coinwire.com hosts an AMA with Webpay. #Webpay #Polygon #PolygonDaily #AMA
Coinwire Admin: Thank you for joining today’s AMA with us and Webpay PolygonDaily fam! I’m Daley, and today, I’m joined by Doki – Community manager at Webpay! It’s a pleasure having you here with us Doki!
Doki: Hello Polygon Daily! This is Doki from Webpay, thank you so much for having me here today! I hope you have a wonderful day Daley
Coinwire Admin: Oh I do 💪How’s it going with you?
Doki: I’m so happy that I can share some interesting news about Webpay to you guys
Coinwire Admin: Amazing 🤩And we’re looking forward to knowing more about Webpay as well. So, whenever you’re ready, we can move forward with the AMA
Doki: Alright let’s go!
Coinwire Admin: Perfect! Alrighty, let’s start our wonderful AMA with the first segment: Q&A with the host. We’ve prepared a few questions for Webpay, the first one is:
Q1: Please briefly introduce Webpay. What is your team’s vision with this product?
Doki: Webpay Payments Regarding receiving payments through Web3, Webpay’s payment solution is revolutionary. The operation is super easy to use for both payment senders and receivers. As a sender, users just open their app, scan and calculate the fastest way to make payments using any kind of token in their wallet. For the Webpaypayment receivers, Webpay allows the acceptance of any crypto token as payment. For example, if you try to pay me 500 USD worth of crypto, the Webpay Payment widget will automatically scan the sender’s wallet for all exchangeable assets of value. Should the wallet not contain the required amount of USDC but a sufficient amount of BTC, the widget will automatically suggest using BTC instead of USDC. The Webpay Payment Protocol (the smart contracts) would then automatically swap the sender’s BTC to USDC and then send the requested 500 USDC to the receiver. All of this happens in one real-time blockchain transaction. We hope that within the next two years, Webpay can be a top 20 payment tool in the web3 space. Webpay makes everything easier for everybody to accept and perform crypto payments through decentralized payment channels and services that positively impact the industry.
Coinwire Admin: Oh for sure 💪 I do believe crypto payment gateway like Webpay is an absolute necessity in the foreseeable future, as we are now seeing more and more adoptions. I have some questions about the app, but first, let’s get to know more about the people behind this lovely project
Q2: Who are the core members/advisors of Webpay? How long have you been developing Webpay?
Doki: Webpay team is a professional team of 12 people, and every team member is indispensable. The development of Webpay requires 100% efforts from everyone. With the increasing demand for WEB3, the webpay team had a plan to develop a decentralized payment APP in October last year. However, for many different reasons, the webpay team was not officially formed and started until this year. Our team is mainly led by five experienced developers, they are ramesh-kumar, arnout-selhorst, Audrey washington, Sze jie, Eliza Coleman. Each and every one of them is vital and Webpay cannot develop without them.Each of them has very rich experience in different fields, not just cryptocurrencies
Coinwire Admin: And not to mention, people can check out their public information through linkedin. That to me, is a big plus. So almost a year now, congrats!
Doki: What a year! But we made it! And more to come!
Coinwire Admin: Let’s talk about the rationale behind this product:
Q3: Why do you build a cryptocurrency payment gateway app when there are more renowned ones?
Doki: Since few webpay-like apps exist in the current market, we hope that webpay will be the first successful web3 payment tool. We believe that in the future, decentralization is an unstoppable trend. In fact, the essence of defi is decentralization, which is also the most basic concept of webpay. No one or app can control your payments. We believe that with the concept of decentralization, more and more people will find webpay to be a very convenient and secure product. Although webpay is currently not well-known, every team member firmly believes that a good product can sell itself. In future development, more and more new users will try the webpay app. They will fall in love with webpay after trying and use webpay as their primary tool for web3 payment.
Coinwire Admin: That’s also what I hope for Webpay too. You guys are still new in the market for Crypto Payment Apps, but that does not mean you can’t compete. Keep building Webpay and people will soon see the benefits of using it! That is why I have this question, this is for the users who are new to Webpay and would like to know how it works:
Q4: Could you walk us through the process of paying with Webpay? What’s in it for the users and merchants using Webpay?
Doki: Not everyone is a cryptocurrency enthusiast, but everyone needs to pay. Rent, electricity, gas, in fact, cryptocurrencies are accepted as a means of payment in many parts of Europe. Even if you are not a cryptocurrency enthusiast, you can use webpay to make quick and easy payments. During the payment process, users can directly use the webpay app to pay, or apply for a Webpay credit card to pay. The Webpay payment method is the same as Revolute, except that cryptocurrency replaces the euro. Due to many policy restrictions of revolute, users can only pay in one currency of EUR/USD/GBP. And Webpay gives users more than 200 tokens to choose from, each of which can be used for payment. Just like the example above, you were trying to make a 300 USD payment in the mall, but you only have BTC in your Webpay account, Webpay payment protocol can automatically swap 300 USD worth of BTC to USDC for payment.
