8Pay is a payment protocol built on the Binance Smart Chain (BSC) -and later on the major chains compatible with Ethereum Virtual Machine (EVM)-, to allow automated payments based on cryptocurrency, without the additional friction introduced by the services existing payment.
The platform is based on smart contracts, providing a new range of functions for crypto assets.
As a result, users can enjoy one-time payments, fixed recurring, variable recurring and on-demand payments with the click of a button, tracking balances and managing payments through the 8Pay web, or mobile applications.
The platform supports four types of billing models that can be shared with customers or integrated into websites using buttons, short URLs, and QR codes.
Meanwhile, the software development kit (SDK) is ready to be integrated into the back-end of the merchant site.
One place, different types of billing
In 8Pay, one-time billing is used for one-time payments between two or more entities, commonly e-commerce transactions.
For its part, recurring fixed billing allows payments of the same amount on a regular basis in the sametime interval, applicable for subscription services such as Netflix.
While variable recurring billing allows payments of different amounts on a regular basis in the sametime interval, such as utility bill payments.
Finally, on-demand billing can be used for recurring payments of different amounts at random intervals, allowing merchants to set debit payments up to a maximum amount, with no limits on the number of payments made.
Therefore, completing payments through 8Pay is similar to traditional portals like PayPal, although it runs on a decentralized network.
When a user clicks an embedded button, visits a short URL or scans a QR code, they are redirected to an 8Pay cashier, connect their MetaMask wallet, review the transaction, and sign the transaction. The rest is handled automatically by the platform.
What does 8Pay offer?
8Pay is far from being just another payment protocol. And the fact is that the platform offers multiple benefits that keep it far from similar applications.
Probably the most striking thing is the fact that cryptographic transactions are registered in public and open blockchains, because this provides a level of transparency that avoids disputes between buyers and sellers.
Consequently, there is no longer a need for a third party in the middle of that transaction to arbitrate between peer-to-peer payment, providing a means of near-instantaneous settlement, lower fees, and reduced friction compared to traditional payment systems.
In addition, intelligent architecture 8Pay contract provides a payment service so reliable that allows wallets cryptocurrencies function as a regular bank account, without the intermediary, providing a series of corresponding benefits.
These characteristics are joined by:
Online payments: Initially, 8Pay will allow the use of BNB, BEP20 tokens and stablecoins to pay for goods and services, expanding to the accessibility of assets from multiple chains over time.
Real decentralization: 8Pay allows users to manage payments without custody, maintaining control over their funds at all times without the need to provide personal data or private keys.
Wallet to Wallet: Tokens never have to be deposited on the platform and are sent directly to and from users’ wallets.
Security: 8Pay transactions are secured through the BSC Proof of Staked Authority (PoSA) consensus algorithm. Users control their own wallets, keep track of balances, manage recurring payments, and set their own limits.
Staking rewards: Users will soon be able to block 8PAY tokens, through the platform, to receive a portion of the fees charged through the 8Pay payment network.
In the future, an 8Pay DeFi (decentralized finance) platform will be released which is currently in final testing, prior to its launch on the mainnet at BSC, although users can test the demo now.
While the initial focus is on BSC, 8Pay will become a multi-chain over time, bringing automatic crypto payments to the broader ecosystem.
The 8Pay token
8PAY is its native token and is in charge of driving the benefits of the blockchain technology platform, which has the feel of a traditional payments application.
With the launch of the 8Pay protocol imminent, and having successfully completed an initial token launch on Binance Smart Chain’s decentralized launch pad BSCPad, 8PAY has already started trading as a BEP20 token on the BSC DEX PancakeSwap platform, as well as an ERC20 token on the largest Ethereum- based DEX , Uniswap.
With 8Pay’s integration with PolyBridge, the cross-chain bridge for transferring assets between the leading smart contract blockchains, token holders can effortlessly move their assets between BSC and Ethereum, to enjoy the benefits that each ecosystem has to offer.
So you can try 8Pay
The platform is currently in testing and it is possible to purchase 8PAY testnet tokens and use them to see the power of the smart payment protocol in action.
To get started, all you need to do is have a MetaMask wallet, click on this link and log in by clicking “Unlock with MetaMask.”
Since the demo is implemented on Testnet, the wallet must be connected to Binance’s smart chain test network.
In case you don’t have the correct network connected, a message will ask you to add or connect Binance Smart Chain Testnet.
Then you must click “Approve” and “Change network” to add and connect the BSC test network to MetaMask.
Subsequently, you need to copy your public address and claim free TestNet BNB at this link. They should arrive in 30 seconds).
In the wallet section and click on “Get Free Tokens on the 8PAY token”.
Following this, 100 8PAY tokens will be received for testing purposes and payments can now be tested.
8PAY supports different types of payments, automating recurring ones, and the testnet allows you to test different invoices.
Make sure you don’t miss any important news related to Cryptocurrencies! Follow our news feed the way you prefer; via Twitter, Facebook, Telegram, RSS, or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we.
Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.