For several weeks now, there has been a huge uptrend in cryptocurrencies. Bitcoin and Ethereum have reached new heights. However, all this success also reveals the weaknesses of bitcoin and Ethereum, and those are the enormously high blockchain fees (also known as gas prices in Ethereum). It is now even the case that due to the enormous queues for transactions, only bidding at the gas price still works to make the transaction succeed quickly and at a fee of around $ 55,- per transaction. And that’s nothing. On July 21, 2020, the gas price was three times higher at 800 GWei. With the current prices, this would be at $150,- per transaction.
Both Bitcoin and Ethereum cannot withstand mass adoption. Nobody will make a transaction of over $50 and spend the entire amount in transaction costs.
In recent months, PayAccept has worked hard to launch its wallet. With the increased interest and the massive success of decentralized applications like Uniswap, we offer the next logical step for PayAccept, Lightning ⚡️.
Below the wallet of Payaccept, which transfers a lightning transaction:
This is a proof-of-concept and we will make the frontend even more interactive, but we couldn’t resist showing this milestone today regarding that PayAccept can perform lightning transactions.
Here is the underlying information about the transaction:
As can be seen, the blockchain transaction id (txid) corresponds to this transaction and executed at block height 876837 at a costs of around 0.00008030 NEXT ($ 0.00000015). In short, we can proudly say that PayAccept performed the first lightning transaction at a fee equal to 0.
Within PayAccept, we will further optimize the front-end so that everyone can quickly get started to create and trade tokens. Besides, we are working on an ERC20 bridge to have current ERC20 tokens moved to PayAccept. I don’t have to tell you what kind of market impact this will have.
We are also working in parallel to integrate Bitcoin Lightning and Raiden. The operation is the same, however, Raiden runs on the Ethereum network and Bitcoin Lightning on Bitcoin itself. With these technologies onboard, we dare to let everyone enjoy fast transactions at the lowest costs.
After the integration of the wallet, we are going to build a zero-costs high-transaction-volume Uniswap. With this, we ensure that everyone within PayAccept can swap digital assets at lightning speed. A frequently heard problem at Uniswap is the enormous waiting time for a transaction to go through and the high costs. Also, many pre-sales of DeFi are missing tokens. That is a thing of the past within PayAccept.
Well, that was it technically.
The non-technical things
We have defined six spearheads within the team, and I will describe below what it is and why it makes PayAccept power. We will also provide a tentative date when it will be (approximate) introduced.
1) announce credit card integration into the PayAccept ecosystem
We will be releasing credit card integrations within the Payaccept portfolio. What does this mean? Simply put, this is the processing of credit and debit cards. In practice, you simply buy your favorite crypto directly from PayAccept, which are immediately credited to your account. Without delays.
Release date: March 2021.
2) e-money agency license allowing IBAN assignment to PayAccept customers
With an EMI license, we can issue IBAN/SEPA accounts to our holders. These accounts are fully-fledged where euros or dollars can be deposited or swapped against cryptocurrencies. Ofcourse you can also pay your bills or save for another purpose. We expect to get approval in Q3, so it’s still a thumbs up.
3) issuance of PayAccept branded card to PayAccept wallet holders
At the moment, we have too few registrations to launch the card program. But we expect more and more users who will use PayAccept, this will also increase the demand with which we can also close an attractive deal with Mastercard or Visa. We prefer a direct deal, but there is also a considerable commitment in return, still under construction.
4) automated KYC / fraud monitoring
PayAccept needs to be comply with compliances and regulations. Although less than 1% is fraudulent, we must ensure that PayAccept is not misused. We do this by setting up a complete audit organization that will monitor all transactions (read no personal data). With this, we also make the crypto environment safer without allowing ‘rugpulls’ and ‘scams’ on our platform. We do not give these people access to our platform in advance. This guarantees a safe environment for our users.
5) crypto payment gateway integration for merchants to accept payments on their eCommerce sites
This is an essential driver within PayAccept. Our development team is currently working on creating multiple plugins for e-commerce stores. Especially in these corona crises, online turnover has increased enormously. And what could be better to combine this economy with cryptocurrencies? By offering lightning payments to every webshop, a huge world opens up.
6) marketing en liquidity
We have now started marketing. We expect to launch a wallet in the market within three weeks. A good marketing agency needs these weeks to put everything in order, such as writing press releases and preparatory work.
To ensure that there is sufficient liquidity in advance, we will introduce liquidity farming through Uniswap PAYT. This means that interested parties who can provide us with liquidity can obtain PAYT tokens at an attractive rate. The obtained ETH and PAYT tokens are then locked on Uniswap for 12 months. For this help they are rewarded with PAYT, which is obtained every time a user makes a PAYT transaction, which can add up considerably. Interested parties can contact us at [email protected]. Please include your telegram address so that we can contact you.
These six bullet points are a huge challenge for a small player like PayAccept. But that doesn’t stop us from pursuing the goals. We are therefore, constantly looking for talent and community members who think along with us. Anyone can contact us, and together we will arrange a migration to a new digital payment platform.
I hope I have made you enthusiastic about the current developments within PayAccept. Our team is back to work, the potential is enormous, and we would like to become part of it.
Enjoy the weekend! Cheers 🍻