IEEE Std 2143.1-2020 pdf free.IEEE Standard for General Process of  Cryptocurrency Payment.
1. Overview
1.1 Scope
This standard defines the general process ofcryptocurrency payment between consumers and merchants. This process describes how a consumer purchases goods or services with cryptocurrency and how the merchant receives fiat money in return. It involves multiple aspects such as cryptocurrency payment operators playing an agent role, consumers owning cryptocurrency, merchant accessing to a cryptocurrency payment platform, banks, and cryptocurrency exchanges.
1.2 Word usage
The word s/ia!! indicates mandatory requirements strictly to be followed in order to conform to the standard and from which no deviation is permitted (shall equals is required to).
The word should indicates that among several possibilities one is recommended as particularly suitable. without mentioning or excluding others: or that a certain coursc of action is preferred but not necessarily required (should equals is recommended that).
The word may is used to indicate a course of action permissible within the limits of the standard (may equals is permitted to).
The word can is used for statements of possibility and capability. whether material, physical, or causal (can equals is able to).
Wallet Platform provides account opening, recharge, withdrawal, transfer, and other services. Exchange Platfrm provides exchange services between different currencies.
Payment Platform integrates the capabilities of wallet platform and exchange platform, and provides services such as merchant access, cryptocurrency collection, fiat currency settlement. etc.
The whole payment process includes six main processes, details of which are explained in Clause 4.
4. Payment processes
4.1 Order process
Before placing an order, a merchant should complete preparations such as signing of payment agreement, submitting onboarding materials, passing KYC audit, opening a wallet account, docking payment platform, configuring settlement information, etc.
After a customer places an order, the merchant sends payment instructions to the payment platform. After the payment platform completes verification, a payment order will be created. Critical information such as payment amount, effective time, and transaction content is confirmed in the order.
4.2 Inquiry process
Before collecting money from the customer, the payment platform should query the exchange rate from the
exchange platform. then lock the exchange rate and quote to customer.
In case the payment currency is not the same as the quote currency. the merchant should request the real-time exchange rate between the quote currency and payment currency from the exchange platform. To support all payment currencies, the exchange platform should list every exchange rate it supports.
Because the exchange rate fluctuates in real time and the customer needs an accurate and stable payment amount, the exchange rate should be locked for a while before the next exchange rate refresh. The generally employed locked exchange rate is calculated as the real-time exchange rate plus a spread according to the volatility. After calculating the payment amount according to the payable amount and locked exchange rate, a stable price quote is sent to the customer from the cashier.
4.3 Cashier process
Cashier is used to display order and payment information to the customer. According to different payment scenes, cashiers show in different forms and may be provided by the payment company or the merchant.
Cashier generally includes order infbrmation. payment amount, payment method. effective payment time. etc.
4.4 Payment process
There are two methods of cryptocurrency payment: on chain transfer payment and wallet balance payment.
With on chain transfer payment, customers use external wallet to transfer a crypto to quick response(QR) code collection address through blockchain. Because customers should input the amount of the transfer and miner’s fee, the payment platform should deal with the abnormal situations such as excessive transfer, insufficient transfer, overdue transfer, etc. Also, any received cryptocurrency should be approved by the risk control module with know your transaction (KYT) and anti-money laundering (AML). For illegal cryptocurrency or transactions, the payment platform will put the digital currency into a dispute account and notify the customers of failure status and reason for failure. If there is any objection, customers can declare legitimacy to the payment company. The cryptocurrency will be returned to customers after approval, otherwise it will be handled by a regulatory authority.IEEE Std 2143.1 pdf download.