BlockCypher, cloud-optimized block chain platform, has released its highly anticipated Payment API. The API offers users a quick and simple way to accept crypto currency payments. The API offers new levels of security from a number of standpoints. For starters, a unique address is created when payment is received. The API then forwards the address to and alerts users of payment and monitors the entire payment. Additionally, standard addresses can send to multisig addresses for added security.
Security continues to represent a major barrier to growth in the bitcoin and broader crypto currency markets. BlockCypher's new API addresses this problem head-on and offers a new approach to securing crypto currency wallets. The Payment API could cause some disruption in the market as it makes freely available services of which other startups (e.g. Coinbase) base their business models. Despite the possible disruptive effect, BlockCypher believes its offering strengthens the market. Co-founder, Catheryne Nicholson, stated in a press release:
"[Our] Payment API removes the dependence on merchant processors for payments....[It] allows developers to build automated payment applications without being locked in by a merchant server provider’s account."
BlockCypher uses a mostly RESTful approach to API development, and returns calls in a JSON data format. The API allows users to accept payments without creating individual accounts. Additionally, users can easily transfer value from one address to another in a secure method. The two most come use cases exist to generate payment-specific addresses for which funds will automatically transfer to a main merchant address and fund a multisig address from any wallet by providing a classic address that automatically transfers to the multisig. To learn more, visit BlockCypher's web services site.