DePay AMA Summary with Decentralized Club ✔️
--
Dear, Community,
Welcome to the recap of our AMA with DePay.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what DePay is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with DePay :👉
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Q1. Can you provide a brief introduction to Depay + the core team behind it?
Sebastian | DePay:
So let’s start with me, my name is Sebastian, I am Founder of DePay, DePay is a decentralized payment processor.
DePay offers simple decentralized embedable software (widgets) allowing anyone to easily intergrate and perform decentralized crypto payments of anykind, converting it in real time as part of the payment transaction to anything the receiver wants.
Let me make an example: A seller wants to receive 100 USDT for a product, adds DePay Payments to his website, Customer comes and wants to buy product, has only 0.05 ETH and 400 UNI in his wallet, DePay Payments scans his wallet, finds UNI suggests to pay in UNI…
Converts UNI to USDT and sends the requested USDT to the seller, all in one transaction.
Our team is located in Switzerland, to be precise in the so called crypto valley, which spans from Zürich to Zug.
The core team consists of 3 founders from the three important sectors: Engineering, Online Marketing, and Finance.
All having more than 10+ years profound expirience individually in their respective field.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing👍👍
Next question..
Q2. Since there are other payment solutions in DeFi too , how does Depay does it better?
Sebastian | DePay:
We are the first, that has built payment processing on top of DeFi. That’s also why most of our competitiors are custodial, centralized paymentprocessors, because in the recent past, it was not possible to enable any-to-anything payments without latest liqudity pool protocols like Uniswap, Balancer, or Curve etc.
Beside that, our wallet scan and on-chain routing to identify the most cost-effective token to perform a crypto payment is outstanding and no other competitors has this yet.
We have an extensive competitive analysis published on our website/blog (unfortunately I can’t share any links in here)
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Very Impressive👍👍
Next question
Q3. What are the important milestones or events after which Depay got tremendous exposure?
Sebastian | DePay:
First of all, DePay itself and our main exposure came from becoming a finalist at the ETHOnline Hackathon 2020.
(You’ll find our hackathon presentation also on our website)
Shortly after that we have been featured on Zapper TV (with DeFi_Dad)
Both allowed us to get tremendous exposure and to grow very quickly, but also the fact that we deliver quickly adds to us moving fast.
Important milestones we have reached in the recent past:
- Finalist in ETHOnline Hackathon and Foundation of DePay (Oct 2020)
- Release our whitepaper (Nov 2020)
- Release our new website (Dec 2020)
and currently:
- Launching DePay Payments v1 (Jan 2021)
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing 😎 It shows a lot of transparency
Last question of introduction!
Q4. What is further planned for Depay in 2021 ?
Sebastian | DePay:
DePay currently works on releasing DePay Payment v1 in January.
In 2021 we plan to release also the first versions of Subscriptions, TokenSale, Swap, Payroll, Credit, Wallet, and PRO.
All of those products gonna help us to improve the payment experience in the decentralized web, they are also all creating and allowing for synergies that will strengthen the entire DePay economy.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Thank you @SebastianDePay , super insightful and very easy to understand.
Sebastian | DePay:
If you wanna know more about our product lineup, checkout our blog: https://depay.fi/blog/product-lineup-10qWozsQ9RLgYWf7NKP6EB
🐧Community ask Questions by Twitter ✔️
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 1.
Username : @Airdrop_H
What are your plans for getting adopted fast enough so that the market will not be saturated with other similar projects now and what benefits can you offer?
Sebastian | DePay:
Our main adoption advantage is that we will not charge payment processing fees.
Beside that, with having plenty of online marketing expirience within the core team,
there is no particular channel or step that is gonna lead to fast adoption and growth,
it’s all of them and how they multiply each other and we’ve just started executing our online marketing and growth strategies.
If there is one thing that we believe will ensure growth and adaption for DePay, it’s focusing on the merchants, websites and Dapps that are supposed to integrate and use DePay as a payment processor.
Ensuring that they find us when they are searching for crypto payment processors on the internet and allowing them to perform self onboarding for our technology. This will ensure growth for DePay.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 2.
