In one sentence: Hub20 is an open source, self-hosted payment gateway for Ethereum and ERC20 tokens.
It works as a web application that can interact with the Ethereum blockchain and can keep track of any type of token transfer between two different parties. It hides all of the complexity from end-users so that they can make and receive payments in ETH and any ERC20-compliant token using always the fastest/cheapest possible route without ever needing to know any technical detail.
In practice, one can think of each instance of Hub20 of a single “crypto bank” where users simply have access to their individual accounts and token balances, while the person running the deployment (hub operator or hub owner) is the one with actual access to the bank vault and funds.
For users who just want a simple way to make cheap/fast transfers with crypto:
- Direct, peer-to-peer payments for ETH and any ERC20-compliant token
- No transaction fees for transfers between accounts of the same instance
- Payments are always sent using the cheapest route possible
- No transaction fees for accepting payments
- No KYC
- Easy to integrate checkout widget on third party sites, lets you accept ETH payments via blockchain or Raiden
- Pluggable architecture for managing Ethereum accounts: you can use standard keystore accounts, HD Wallets or implement your own method.
- Easy to extend and add modules - e.g, hub operators can aggregate user deposits and add liquidity to Decentralized Exchanges and possibly earning money for everyone
Beyond payment processing
Hub20 can be used by individuals and businesses of any size and manage any amount of funds. Its focus however stays on providing easy to use functionality for small groups and communities whose peers know each other and already have established trust among themselves.
- E-commerce: easy to connect to websites and accept payments
- Banking and bookkeeping for marketplaces: if you run an online or physical marketplace, you can use Hub20 as a way to give each merchant and each customer an account which can then be used to manage their balances and payouts
- Small group banking: run an instance to manage expenses from your community club, keep track of house bills and split with housemates
- Investment cooperative: users with little knowledge of De-Fi can work together with the hub operator and invest their pooled resources