Currently, most of the paywalled web2 APIs require credit card information and some sort of KYC. Many API's are coming behind a large paywall (Reddit, Twitter), that force users to either pay large sums of money for large amounts data they don't need or be left out altogether(OpenAI). Lastly, some users may have free credits that they don't want to use.
Introducing Soho, a transformative solution to all of these problems, while helping to decentralize the internet. Soho is a decentralized API key marketplace. By using crypto as the medium of exchange, users can bypass the need to share sensitive credit card information altogether.
Sellers put up a price and a duration for their API access. Once a buyer 'buys' this access, the seller sends their API key to the buyer securely through XMTP. The payment is held by the escrow smart contract. If the API key is shut down before the duration ends, the payment is split in the fraction of how much time passed. Just to make sure that the API key is 'Alive', a script runs in the background and terminates the transaction if the API is considered 'dead'.
The workflow begins when a new user links their wallet to our platform. Buyers can then browse through a list of APIs for sale, selecting the one that aligns best with their requirements. Upon successful transaction completion, our system dispatches an XMTP message to the buyer, containing the API key. Importantly, this key remains active only for the stipulated duration.
This is just the minimum viable product. We can solve a variety of problems using the existing Soho infrastructure. This isn't just an application, but a bridge between the once-distinct divide between web2 and web3.
Our DApp is built upon a foundation of five pivotal technologies:
Scroll Sepolia TestNet: We've chosen this for our smart contracts, not just for its reputation but because it promises swift transactions and cost-effective gas fees. As we eye the transition to the mainnet, we anticipate maintaining these benefits.
Walletconnect Integration: Our users deserve a hassle-free experience. By using Walletconnect, we've simplified the process of linking their wallets to our platform. Furthermore, we've harnessed various hooks provided by both Walletconnect and Wagmi to refine the integration, ensuring both stability and ease.
XMTP for Messaging: Communication is key. With XMTP, we guarantee our users encrypted and secure messaging, establishing it as a vital cornerstone of our app's infrastructure.
Subgraph Analytics: Knowledge empowers our users. Our custom-made subgraph provides insightful analytics about our marketplace, equipping buyers and sellers with data to help gauge and speculate rates more effectively.
NounsDAO Artwork: We believe in aesthetics that resonate. By incorporating artwork from NounsDAO, we not only enhance our website's visual allure but proudly align ourselves with the creative ethos of the Nouniverse.