What is PayID?
PayID was just announced two days ago from Ripple Labs in collaboration with many titans of the industry.
Here's some of the names on the extensive list of partners that stood out to me:
Blockchain.com, Uphold, Bitstamp, Unstoppable Domains, Coinfield, GateHub, Coinme, Liquid, Huobi, Crypto.com, Brave, Bitpay, BitGo, and Coinone- but there were many more.
The site describes PayID as a simple, web-based protocol designed to make it as easy to send someone money as it is to send them an email. I happen to like the sound of that! Here's a graphic from their site that breaks down what their use case is:
Instead of having the "$" in front like on Square's Cashtag on their Cash app, it looks to me like the symbol acts as a bridge between the user and the payment domain in-lieu of the "@" symbol.
I don't pretend to be a developer or really know much about this but I'm going to throw caution to the wind in the name of technology and go forward with spinning up a linux box on Docker so that I can run a local PayID server and check it out. Here's where I will began the journey.
I'll report back in the next post. If you're working with PayID or want to follow along with me that'd be cool!