In an interview last year, Edward Snowden said crypto “isn’t there” yet. More work has to be done for the founders’ vision to be realized.
Thinking about it, he is perhaps right. There is progress, but this has to be hastened. How? And why?
Cryptocurrencies need to serve their original purposes—act as alternative payment conduits, that is, money.
Why? Well, because the world is increasingly more transparent and agencies are having a time of their lives collecting troves of terabytes upon terabytes of consumer data.
Cryptocurrencies, therefore, need to cut off their dependency on traditional payment rails and plunge into the deep end for tempering, regardless of the years it might take to happen.
If cryptocurrencies are adopted, user identities would be shielded by default. If more businesses accept them, payment would be instantaneous and cheap. If people realize the potent of cryptocurrencies, they won’t have to worry about losing value.
Introducing the 8Pay Network
And this is, among many objectives, why 8Pay Network exists.
It is a DeFi platform, gearing to roll out changes in payment, helping in the acceleration of crypto adoption.
From its homepage, the creators of 8Pay want to make the platform the home for automatic trustless recurring payments. Here, the solution offers users a means of making regular payments in a decentralized environment, automatically and without divulging their details.
Although 8Pay can operate in various chains, including Ethereum, their primary focus, for now, is to serve the growing Binance Smart Chain (BSC) users. It is easy to see why. While nothing can be taken away from Ethereum, there are concerns about fluctuating Gas, making it impossible for micropayments.
On the other hand, BSC is scalable, and transaction fees near negligible.
Accordingly, businesses and users can send and receive payments cheaply without worrying about the repercussions of using complex smart contracts.
8Pay is already live in the BSC test network.
Users can trade the platform’s token on PancakeSwap—the largest DEX facilitating the exchange of BEP-20 tokens—and Uniswap—the largest DEX in Ethereum and the most valuable.
What’s make 8Pay unique is that it is designed and specifically purposed to serve one function only—enable users to make automatic recurrent payments.
Cryptocurrencies are revolutionary from many angles. Not only do these solutions promote financial inclusion, but they also open up infinite opportunities.
8Pay supercharges the use of cryptocurrency in payment, allowing users to use it as it was initially meant to be—a medium of exchange—not a store-of-value as most holders think cryptocurrencies are.
For this, 8Pay has a web app which is a portal for accessing all the services and tools a user might require. Out of this app, a user can keep track of balances, make payments, and adjust settings.
However, the team is aware that most users prefer to make payments straight from their mobile phones. It is, after all, convenient.
8Pay plans to launch a mobile app, taking payments closer to your fingertips. What’s exciting is that the web app’s functionalities will be ported to the 8Pay mobile app.
Using 8Pay, a user can make single payments—sending to friends, apps, and more; subscriptions—especially for users who have subscribed to various premium services; or on-demand payments where trusted accounts can be permitted to safely and automatically charge a user’s wallet.
Outstanding Features of 8Pay Network
Making this possible is 8Pay’s attention to detail and ambition to achieve its goals. The project, as expected, incorporates smart contracts, effectively turning an ordinary crypto wallet into a trustless but highly reliable bank account.
8Pay is exceptional in the sense that:
- Users can make online payments using BNB, supported BEP-20 tokens, and stablecoins—quickly and cheaply.
- It operates from a decentralized rail offered by the BSC. Users need not submit their personal information like phone numbers or email addresses to access services. All operations are secured by the BSC, executed transparently, and comparatively cheap and convenient than legacy systems.
- The solution is entirely peer-to-peer without intermediaries. The benefit here being privacy preservation in an enclosed cryptosystem without the involvement of fiat.
- There is better security. The BSC hosts many applications and is secured by nodes. That dApps reliably operate from BSC without hitches is enough testament. Users can use a secure base, change settings, and spend without bogging rules imposed by other traditional payment solutions.
