In this article, we'll discuss information about the 8PAY Network project and 8PAY token
8Pay is a payment protocol built on Binance Smart Chain (BSC) — and later on major EVM compatible chains — to enable cryptocurrency-based automated payments without the additional friction introduced by existing payment services.
8Pay’s permissionless design is powered by smart contracts, providing a new range of functionality for crypto assets. As a result, users can enjoy single, fixed recurring, variable recurring and on-demand payments at the click of a button, tracking balances and managing payments via the 8Pay web or mobile applications.
8Pay supports four types of billing models that can be shared with customers or embedded into websites via buttons, short URLs, and QR codes. The SDK, meanwhile, is ready to integrate into the back-end of the merchant’s site. One-time billing is used for single payments between two or more entities, commonly e-commerce transactions. Fixed-recurring billing enables payments of the same amount on a regular basis at the same interval, applicable for subscription services like Netflix. Variable-recurring billing allows for payments of differing amounts on a regular basis at the same interval, such as payments for utility bills. Finally, on-demand billing can be used for recurring payments of differing amounts at random intervals, allowing merchants to set debit payments up to a maximum amount, without limits on the number of payments performed, useful for services such as Uber.
Completing payments via 8Pay is therefore similar to traditional portals like PayPal, though run over a decentralized network. When a user clicks on an embedded button, visits a short URL, or scans a QR code, they are redirected to an 8Pay checkout, connect their MetaMask wallet, review the operation and sign the transaction. The rest is handled automatically.
8Pay’s intelligent smart contracts architecture makes your cryptocurrency wallet work just like a regular bank account. Enable subscription-based payments in just a few clicks through the 8Pay app and we'll take care of the rest.
Use BNB and several BEP-20 tokens and stablecoins you love to pay for goods and services.
No email or personal data is required. 8Pay lets you call the shots without asking for your personal details or private keys.
Wallet to wallet
Never have to deposit currency. Just send and receive tokens directly from and to your wallet.
Based on the trustless Binance Smart Chain. Manage your wallet. Set spending limits. Your funds, your rules.
Stake and earn (coming soon)
The 8Pay protocol collects a 1% fee. Lock 8PAY tokens to receive a share of fees from the entire 8Pay network.
Crypto transactions recorded on open public blockchains provide a level of transparency that avoids buyer and seller disputes. Consequently, there is no longer a need for a third party in the middle of that transaction to arbitrate between the peer-to-peer payment, providing a means of near-instant settlement, lower fees, and reduced friction compared to traditional payment systems.
8Pay’s intelligent smart contract architecture provides such a trustless payment service that allows cryptocurrency wallets to work just like a regular bank account, without the intermediary, delivering a number of corresponding benefits.
Initially, 8Pay will enable the use of BNB, BEP20 tokens, and stablecoins to pay for goods and services, expanding to multi-chain asset accessibility over time.
8Pay allows users to manage non-custodial payments, retaining control over their funds at all times without the need to hand over personal details or private keys.
Tokens never have to be deposited to the platform and are sent directly to and from users’ wallets.
8Pay transactions are secured via the BSC Proof of Staked Authority (PoSA) consensus algorithm. Users control their own wallets, track balances, manage recurring payments, and set their own limits.
Users will soon be able to lock 8PAY tokens via the platform to receive a share of the fees collected across the 8Pay payment network.
1. Make sure to have MetaMask installed. If not, download it from https://metamask.io
If you don't have a Metamask wallet, read this article and follow the steps
2. Go to https://app.8pay.network/login and log in with MetaMask, by clicking “Unlock with MetaMask”
Since our Demo is deployed on Testnet you need to connect your Metamask to to the Binance smart chain Test network.
If you don’t know how to do that don’t worry!
After clicking “Unlock with MetaMask” our app will check it for you.
If you don’t have the correct network connected, a prompt will ask you to add or connect the Binance Smart Chain Testnet.
Click “Approve”, then “Switch Network” in order to Add and Connect the Binance Smart Chain Testnet to MetaMask
3. Copy your public Address and claim free TestNet BNB here https://testnet.binance.org/faucet-smart (they should arrive within 30 seconds).
4. Go to the wallet section and click Get Free Tokens on the 8PAY token.
5. You’ll receive 100 8PAY tokens for test purposes and will now be able to test payments.
7. 8PAY supports different type of payments, automatizing recurring ones, and here you can test the different billings:
8. Disclaimer: All payments are for testing purposes and are executed only on the BSC test network. You can test it as much as you want and your real balance won’t be affected. 8PAY is not live yet on the main network.
To remain up to date join our Telegram channel: https://t.me/official_8pay
9. Go back to https://app.8pay.network/dashboard to see transactions, unsubscribe from the plans, and play around with creating new subscription plans.
8PAY is now live on the Ethereum mainnet and Binance mainnet Contract: 0xFeea0bDd3D07eb6FE305938878C0caDBFa169042. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH and BNB in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since 8PAY is an altcoin we need to transfer our coins to an exchange that 8PAY can be traded. Below is a list of exchanges that offers to trade 8PAY in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase ...... from the exchange: 0x Protocol, Bilaxy, and 1inch Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once 8PAY gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com ☞ https://www.bittrex.com ☞ https://www.poloniex.com ☞ https://www.bitfinex.com ☞ https://www.huobi.com ☞ https://www.mxc.ai ☞ https://www.probit.com ☞ https://www.gate.io ☞ https://www.coinbase.com
Find more information 8PAY
🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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