The Xeggo Stream team conducted a survey among 500 freelancers and developers and found that they face one common problem - payment delays. Therefore, the existing traditional infrastructure is not suitable for comfortable work. Xeggo uses the power of a smart contract for recurring payments on the network, which will bring more transparency and trust to the payments ecosystem.
Brief description of Xeggo Stream
Xeggo — a token/money streaming platform, built on the Celo blockchain. The user can create, launch or schedule cash flows that will allow the transfer of funds to the intended recipient within a certain period of time at a certain transfer rate.
Distinctive features:
| Automatic payments | The protocol automates the streaming of money to an employee on an hourly/daily/weekly/monthly basis. |
| Safety | Developers do not take custody of your money. The sender must have the appropriate amount in his account. |
| Low transaction fee | Transaction costs for global money transfer are less than your current banking solution. |
| Connect and play | The developer can plug in the SDK and develop other use cases as needed. |
The transmission format can be set to any number of years/months/weeks/days/hours as needed from the drop down lists. The only restriction is that at least one of the dropdown lists must contain a value (all cannot be null).
How does Stream work?
"Stream" feature - a real-time payment on a per-second basis. For it to work, you need to configure certain properties:
- Sender (Metamask wallet address).
- Recipient (Metamask wallet address).
- Token (ERC-20 token address).
- Deposit amount.
- Start date and time.
- Stream duration.
The sender enters data for the specified parameters. The money is locked in the contract and begins to flow to the recipient's wallet every second. The recipient can withdraw them as needed. To create a Stream, visit the Xeggo website and connect to your Metamask wallet (activated by using the Celo network). Click on the "Stream Money" button. Fill in the parameters, required for broadcasting, and click on the “Start Broadcasting” button.
You can cancel the currently active stream by going to the Control Panel. Select the "Active" option and select the stream you want to cancel. Click on the "Cancel" button.