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Kriptoteka > Crypto News > Revolutionizing Payments: Embracing Decentralized Solutions
Crypto News

Revolutionizing Payments: Embracing Decentralized Solutions

marcel.mihalic@gmail.com
Last updated: October 10, 2024 7:10 pm
By marcel.mihalic@gmail.com 6 Min Read
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Digital payments have become a crucial aspect of our daily lives. As physical cash usage declines, a growing number of people are turning to digital payment methods to handle their day-to-day expenses. However, a major drawback is that many of these platforms are highly centralized, leading to high fees and limited benefits for users.

Wirex Pay addresses these concerns by leveraging blockchain technology for seamless on-chain transfers between wallets. The platform aims to connect traditional finance with decentralized finance.

What is Wirex Pay?

Wirex Pay is a digital payment platform based on blockchain technology, a subsidiary of the well-known UK digital payment firm Wirex. The company focuses on delivering traditional financial services, enabling card issuance and processing while requiring users to complete a Know-Your-Customer (KYC) verification process in 130 countries.

Characterizing itself as the first decentralized payment network, Wirex Pay utilizes Polygon’s zero-knowledge (zk) technology to create a decentralized, gasless, and on-chain payment infrastructure. Additionally, the platform supports decentralized lending and borrowing functionalities.

Transactions are facilitated by the Wirex Pay Card, a self-custodial debit card that empowers users to utilize their funds in the traditional economy. Over 50 million merchants across more than 200 countries accept the debit card.

The operations of Wirex Pay are overseen by a decentralized autonomous organization (DAO) called Wirex Pay DAO. Central to the Wirex Pay ecosystem is the WPAY token, which is built on the Polygon network and serves as the essential asset of the Wirex Pay DAO.

What is WPAY?

WPAY functions as the governance token for the Wirex Pay network. Token holders can engage in the platform’s DAO, voting on proposals and participating in decision-making processes. Moreover, users can stake their tokens for rewards and operate nodes. The token is also used to facilitate transactions, ensuring that the community retains oversight over the platform’s operations.

Node operators were the first recipients of WPAY tokens due to their vital contributions to enhancing the network’s decentralization and security.

Highlighting the significance of WPAY within the payments ecosystem, Wirex Pay co-founder Pavel Matveev stated:

“WPAY signifies a pivotal advancement toward the future of payments. Through Wirex Pay, we offer a distinct opportunity for users to actively engage with the cryptocurrency landscape in a safe and practical manner, ensuring that digital currencies transform from mere speculative assets to being usable in everyday transactions.”

It’s important to distinguish the WPAY token from WXT, which is Wirex’s utility token. The WXT token provides benefits like fee discounts and access to premium Wirex features, as well as rewards for the WXT community.

While both WPAY and WXT holders can enjoy certain benefits, they belong to different ecosystems. Unlike WXT, WPAY provides its holders with governance rights regarding the Wirex Pay platform’s activities.

As of this writing, WPAY has not yet been launched on cryptocurrency exchanges. Notably, the token is set to debut on the Gate.io crypto exchange on October 8 at 12 PM UTC.

WPAY Tokenomics

WPAY has a total supply of 10 billion tokens created under the ERC-20 standard. Here’s a detailed distribution overview for users:

  • Point-based airdrops: 5% of total supply (500 million tokens) will reward early Wirex Pay users.
  • veWPAY Rewards: Users who stake their tokens will earn 12.86% of the total supply (1.286 billion tokens).
  • Liquidity: 4% of the total supply (400 million tokens) is earmarked for exchange listings and market-making activities.
  • Treasury: 38.14% of the total supply (3.814 billion tokens) is allocated to the Wirex Pay DAO for ongoing development and maintenance.
  • Node Rewards: 20% of the total supply (2 billion tokens) will benefit node operators.
  • Team: 20% of WPAY’s supply (2 billion tokens) is designated for the founding members and employees of the platform.

After WPAY’s listing on October 8, the development team has strategies in place to ensure the sustainability of the governance token. A considerable portion of the total supply will be vested over many months and released incrementally. The network’s staking feature also promotes user retention by encouraging holders to keep their WPAY tokens rather than sell them.

Conclusion

The establishment of WPAY as a central component of the Wirex Pay DAO reflects the platform’s commitment to providing maximum utility to its community. As Wirex Pay aims to onboard the next billion users interested in blockchain payment solutions, WPAY’s listing on October 8 signifies the beginning of its journey in the blockchain landscape. Looking ahead, the platform intends to secure listings on additional prominent crypto exchanges beyond Gate.io.

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