Coinwire Admin: Ok cool, so which DEX does Webpay use to make the automatic swap? or Webpay uses an aggregator to find the best route for swapping assets?
Doki: The protocol will automatically look for the biggest liquidity for swap, since Uniswap owns the most liquidity on Ethereum, that will be the one.
Coinwire Admin: Ah gotcha! Another thing:
Q5: How does Webpay handle the scaling issues with ETH? Also, do you plan to expand to other L2s, roll-ups, …
Doki: Webpay will make the transfer information as simple as possible, in this way, Webpay will generate the lowest gas fee and fastest payment. Not just the user’s money has been saved, also time. At present, Ethereum, polygon, and Solana are all under continuous development. Unfortunately, no app can truly realize cross-chain payment. Webpay is preparing to become the first web3 payment tool that allows users to make cross-chain payments. Webpay users can not only avoid cumbersome operations but also save a lot of fees. We have already added liquidity for Webpay on Ethereum and Polygon, once the Webpay app completes the development, cross-chain liquidity will be started.
Coinwire Admin: You also issue a token called $PAY
Q6: Let’s dive into that! Can you share with us your tokenomics? And what are some of $PAY use cases?
- Ticker: PAY
- Max total supply: 110,000,000
- Uniswap Liquidity: 10,000,000
- Team Token: 3,000,000
- Marketing and Airdrop: 2,000,000
- Liquidity Farming: 85,000,000
- DEX Liquidity: 5,000,000
- Cross-chain Liquidity: 5,000,000
The PAY token is fairly launched on Uniswap. All the tokens have been allocated for project development, ecosystem and airdrop There are no allocations for Private, Seed or Public Sales rounds. No tokens have been allocated to the team or any individual before launch. The token contract allows for the lockup time to be infinitely increased but will not allow for the lockup time to be decreased. The PAY token powers and unlocks the overall Webpay ecosystem, with utilities across various payment products and services. The implementation of additional future utilities of the PAY token will constantly be discussed in the community and the governance. When users make cross-chain payments, fees are inevitable. Although the fee required by Webpay is very low, it is not 0. As a token issued by Webpay, PAY can be used to pay for cross-chain payments.
Q7: About security, are you audited? In case of an attack, what would Webpay do?
As a matter of fact we are already in contact with Techrate for an audit report. We were planning to start the audit at the same time as the Webpay app online. Every line of code, every letter of Webpay is completely open and transparent. We believe that truly successful code can stand the test of traffic. In the field of cryptocurrency, there are many people with very high levels of code, including our team. We can prove our ability with time, and anyone can try to find bugs in our code. Of course, if someone can successfully find the bug and give us feedback, we will reward this user with a large amount of PAY. Of course, the Webpay app needs to go through a lot of testing before it can be officially launched, so in the next month, we will recruit a large number of volunteers to participate in the beta testing of the Webpay app. It’s always good to be careful.
Coinwire Admin: With that being said
Q8: What can we expect in the next 3 months and in 2022 as a whole? Except for the beta testing?
Doki: The most important thing about Webpay is the beta test of the app and the official launch of Google Play. Due to some policy reasons, the launch of Apple store will be one month later than Google Play, but this cannot stop our enthusiasm for Webpay. Not only in the next three months, but in the next few years, we will continue to use more tokens as payment tools. Of course, good products also need good promotion to get more users. At present, the main task of Webpay is to let more users know about Webpay. So we will buy advertising space on websites like dappradar and coingecko. At the same time, we will cooperate with more communities to expand the Webpay community. We plan to provide free PAY as airdrop reward for bug feedback during beta testing, which will attract many new users. Webpay will also start cross-chain liquidity, making PAY cross-chain transactions possible.
Q9: Where can we find out more about Webpay? Are there any events for early adopters?
Doki: We have made an interesting video about webpay https://www.youtube.com/watch?v=i-ElJyPRax4
Here is another one about Webpay
More tutorial videos about how to use Webpay will be available next month, please follow our official Twitter account for updating and more information. Right now is the genesis period for Webpay, which means the early adopters can earn PAY with insane APR. And Webpay will issue 10000 Credit cards to reward the genesis farmer.
Follow our Twitter account or join telegram chat for more information and updating.
Coinwire Admin: Perfect! Check them out Fam! They’re having multiple events right now, make sure to join their socials
Coinwire Admin: With this we are now at the end of our AMA session with Webpay🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Doki: AMA is more fun than I expected, it’s amazing to share Webpay with all of you, and hope to see you guys during the beta test. Also thank you Daley for hosting this amazing event for Webpay. I would like to thank you on behalf of the whole Webpay team.
Coinwire Admin: Thank you Doki and Webpay for coming on and talking about Webpay – a fast, secured and easy to use Cryptocurrency Payment App! I sure hope the beta testing is going smoothly and receiving a positive response from the testers. It has been an insightful session, best of luck and take care Doki!
Doki: Have a nice day!