🧑‍🔧Internals

This page explains the internal working of Akashpay

1. Fiat Payment via Stripe:

   • During the testing phase, AkashPay utilizes Stripe in test mode to accept fiat payments.

   • Users enter their test card details, and once the payment is successful through Stripe, the process to convert fiat to crypto begins.

   • We did not use on-ramp's like Moonpay or transak because they have their in-built UI widgets which makes the UI messy and also it would not be a seamless conversion as we could only convert to USDC on osmosis from them the next step for AKT on Akash network would still require the same steps.

2. Conversion to USDC:

   • Upon receiving the successful payment notification from Stripe, an equivalent amount of USDC (USD Coin) is sent from our intermediary account.

   • This USDC is then transferred to the Noble blockchain using Noble-CCTP (Cross-Chain Transfer Protocol).

   • The Noble conversion is a very crucial step as it supports CCTP(Cross-Chain Transfer Protocol) and is one of the few ways for EVM to COSMOS blockchains.

3. Interchain Transaction:

   • The transaction from Ethereum (USDC) to Noble (USDC) is facilitated using Noble-CCTP.

   • How Noble Works:

     • Noble-CCTP (Cross-Chain Transfer Protocol): This protocol is designed to enable seamless asset transfers across different blockchain networks. It allows for secure and efficient movement of assets by leveraging the interoperability capabilities of the Cosmos ecosystem.

     • Conversion to USDC on Osmosis: Once the USDC reaches the Noble blockchain, it is automatically converted to USDC on the Osmosis blockchain. This conversion is accomplished through native Inter-Blockchain Communication (IBC) calls within the Cosmos network, which facilitate the transfer of assets between different blockchains in the ecosystem.

     • Noble's Role: Noble acts as an intermediary blockchain that supports the cross-chain movement of assets, ensuring they are transferred securely and efficiently from one network to another. By using Noble-CCTP, we can reliably bridge assets from the Ethereum network to the Cosmos network.

4. Conversion to AKT:

   • The USDC received on Osmosis is further can be converted to AKT (Akash Network's native token) first from USDC(osmosis) to AKT(osmosis) using the Swap functions given by the osmosis DEX and then AKT(osmosis) to AKT(Akash) using the native IBC calls .

   • Our control flow closely mirrors how RangoExchange operates, particularly in managing cross-chain transactions and conversions. Like RangoExchange, we rely on liquidity pools maintained by various exchanges to facilitate these conversions and all the transactions that we have shown happen behind the back in that case . However, we are not creating our own token as a liquidity pool, as this approach is unsuitable for mainnet purposes.

   • Due to the Akash testnet being non-operational at this time and The relayer for AKash also not working we could not do so.

   • For the mainnet AkashPay will work properly .

     

     Summary of our internals