What is a Cryptocurrency Payment Splitter?

A cryptocurrency payment splitter is a tool that allows users to split cryptocurrency payments between multiple parties in a predetermined and automated way. It is especially useful for businesses or organizations that need to divide incoming cryptocurrency payments among multiple recipients, such as shareholders or employees. The payment splitter typically works by generating a unique payment address for each recipient, which is then used to receive a portion of the payment. The amount each recipient receives can be determined by a pre-defined percentage, a fixed amount, or any other custom formula. Cryptocurrency payment splitters can streamline payment distribution and reduce the administrative burden of managing multiple transactions manually.

Simplify Your Royalty Management with Cryptocurrency Payment Splitter by Agomic Labs

The Cryptocurrency Payment Splitter template contract by OpenZeppelin can often be imported to divide the payments earned by a smart contract. In the NFT use case, the NFT contract imports the contract and uses its capabilities to distribute the proceeds of the primary sale. Despite the fact that royalties are paid by OpenSea, not the minting contract, and that OpenSea only allows one address, this fixes the issue of splitting earnings for the mint sale. To correct this, we can make the address OpenSea delivers messages by creating a Payment Splitter contract without any additional functionality. resolved issue
The accounting problem of dividing up royalties is solved by deploying a Payment Splitter, but it still leaves a complex process for withdrawing money from a contract without a specific user interface. To release crypto tokens, each user must save the splitter address and utilize EtherScan.
1. Locating the addresses of each payee
2. Calculating each payees payout ratio
3. Determining how much Eth has already been distributed to each payee
4. Several fascinating math problems

Consider a situation where you are an artist who has contributed to five distinct NFT projects, is expecting income in this manner, and is required to keep track of everything. Not very enjoyable. Realistically, you'd prefer to have access to all of your available royalties from the projects you've worked on through a single service page. We are introducing Payment Splitter - https://www.agomiclabs.com/payment-splitter-cryptocurrency to address this issue. You may quickly establish and manage payment splitters using this tool. The cost of installing new payment splitters is drastically reduced by cloning existing on-chain code, and users can quickly and easily locate the splitters pointing to their addresses by logging all splitters in a common registry

Use Cases :

1.  OpenSea royalties
2.  Any project with multiple independent contributors

We did not just make up the price of 0.01 ETH as the current price for a payment splitter.A copy of an existing splitter implementation can save about 300,000 gallons of gas. Using a payment splitter can save you money on deployment as long as gas prices are greater than 50gwei, which is equal to 0.015 ETH.