The @Pay protocol is leveraging blockchain technology and DeFi to offer tailored e-commerce solutions to consumers and merchants.
The emancipation of blockchain technology is all about advances and cutting-edge innovations such as that currently being brandished by the @Pay protocol. Founded in 2020 in Sydney, Australia, the @Pay protocol comes off as a global decentralized platform that brings payment solutions to both merchants, and consumers that make purchases online.
The protocol is a blockchain-backed platform and bases its technology on three emerging markets including the Buy Now Pay Later (BNPL) offering, the embrace of digital currency and fiat notes for its operations, and the use of smart contracts and blockchain technology in bringing tailored financial solutions to its ecosystem users.
While blockchain technology is gradually finding the right application in ecommerce, the @Pay provision takes the bar one step higher. Through its platform, users can make purchases for goods and services up for sale by @Pay merchants and spread the payments conveniently for a period of three months with repayments designed to be made in 4 installments. This model works for all products supported by @Pay, whether they are online or offline stores.
The platform is powered by the @Pay token, a multi-functional digital asset that aids in completing purchases, making payments, receiving incentives, and serving as the right asset for the platform’s governance. Per the contributions made to the @Pay ecosystem, all users including merchants and consumers are rewarded through a definitive and sustainable program.
@Pay Protocol as a DeFi Entity with Unique Value Additions
The proposed value addition by the @Pay protocol transcends just its core solutions and extends onto decentralized finance (DeFi) provisions. Through the use of smart contracts, @Pay community members can access ‘Staking’ as a DeFi offering on the platform.
Through the staking offering, users can deposit a supported Stablecoin (digital currencies whose values do not fluctuate as they are pegged to a fiat currency). Staking on the @Pay protocol attracts a competitive rate or return over a selected period of time. Stablecoin stakers will also be able to farm the @Pay governance token as a further incentive.
In addition to the staking offering, there are alternative, value-addition services the @Pay protocol has incorporated into its ecosystem. These include the ability to complete any form of a transaction using either cryptocurrency or fiat money. While there are no fees attached to the Buy Now Pay Later offering or late payments in the BNPL system in general, users are incentivized in order to encourage a timely and complete repayment in order to ensure ecosystem sustainability.
Shoppers have the choice of using the BNPL feature or can shop credit-free using any of the approved digital currencies they hold in the @Pay integrated wallet.
Diversity, Token Dynamics and Protocol Financials
The @Pay’s designed BNPL model is one of the pioneering efforts to get the emerging market worth over a $7.32 billion valuation as of 2019 in the cryptocurrency ecosystem. Nonetheless, the platform has aggregated a number of BNPL providers from which each user can flexibly choose whom to pitch tents. A detailed overview of how the BNPL model functions on @Pay can be accessed on the protocol’s Whitepaper can be found here.
The @Pay token is designed as an ERC-20 token with a total of 250 million initial supply. Bolstered by its limited supply, the token can be accessed on cryptocurrency exchanges, issued to stakers who stake their stablecoins on the platforms, received as an incentive in one of the platform’s programs, or transferred from one person to the other. The token helps crown the operations of the platform and gives the right boost to the protocol’s offerings.
Revenues are designed to be generated through commissions paid by users as well as those from repayments, and advertising. In all, the @Pay protocol is created to ease the pains of users accessing products and services they need via the traditional ecommerce options available today. Further ecosystem development is billed to be continuous and will draft the involvement of the platform’s token holders.