Components

1. Service Records: Each record will have an additional field to track stablecoin balance and transactions associated with that service. Also, include permissions for stablecoin operations.
2. Payment Handler API: Your existing Service Worker will incorporate the Payment Handler API to manage stablecoin transactions. This will be the entry point for initiating payments, both for minting and transferring stablecoins.
3. Universal Stablecoin Module: Extend x/service to include a stablecoin issuance and management functionality. This module interacts with Service Records and handles stablecoin logic.

Workflow

1. Initialization:
   • User initializes a transaction on an app that's registered with Sonr.
   • Payment Handler API kicks in, using the Service Worker to intercept the transaction.
2. Authentication & Authorization:
   • User gets authenticated via WebAuthn.
   • Service Record is queried to check if the user has the necessary permissions for a stablecoin operation.
3. Transaction Handling:
   • Payment Handler API constructs a stablecoin transaction (mint, transfer, etc.).
   • Transaction is sent to the Universal Stablecoin Module in x/service.
4. State Update & Validation:
   • x/service validates the transaction against the Service Record.
   • If valid, the stablecoin balance in the Service Record is updated.
5. Completion:
   • Payment Handler API receives a transaction receipt.
   • The user is notified, and the Service Worker updates the app's frontend accordingly.
6. Record-keeping:
   • All stablecoin transactions are logged in the Service Record for audit and analytics.
7. IBC Handling (Optional):
   • If the stablecoin needs to be sent to another chain, IBC packets get constructed and sent.
8. Monitoring & Auditing:
   • Metrics are sent to a monitoring service for real-time tracking.
   • Periodic audits to ensure security and compliance.

By using the Payment Handler API, you can create a seamless user experience that abstracts away the complexity of blockchain transactions. This approach also enables you to tap into existing web payment ecosystems, potentially driving faster adoption.

Launch Strategy

To issue a stablecoin that serves as a decentralized, secure, and efficient medium of exchange within the Sonr ecosystem, enhancing user experience and driving platform adoption.

Initiatives

1. Universal Stablecoin Module: A core extension to x/service that handles minting, transferring, and burning of stablecoins.
2. Service Records: Enhanced to store stablecoin balances and transaction history.