- The protocol also supports staking, which also helps secure the platform—and yield farming. For every transaction, 8Pay will charge one percent as fees. A percentage will be redistributed to 8Pay token holders who stake their tokens.
Experienced professionals lead the project.
- Benedetto Salanitro—the co-founder and CEO
- Allesandro Bellardita—the co-founder and CMO
- Mattia Russo—the co-founder and CTO
8Pay Tokenomics and Market Performance
The 8PAY BEP-20 utility token is central in the creator’s quest to take crypto payment mainstream.
In total, there are 88,888,888 tokens.
Distribution is as follows:
- 17 percent to the team
- 15 percent to the private sale—tokens sold for $0.05 and $0.06 in two phases raising $1.467 million
- 10 percent to the seed sale—8Pay tokens sold at $0.04, raising $355.5k
- 10 percent to the foundation
- 10 percent to the public sale—tokens available at $0.07, raising $622.2k
- 8 percent to the community
- 7 percent to Advisors
In total, 8Pay had a hard cap at TGE of around $2.44 million and a soft cap of $451k.
As of writing in early July 2021, 8Pay token holders added 77 percent in Q2 2021.
There are over 4.9k 8Pay token holders, generating over 64k transfers, according to BSC Scan.
At spot rates, 8Pay has a market cap of $437,575.12 from a circulating supply of 10,123,741.
8PAY token is available on:
- 1Inch Exchange
However, PancakeSwap is the most active DEX for swapping.
Short Term Catalysts
- 8PAY market cap is below $500k, an opportunity for value investors expecting rapid expansion in the days ahead.
- 8PAY total supply is relatively low. Also, a significant portion of these tokens is vested and locked. Staking will further increase scarcity, supporting 8PAY prices.
- A few days after launching on the BSC Launchpad, 8PAY’s valuation continues to increase, pointing to interest from investors and traders. Already, investors earned a 77 percent gain in Q2 2021.
- The team is relentless in developing and is launching their mainnet on BSC on July 8, an opportunity for traders to profit from the expected FOMO. Tokens supported from launch include BEP-20 versions of BTC, ETH, USDC, CAKE, and others.
- The continuous market exposure due to listing at leading trackers like Coingecko and CoinMarketCap are pointers of quality.
- 8Pay is taking security seriously. For this reason, the team drafted CertiK to audit the protocol’s smart contracts.
- The team is in touch with trending events of which a shift to mobile is fundamental. 8Pay Network plans to launch a free mobile app to serve its clients.
- 8PAY staking and yield farming are now live, a drawer for more investors and, therefore, value.
- The token is actively traded on DEXes with a few listings on CEXes. Eventually, like other revolutionary DeFi tokens, once 8PAY gains traction, it may find support at more exchanges—representing an opportunity.
- The launch from BSC is strategic. At the moment, 8PAY activity is concentrated in PancakeSwap. However, as they link to other EVM compatible blockchains like Solana and Polygon, 8Pay’s true gem will show—a value proposition for long-term investors.
- 8Pay users, unlike competitors in Ethereum, won’t feel a pinch of high transaction fees. This alone is a trigger that could fast-track adoption, boosting 8PAY.
Long Term Catalysts
- In a recent AMA, the team said they are working on several fronts to market and strike partnerships with businesses, including eCommerce platforms like WooCommerce.
- The founding team is passionate about cryptocurrencies after successfully running a leading digital marketing agency based in Dubai. They are also among the first users of Bitcoin and cryptocurrencies. Further, boxing the cumulative experience of the project’s advisors makes a solid team capable of delivering results.
- 8Pay Network will remain decentralized and pro-users. Token holders will continue to help develop the project, drawing value, a net positive for 8PAY’s valuation.
- The project is expected to disrupt a multi-trillion eCommerce sales expected to reach $4.2 trillion by the end of 2021. If 8Pay even slices a small market share, 8PAY will rocket to be one of the most valuable tokens globally. Cryptocurrencies reduce the red tape associated with traditional payment systems.