SocialOS | Documentation

Crypto.Kred

The Coin

Crypto.Kred connects social interaction with the blockchain, providing a personalised, shareable, transferable token of appreciation. Crypto.Kred coins not only have an intrinsic value in the Kred currency, but can be given personal meaning for your family, friends, and community, and become unique and valuable virtual goods in their own right.

Every Crypto.Kred coin tracks activity throughout its lifetime, threading together a disparate community with a common goal of enhancing social interaction and connectedness. Everyone a coin touches becomes part of a new and unique thread.

Each Crypto.Kred user has a wallet in the application where they can sort and display their treasured interactions, moments, and memories.

Crypto.Kred runs on a fully transactional, replicated database, backed by the Ethereum blockchain. All transactions are published to the cloud in signed blocks as they happen so that they can be independently validated by anyone.

The API

The Crypto.Kred API provides a single, easy-to-use API to integrate applications with Crypto.Kred and other cryptocurrencies.

It provides methods to:

  • Link or open a wallet
  • Manage wallets, balances, coins, and tokens
  • Send and receive payments
  • Split and combine bare coins
  • Supply and consume coin payloads (on- or off-blockchain metadata)
  • Sell or auction collectable coins (normal or reverse auctions)
  • Mint and re-mint coins as a private, light-weight currency (without changing the value)
  • Track the history of payments, coin splits and merges, payloads, sales, and auctions
  • Central processing for high performance
  • Distributed validation for guaranteed consistency

The API supports multiple back-end currencies simultaneously, with virtual wallets able to map to multiple individual wallets tied to specific currencies or blockchains.

The API also supports selective deferred settlement and attachments of off-blockchain data to work around blockchain performance and size limitations. Where the Ethereum blockchain (for example) can handle only 13 transactions per seconds, the Coin API can easily scale to thousands of transactions per second. It is typically one hundred times faster than direct blockchain transactions.

This also offsets the transaction costs of blockchain transfers. Transfers on the API are effectively free, and syncing the transactions from the blockchain is also free. Transaction fees are only incurred when transferring tokens back to the blockchain or reserving blocks of tokens from the blockchain.

The API limits over-spending and prevents double sales of collectable items, and can guarantee payments against the blockchain when they exceed a set limit.

The Workflow

Create a Coin

The mint call allows you to take existing Kred coins from your wallet and issue them as your own special currency. Just specify the name, face and back images, and the number of coins you wish to issue, and an optional virtual payload, and instantly create your own unique collectable coins.

Each minted coin comes with a Grab - a personal conversation stream - dedicated to the users that have held and forwarded the coin. The Grab can be accessed by the /messages/{id} and post methods.

Send a Coin

The send call instantly sends the selected coin to the designated user on the Crypto.Kred platform. There are no transaction fees, no mining, and no delays.

The transfer call sends a selected coin to any user on the Crypto.Kred platform, the Stellar network, or to any Twitter user, email address, or phone number. Transfers off platform are reserved for 72 hours, and if not collected, return to the sender.

Sell or Auction a Coin

If you have a popular coin you can offer it for sale or auction vile the sell and auction endpoints. Set your price (and the start and end times for an auction) and sit back and watch the action. Auctions can be either regular or reverse - in a reverse auction, the price ticks down from a starting point you set until it finds a buyer.

You can fetch current (or past) sales and auctions via the sales and auctions methods, and buy or bid for coins using the buy or bid methods.

The coins API method reflects each coin's last sale price as a market value in addition to its face value.