Payment from different blockchains
I want to buy a car from a car dealer. I have to make a payment of $30,000 for it.
I have got accounts on different cryptocurrencies. I have $10,000 worth Bitcoin in one Bitcoin wallet, $20,000 worth of Ethereum and $ 10,000 worth of Lisk.
You don’t have to go to each crypto wallet to check the balance and arrange 50k from different wallets.
I go to ARK app in your mobile. And instruct ARK to make a payment of $ 50,000 to a particular ark account.
You can set a strategy of payments of money like first Bitcoins are used up, then Lisk, and then Ethereum.
So, the payment is made in different cryptocurrencies to the car dealer (wallets of Lisk, Ethereum, Bitcoin, etc would be linked to the ark address)
Mechanism of payment-
I login to ark wallet and enter amount and ARK address of car dealer.
ARK blockchain makes a query for the car dealer’s ark account.
My ARK wallet receives Bitcoin, Ethereum, Lisk addresses and makes the payment.
Car dealer’s accounts shows the sum of amounts received.
I Drive the car home …
I have also thought of another mechanism which will improve privacy of such payments. (Bitcoin, Ethereum, Lisk addresses are not revealed)-
When I enter car dealer’s ark address, Ark take the payment from me and stores it in a common pool.
Now, the car dealer’s ark account takes a payment from the common pool.
But I’m not sure if there could be vulnerabilities in the second approach.
Hope this would help the ark Ecosystem development.
Both of these seem very reasonable to accommodate.