Codugh is an Australian start-up company that emerged as the winner of a 2019 CoinGeek Hackathon competition. The contest challenged entrants to create intriguing applications for use on the BitcoinSV (BSV) blockchain. Since their victory, the Codugh co-founders have strived to turn their vision into a product-ready enterprise. Codugh (pronounced “co-dah”) is an API marketplace where software developers can exchange rights to use their coded scripts in return for digital currency.
Two years after its breakthrough, Codugh is seeing a spike in interest. The reason why is users can now convert their BSV payments into fiat currency, thanks to STAS — the tokenized protocol developed by TAAL.
HOW STAS BOOSTS CODUGH’S PERFORMANCE
Codugh users deposit money in any currency and exchange it for U.S. dollars when they please. The exchange rate will be based on the market rate for foreign currency, Codugh says. Microtransactions on Codugh can cost as little as one-hundredth of a U.S. cent, thanks to the BSV blockchain’s ability to scale and accommodate more transactions than any competing networks, or existing forms of payment.
A transaction on Visa, for example, can cost anywhere from 30 cents to several dollars. For a company like Codugh, which relies on micropayments and users who are individuals or small businesses from around the world, the BSV network was the only option.
With the innovation of STAS and its token-wrapping solution, Codugh has a massive new market to reach because it can expand beyond the BSV ecosystem. Developers can list their APIs and have them appear in front of the most likely users. Each time there is an interaction with the API, such as a click on a plug-in or a push of a widget button on a blog, the developer receives a micropayment. STAS allows that micropayment to be converted from digital currency to cash, or vice-versa.
HOW CODUGE IS POWERED BY TAAL
In the summer of 2021, Codugh launched the public release of its product after running in private beta for most of the year while waiting for STAS to be unleashed. Along with licensing STAS to Codugh, TAAL benefits the start-up company through its ability to process transactions in volume. TAAL handles all of Codugh’s API requests and ensures it has the understanding and support to deploy STAS.
“Some of the main customers we have seen are non-BSV software developers. Using BSV on our system can complicate things. We hear questions like, ‘What is BSV? How do I get it, and then once I have it what can I do with it?’ STAS answers those questions for us. What we intend to do when we begin using STAS in the near future is have a stablecoin inside the Codugh platform itself. That will allow non-BSV users to deposit fiat currency and then be issued stablecoins that can be used to pay each other. They will receive payments in tokens rather than in BSV and those tokens are linked to fiat currency.”
— Shashank Singhal, Codugh Co-founder and CEO