Cryptocurrencies are mostly considered investment instruments by most people. You buy crypto, wait for the price to blow up during the bull run, and then sell it for a nifty profit. However, this is far away from what crypto was originally envisioned as. It was supposed to be used for daily purposes, to engage in daily transactions, and to be synonymous with traditional money.
SpacePay is one of the projects that is trying to bring crypto back to the drawing board. But how can this crypto project potentially change how people use crypto daily?
What is SpacePay?
SpacePay is a crypto application designed to be terminal-agnostic, which means it can be accessed by most payment-related devices, especially card machines. Card machines have always been at the center of transactions at retail stores and have become part of one’s daily life. What SpacePay aims to accomplish is to make it easy for people to use their crypto assets using these machines.
Essentially, the Web3 app can be installed in the most prominent payment apps and over 325 cryptocurrency wallets. When the time comes to make the payment, all users have to do is use the cryptocurrency app, scan the QR code, and pay using the crypto of their choice. It is that simple, but that’s the beauty of it.
Now, cryptocurrency is a volatile market, which means that an asset’s price could drop or increase within a few seconds. Therefore, to safeguard the merchants (and users), the payment is essentially tied to the fiat value. This means that when the transaction is done, the token paid will be equivalent to the agreed-upon fiat value.
This new form of payment system is also scalable, meaning it can be integrated with most payment systems without imposing any integration cost on payment companies. This part is important, as it could be instrumental in further enhancing the value of SpacePay.
Furthermore, people can use it for free, and the only charge levied would be a transaction fee of 0.5%. This fee will do two things: One, it will keep the network functioning, and secondly, a portion of it will be shared among users who often use SpacePay and hold its native crypto, SPY.
SPY – Offering Multiple Perks To Keep People Using SpacePay
SPY is designed as the lifeblood of SpacePay. This ERC-20 token not only powers the ecosystem but also offers perks that go beyond just revenue sharing.
- Voting Power – SPY lets users tap into the power of the SpacePay DAO. Every month, there is a vote about how to develop SpacePay further. New initiatives could launch, new features are discussed, and even token-related decisions are made.
- Loyalty Airdrops – Those who engage with the SpacePay platform regularly will be eligible for a monthly airdrop. The most active wallets will receive additional SPY tokens at random, and the number of tokens dropped will be equivalent to the activity level.
- Early Access to Features – SpacePay has been designed as an evolving ecosystem, which will introduce more features with time. However, before launching to the public, these features will be shared among holders, who can even give feedback on them before the public launch.
- Charitable Donations – Like most crypto projects that take an altruistic route, SpacePay too has not shied away from spending money on charitable donations. This approach will allow SpacePay investors to become a part of something bigger.
- Quarterly Webinars – SpacePay will also organize quarterly webinars. These webinars will consist of the founder team taking queries from the user base and answering them. The goal here is to start a 45-minute exclusive session that lets people see how much the project has progressed.
While these perks aren’t novel within the crypto space, they can definitely turn heads. And the transparency they show could bring more investors looking for an honest project to support.
SpacePay Tokenomics – Focusing on Constant Development To Make Crypto Payments Mainstream
SpacePay’s tokenomics is simple as it strategically allocates the tokens to ensure the token remains community-centric while continuous development is happening.
Founders only have 5% of the total supply while 20% is allocated for the public sale. User rewards and liquidity have been allocated 17%, and 10% is for development of the project. With time, SpacePay aims to partner with leading payment solutions, for which it has assigned 18% of the total supply, and another 18% has been allocated to strategic partnerships and ecosystem. Finally, 12% of the entire supply is meant for a reserve fund, just in case there is some loss of assets (which is highly unlikely).
Changing Perceptions of Crypto Payments Through Accessibility
Technically, accessibility is the arrow in SpacePay’s quiver to change perceptions around crypto payments. When people have something familiar to work with in a new technology, they are more inclined to adopt that technology. And when that adoption comes with perks in the form of airdrops, revenue sharing, and other benefits, the same people may stick with the project, making it sustainable.
And when a project is able to sustain long enough to be in the limelight, that’s when it can potentially become a staple in an industry. That is what SpacePay is trying to accomplish, and from all the perks it has shown, it can potentially achieve that.
Therefore, those interested should keep a watchful eye on the SPY token presale by visiting the official website.
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