo 3 agosto 2022, n. 114
  • Circular 30/E - Agenzia delle Entrate

The digital engine of 20bytes, using cryptocurrencies for the sole purpose of payment, not brokering, holding or processing the value of the transaction and not converting to FIAT currency, falls under the VAT exemption.

Accordingly, every transaction processed through the digital engine of 20bytes, is not subject to VAT, but exempt from it.

By eliminating intermediation, our digital engine avoids all the associated risks, significantly improving the quality and security of the service while ensuring that every processed transaction is always executed and credited to the Merchant. These risks become even more significant for smaller entities, such as most existing cryptocurrency payment gateways, as well as in traditional payment networks and operations. The specific risks mitigated by 20bytes include:

  • Counterparty - occurring if a third party or intermediary becomes insolvent or fails to meet its obligations, prior to the conclusion of the transaction

  • Exchange rates - the moment you outsource the conversion to an external platform, you become subject to their exchange timing and rates, easily losing control of them

  • Liquidity - in the view of cryptocurrency payment gateways, which act as intermediaries, there is a maximum liquidity threshold that depends on the availability of the platform itself. In the event that the total value of transaction requests exceeds this threshold, the platform will not be able to process them all, most likely going into lockout and causing enormous damage to Merchants

  • System - the intermediary platform, relies on a server, consequently it may experience interruptions and fail to complete transactions. This risk is completely negated by the blockchain, which relies on large amounts of nodes to function

  • Compliance - brokering a transaction generates a great deal of responsibility to the entity performing this role. Regulations are, unfortunately, still immature, not allowing for proper proper oversight of who plays the role of intermediary in cryptocurrency payments. This has often resulted in cases of uncertainty, fraud and loss of large amounts of funds

  • Man in the middle - each passage of sensitive information or data, such as such as transaction values, exponentially increase the risk that someone will be able to modify, alter, or compromise these values, causing irreparable damage to payments that often result in large losses of funds or materials, causing extensive damage to the various Merchants

The integration is free of charge.
Only a 1% fee will be applied to transactions.



(Costs may be generated for gas fees of the first upload of products/services. These costs do not add up to 20bytes, but are intrinsic to the blockchain)