With blockchain technology, the world is now able to overcome many of the inefficiencies evident in traditional payment systems, including intermediary control of private data and personal funds. Unfortunately, despite cryptocurrencies, a product of blockchain technology, holding the ability to address these concerns, many still struggle to use these assets for everyday transactions, such as in the payments sector.
Consider that in everyday usage, fiat currencies still hold an advantage in being scheduled as part of recurring financial commitments such as utility or phone bills and on the business side payroll. For these reasons, functionality for business-to-business (B2B) invoicing, on-demand business-to-consumer (B2C) payments, and subscription models are necessary for merchant and business adoption as a part of long-term industry growth.
Meeting this challenge is a network by the name of 8Pay. 8Pay is currently positioned as the only payment processor that lets users access single, recurring and on-demand payments from various tokens. The team has recently obtained AUDIT certification from CertiK, gone live on mainnet and launched the subscription model, among other new releases. In response to recent developments, a member of their team shares,
“8PAY continues to grow and releases two new and important features: DCA and Streaming Donation, following its Roadmap and increasing interest in the Crypto Payments sector.”
Together, these features are said to greatly improve the utility of cryptocurrencies today.
Enabling new use cases
The first of the two strategies 8Pay has decided to enable is Dollar Cost Averaging (DCA). With DCA, investors can divide up the total amount they plan to invest across regular purchases of an asset to reduce the total impact of volatility on the overall purchase. This feature is said to remove the detailed work of attempting to time the market to make purchases at the best prices.
For traders with less time or experience, DCA opens the door to a world of possibilities for traders to automate investment strategies while simultaneously keeping custody of their funds. Additionally, with the release, interested parties can set up as many strategies as they want to manage. For 8Pay users, this feature is enabled so each automatic transaction can be executed by smart contracts. Under this setup, blockchain transaction costs will be automatically taken from the gas wallet.
In another use case, cryptocurrency assets have held a stronger connection to streaming services such as Twitch. This trend initially arose as many began embracing esports and online gaming, and creators have since sought ways to monetize content through donations. Unfortunately, there were still several limitations for users under the traditional model. Notably, compared to fiat payment offerings, cryptocurrency taps into a larger audience, especially when compared to current offerings like PayPal and limiting the number of fiat currencies that can be used in payment compared to the vast number of cryptocurrencies.
Recognizing these benefits, 8Pay has undergone an integration with Twitch, enabling crypto to be sent directly from the spectator’s MetaMask wallet to the streamers wallet. In conjunction with sent funds, a message is overlaid in a real-time display on the live stream, reflecting the standards set by traditional Twitch donations. The new 8Pay feature will also be made available on YouTube, in what the team believes to be a major revolution in streaming donations.
Expansion onto new networks
To further adoption, 8Pay now provides support to WalletConnect, empowering cryptocurrency holders to use mobile Apps like TrustWallet, MetaMask Mobile and all other QR (login) code compatible wallets.
Despite significant project advancements, 2022 represents anything but a quiet year for the team. 8Pay has already gone live on the Polygon (MATIC) chain and Ethereum (ETH) chain and plans the release of Dollar Cost Averaging v2 with wallet rebalancing, all of which demonstrate notable dedication toward the network’s mission.
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