Username : @y1sus_afp
DePay’s products will be hosted on InterPlanetary File Systems (IPFS). How will this inclusion ensure decentralization and end-to-end security? What will be the premium professional application tools you will add in the future to ensure performance, stability and availability?
Sebastian | DePay:
While Smart Contracts are already stored on blockchains, they are 100% decentralized fraud resitant and free of regulatory intervention. This is not the case for websites or widgets yet.
When it comes to Payment Processing, Widgets like DePay Payments are required in order to ensure simple user expirience.
But in order to ensure that nobody can temper or regulate those widgets, we decided to also store not only smart contrats but also our widgets on the blockchain, that’s why they will be stored on IPFS, interplanetary file system, a distributed, decentralzied file sytem.
Which comes with the same benefits we know from blockchains in regards of security.
Second part of that question: The premium professional application tools we will launch will all be under the DePay PRO umbrella.
Starting with Dashboards to get an insight into your payments, your crypto revenue etc. but also billing, payments insights and analytics will be part of our premium.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 3.
Username : @ShaneNane707
DePay offers PRO feature to its users. What do users need to do in order to unlock these PRO features?
Sebastian | DePay:
In order to unlock DePay PRO users need to either pay 10 DEPAY/month or stake 500 DEPAY for continous access to DePay PRO.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 4.
Username : @meml97
Why did you choose to build DePay as an Ethereum-based project? Why didn’t you choose an ecosystem like Polkadot that could give your users the possibility to make transactions faster?
Sebastian | DePay:
Ethereum is currently the most advanced blockchain when it comes to decentralized finance. As DePay is built on top of decentralized finance, we decided to first build on ethereum.
But we will not stop there. As we try to become a tool that simplifies crypto payments no matter which blockchain, we will also grow into other blockchains and especially inter-blockchains like Polkadot etc.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 5.
Username : @shuvoapon55
🥶Decentralized does not always mean easy, if not more complicated than centralized. How easy will it be to use DePay for people who are not used to the crypto world? How many steps will it take to make a payment?
Sebastian | DePay:
Initially our DePay Payments widget will be the first step to simplfy payments in the decentralized web. True centralized solutions are currently simpler to use, but we are here to change that.
While our Payment widgets will just be the first step, our own wallet, the DePay Wallet will be the following, bigger step to simplify crypto payments for end users.
Because with DePay Wallet, we can entirely focus on having and e2e, simplified user expirience when it comes to performing crypto payments.
✍️ Telegram live Questions answered by DePay ✔
Emmie971:
Late 2020 I got scammed a few times, rugs, exit scams etc. — how can investors be sure that this will not be similar, are your contracts public & somewhere to be seen? Have they been audited?
Sebastian | DePay:
All our smart contracts have been audited and our smart contracts source code and audits are all open source and published.
Beside that, 95% of our liqudity on uniswap is locked liquidity, means nobody can withdrawal that liquidty from uniswap anymore, until it unlocks. Which currently sums to $ 500'000.
Which makes a rug pull impossible.
Also, the majority of the DEPAY token is still locked and vested and only releases in small bits and pieces, also to increase security and trust for the DEPAY token.
Cat:
Many Project talks only about their Strenghts, Can You talk about the weak point that You project is Currently Dealing With?
Sebastian | DePay:
I think we are facing the same problems every startup has…
Focus
While it’s the most challenging, I wouldn’t say it’s a problem.
Compared to a project that might already be 1 year in, you just have to admit, that there is still so much left to do, and it’s really tough to decide what step to take next.
prayoga taufik:
What tools do you offer to software engineer and other defi developers?
Sebastian | DePay:
Mainly embedable software, called widgets. Developers can implement them in their Apps, Dapps and websites in order to enable simple, decentralized payments for their services or products.
Feranno:
What are the uniqueness of DePay offers other competitors of yours do not? give me 3 reasons why i should choose DePay ?
Sebastian | DePay:
- Great Team
- Proven track record
- Right timing (building on DeFi)
