The cryptocurrency market post the election of Donald Trump as the 47th president of the United States of America is showing many positive signs. Bitcoin is on the rise, which gives utility cryptos the opportunity to finally unleash their potential, which has been suppressed for a long time.
One of the best assets among this utility-centric ecosystem to have come out this year is SpacePay. Its premise is simple – attach a decentralized application with a card machine, making it easy for users to buy day-to-day things using crypto and giving merchants a chance to participate in a growing crypto economy.
But this project isn’t the first one to do that. Many have tried and failed in this endeavor. What does SpacePay do differently to succeed where others have failed?
What you'll learn 👉
Problems that Have Suppressed Crypto Payment Solutions
The first thing SpacePay does differently is addressing the problems that have plagued the crypto ecosystem for so long. It is honest about these issues, and instead of glossing over them under the veneer of “too complex,” it has provided robust solutions.
The first problem it has addressed is the cost roadblock. High costs have always been a problem with crypto adoption. High transaction costs stemming from congested networks increase the cost of a simple product when paid for with crypto. The root of this problem is that many “decentralized” solutions have a centralized architecture, which exposes users to more risks, making slow and safe a better alternative than fast and risky.
The second issue is the lack of accessibility. Technical complexities of understanding blockchain technology have led to the emergence of payment solutions that only support a couple of crypto assets. Considering that there are close to 9,000 working cryptocurrencies on the market, this lack of support sticks out like a sore thumb. UI further complicates things, which makes beginners look the other way whenever crypto is part of the conversation.
SpacePay deals with this quandary using a simple method: embracing simplicity while supporting multiple assets through a system that people are already familiar with.
Card Machines – The Standard Equipment and Cornerstone of SpacePay’s Innovation
Card machines are the foundation of digital transactions. Equipped with QR codes, these machines have already made transactions seamless. Therefore, many within the Web2 space still consider them the biggest innovations in terms of payment solutions.
Many Web3 payment ecosystems in the past have tried to rewrite the script, providing alternatives that people have either found too unfamiliar or too cumbersome.
SpacePay cuts through these shortfalls by creating a system that can be integrated with a card machine. This integration will be beneficial for both parties – individuals and merchants.
For individuals, it will become possible to use the crypto wallet in a traditional setting. Users can use the SpacePay integration on their wallets to interact with the card machine to pay using crypto.
For merchants, the integration of a crypto-centric technology with an existing machine will help them enjoy perks like faster settlements and an expanded customer base.
The perks of SpacePay technology are further enhanced thanks to the presence of SPY token, an ERC-20 asset that will bestow users with ample rewards.
SPY Token – Offering Rewards for Using the System
SpacePay might only be a crypto payment app right now, but it has envisioned a broader ecosystem with other integrations. These can potentially help investors interact with the crypto economy in new ways.
SPY token is currently in the presale phase, so you can buy it at a discounted price before it hits exchanges.
Helping with that is the SPY token, a proof-of-stake crypto with multiple use cases:
- Loyalty Airdrop – Staking SPY tokens will give users access to loyalty airdrops, which will let them earn even more tokens based on how active they have been with the SpacePay ecosystem.
- Voting Power – The payment solution’s token will also bestow voting power upon holders, who will decide which kinds of new features must be added and what further changes to be made to the tokenomics.
- Early Access – As new facilities arrive, users will get early access to some of these features. This will open SpacePay to more feedback that can help tune up the released features before opening to the general public.
- Revenue Sharing – Another interesting model is revenue sharing, which involves sharing a portion of the transaction fee with the SPY holders. This act of linking token holders with SpacePay’s growth can be instrumental in the project’s success.
- Charitable Donations – A portion of the transaction will also go to charitable causes, ensuring that SpacePay stays true to its altruistic roots as it progresses.
- Quarterly Connect Reports – Not satisfied with merely keeping users updated through tweets, SpacePay is planning to organize quarterly meetings. These webinars are 45-minute sessions where investors directly talk with the developer team. This is an act of transparency, which enhances SpacePay’s trust factor to the maximum.
In terms of tokenomics, SpacePay has 34 billion tokens in total, divided into 7 allocations:
- 20% is for public sale
- 18% is for strategic partnerships
- 18% is for community building
- 17% is for user rewards
- 12% for reserve fund
- 10% is for development
- 5% is for founders
Can SpacePay Become the Next Big Crypto?
SpacePay is introducing several attributes that could set it on the path of becoming the next big asset on the market. It’s simple utility, and the way this Web3 project is trying to reside in familiar territory while providing users and merchants with unique opportunities, makes it a crypto with high potential.
Although at the end of the day, it is the crypto market that dictates the value of an asset, SpacePay has perks that are unique enough to affect its value independent of where the market stands.
If you want to learn more about this project, we recommend following its Twitter and Telegram.
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
