The @Pay protocol leverages blockchain and DeFi technology. This situation aims to offer tailor-made e-commerce solutions to consumers and merchants.
How does it work exactly?
The emancipation of blockchain technology involves cutting-edge advances and innovations. For example, the one currently brandished by the @Pay protocol. Founded in 2020 in Sydney, Australia, the @Pay protocol presents itself as a decentralized global platform. It provides payment solutions to merchants and consumers. They thus make purchases online.
The protocol is a blockchain-backed platform. It bases its technology on three emerging markets:
including the Buy Now Pay Later (BNPL) offer,
the adoption of digital currency and banknotes for its operations,
and the use of smart contracts and blockchain technology.
These means provide tailor-made financial solutions to users of its ecosystem.
The platform is powered by the @Pay token, a multifunctional digital asset that enables purchases, payments, incentives, and serves as a suitable asset for platform governance. Based on contributions 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 value added by the @Pay protocol transcends its core solutions. In addition, it extends to the provisions of decentralized finance (DeFi). Through the use of smart contracts, members of the @Pay community can access “staking.” Such as a DeFi offering on the platform.
Through this offering, users can deposit a Stablecoin. This is a digital currency whose value does not fluctuate. The reason is that it is linked to a fiat currency. Staking on the @Pay protocol allows for a competitive rate of return over a given period of time. Stablecoin stakers can also harvest the @Pay governance token as an additional incentive.
In addition to the staking offering, there are other value-added services that the @Pay protocol offers. These include the ability to conduct any form of transaction using cryptocurrencies or fiat currency. While there are no fees associated with the “Buy Now Pay Later” offering or late payments in the BNPL system. In general, users are encouraged to make a full refund. In due time, they can thus ensure the sustainability of the ecosystem.
Buyers have the choice of using the BNPL feature or making creditless purchases using one of the approved digital currencies that they hold in the @Pay integrated wallet.
Diversity, Token Dynamics, and Protocol Finance
The BNPL model designed by @Pay is one of the pioneering efforts to get the emerging market that is worth over $7.32 billion in valuation as of 2019 in the cryptocurrency ecosystem. Nevertheless, the platform has gathered a number of BNPL providers from which each user can flexibly choose who to pitch their tents. The @Pay token is designed as an ERC-20 token with a total initial supply of 250 million.
Thanks to 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 under one of the platform’s programs, or transferred from one person to another. The token helps to crown the platform’s operations and give the right boost to the protocol’s offerings.
Revenue is designed to be generated through user fees, as well as refunds and advertising. Overall, the @Pay protocol is created to make it easier for users to access the products and services they need through traditional e-commerce options available today. The development of the ecosystem is planned to be ongoing and will require the involvement of the platform’s token holders.
