AMA Recap: CRYPTO MINERS X 8PAY
8pay is a payment protocol, built on the Binance Smart Chain, designed to enable genuine cryptocurrency-based recurring payments without introducing additional friction. Its permissionless design, powered by automated smart contracts, gives crypto assets added functionality. 8Pay offers multiple billing models that can be easily shared with customers or embedded into your website in three different ways: buttons, short urls and QR codes.
We hosted an AMA session with 8Pay on 17th November at 1:00 PM UTC.
Mr. Ramsy was the host from Crypto Miners and Mr. Ben, CEO of 8Pay was our guest. He shared delightful knowledge and unique features of 8Pay.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session with 8PAY
Thank you all for joining us today!❣
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Ben, Welcome to our community 🤝
hello everybody, it's a pleasure to be here.
Glad to see you here ,
Thanks for bringing Us 8PAY❣
Thanks to you guys for the opportunity to explain everybody what we are building and why is going to revolutionise crypto payments.
I'm pretty sure that our AMA participants are very much excited to learn more about 8PAY, so let's get started if you're ready!
Here's our first question of this segment...
Q1) Can you give a brief explanation about '8PAY' .What popped up in your mind to create such a platform in this space?
8PAY is a multi chain decentralised payment protocol enabling several type of billing models. We allow merchants and customers to use their crypto wallet like a normal debit card, automatising the billing for both merchants and customers. Years ago we noticed that online tools like VPNs hosting Saas were accepting crypto but there was no solution to subscribe and automatically pay monthly, so we decided to build 8PAY.
Wow, impressive 👌
Now let's see our second one...
Q2) So what are your main features that discern you from other projects and what key advantages do you have?
We are the only decentralised payment protocol allowing not only one time payments but also subscriptions. 8PAY is very easy to integrate and, even not technical users, can easily create payments link and charge their users directly from our web app. The advantages are many, self custody of the funds, no risk of chargebacks or locked accounts and many others.
Q3) How has the experience and background of your team been effective in the success of your project so far?
Our team consists of professionals who have executed and built successful businesses before. This has allowed us to build a company with a great vision and a strong team that really knows how to create a world class product and market it worldwide.
Q4) Now Share us about your utility token, What are the some of utlities of $8PAY Token in Your Ecosystem? And if possible share to us the Tokenomics of $8PAY
Sure, 8PAY token can be used to access higher Tier programs in the web app and get discounted fees. It’s an essential part of the ecosystem because it allows to fuel the gas wallet that will use 8PAY token to pay for the gas fees of automatic transactions like subscriptions charges or scheduled payments.
The tokenomics can be found in our deck at the following link: https://8pay.network/deck_final.pdf
Thanks for the answer, now let's see our last question from this segment..
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from 8PAY? If possible could you please share road map with us.
We started working on it few years ago, launched the app live on BSC this year. The main features are live and people and companies are already using it to accept crypto payments and to schedule payrolls or recurring expenses. We are planning to expand the features introducing automatic DCA on dexes, scaling on other chains like Polygon and Solana, integrate several merchants and increase the integrations with different platforms, in particular major streaming services. I can say we have great news coming in the next few months ;)
Thanks for that well detailed introduction about 8PAY🤝
That's the wrap up our the first part of the AMA session✅
Let’s now proceed to the Twitter Questions section,
i hope you’re ready for that!
great, let’s start!
Segment 2️⃣: Twitter Questions
Q1)8PAY supports four types of payments: On-demand payment, Variable subscription, Single payment, and Fixed subscription. May I know what are the difference between these payment structures their uses? How can vendors entrench these types of payments into their agendas?
Yes, one shot payments are the standard payment when you buy something on an Ecommerce, for example.
Fixed Recurring are subscriptions with a fixed amount and a fixed time, ex Netflix
Variable recurring is a subscription that can vary in time but also in the amount, ex hosting providers.
On demand payments are made to pre approved merchants in this way you can request the service in 1 click, ex Uber.
So vendors can adopt the billing models that best fit their needs.
Q2)Can you tell us a bit about your Staking system and native wagering rewards on the 8Pay platform? How can we benefit from these rewards and why do they implement two forms of participation for 8PAY token holders: single asset and LP?
Sure, We introduced native staking rewards on the 8Pay platform. User can go on the following link and stake single tokens to get reward or, if they wish, provide liquidity on pancake swap and stake LP token with an higher APY.
Q3)I read 8Pay lets users do payments with a wide range of tokens. With that in mind, can you tell us more about this wide range of tokens? How many tokens do we have as options to make our payments? Can users decide whether if other tokens are add to this payment options or not?
At the moment, users can select among 13 BEP20 tokens, you can find the list on our website. The merchants can select which token they want to accept for each payment or plan. In the future we are going to scale to other blockchain introducing also the top 10 tokens of each ecosystem.
We are also building an automatic live exchange to allow every user to pay in whatever token they prefer, automatically swapping them for the merchants to make them receive their selected token.
Q4)8PAY is a DEFI platform for trustless crypto payments. In what products can we use 8PAY as a payment method?? Are you currently focused on E-COMMERCE PAYMENTS? Aside from payment, what are your other products and solutions?
We have several merchants in the integration process, we are mainly focused on crypto projects, Ecommerce, but also Saas and gaming. There are many use case on the way and we can't wait to share them with our community once ready. In addition to payments, users will be able to use 8PAY to automatise some trading activities.
Q5)Is it true that 8Pay provided assistance through scheduled payments to launch the first use case for charity subscriptions made in crypto? What interest do you have in integrating into your ecosystem one of the noblest use cases such as charity??
Scheduled payments is a feature that simplifies recurring payments, enabling users to schedule all their recurring expenses and automatically sending them thanks to our smart contracts, without the need for further user interaction with the platform.
While this is a great feature, it's not related with the launch of the first crypto subscription charity campaign, where a charity foundation will use a subscription billing model to accept crypto payments from users. We are very excited to launch that and we can't wait to help millions of people worldwide.
Thanks Your Valuable Answers❣,
And that's the end of our twitter question segment.
Now Moving on to our last segment - Live Q&A,
Shall we go?
of course, let's go!
Here We Go,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and miners sent hundreds of questions. Mr. Ben choose some best to answer)
1)Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable??
Of course, our webapp and token contract are fully audited by Certik, one of the most renowned auditing firm in the industry.
2) Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
We are watching closely and evaluating the development of a P2P NFT checkout. It’s not confirmed yet but it might be included in the roadmap for the next months.
3) is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Yes, our platform is one of the most user friendly in the crypto space. We designed it in a way that user of all backgrounds can use it without much effort. Feel free to try it and give us some feedback ;)
4) Currently, most projects and platforms are in English. How will you reach non-English Native communities? Do you have any plan for them to better understand your project?
We are currently focused on English speaking countries to reach the maximum number of people but we also have few specific multi language groups that will help non english speaker understand and get involved with 8PAY.
5) While you build your project , do you take into account community feedbacks and demands?
Yes of course, we are listening to our community and trying to improve and adapt based on their feedback. We are also actively working with merchants who have specific needs, creating customised solutions for their businesses to integrate 8PAY.
*This segment ends here*
Thankyou so much For your valuable answers and information about 8PAY,
It Was Pleasure Hosting An Ama With You.
Is there anything else you would like to share or you want us to know ?
thanks to you guys, it was a pleasure. If there are other questions our mods will be happy to assist you directly in our telegram group.
We Wish all the very best for Project 8PAY and the entire team behind the project.
Once Again Thank you so much for spending time with our community.