Recap AMA Session DePay X ZTH Crypto | ID
Let’s ZTH x DePay AMA get started❗️
⚠️ Don’t Panic! You are not in Ban. CHAT is muted for AMA ⚠️
📣We will host AMA With Sebastian
✨During the AMA, we will often close the chat feature to smooth the question and answer session.
Segment 1 : Introduction
Host : Welcome to the ZTH Crypto community, thanks for taking the time for today’s AMA session! we glad to meet here
Guest : Hi everyone 👋
Host : Hi welcome ☺️ How are you feel today ?
Guest : Great. Getting used to the entire process of performing AMAs
it’s my 5 th in 3 days
Host : Great 👏 and I very happy today to be here talking to u😊 our community hope to talk and learn more DePay 🙏
So let’s move to segment 1
Could you please introduce yourself and ( DePay ) to us at the first sesion.
Guest : Okay, as you might have seen on the AMA posters, I am Sebastian, I am CEO of DePay
DePay is a decentralized payment processor. Current payment processing within the decentralized web is rudimentary and inefficient. Users are often forced to exchange their cryptocurrencies and tokens on third-party exchanges before they’re able to make payments. On those exchanges users are faced with complicated signup procedures or are required to have a minimal level of technical understanding. This creates unnecessary effort and higher transaction costs that ultimately need to be absorbed by the user.
Existing payment solutions don’t take advantage of the fact that users might already have tokens or cryptocurrencies of value at their disposal and that those assets can be exchanged in realtime as part of the payment transaction.
DePay aims to make it easier for everybody to accept and perform crypto payments through the implementation of efficient and simple-to-use decentralized payment solutions, developing new products and services that create a positive and lasting impact on the industry. That’s why we’ve built DePay at the ETHOnline Hackathon Oct. 2020 and became finalist at that event
https://www.youtube.com/watch?time_continue=2140&v=n8M_GwbKKWs&feature=emb_logo
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 in their respective field.
Checkout our Linked page if you want to know more about our team
https://www.linkedin.com/company/depay/people
and to complete the first session ☝️I also introduce our mascot, this is PayPay
Host : Awesome thanks for explanation 👍 Some introductory question have already been answered and we will enter segment 2.
Segment 2 : Twitter Question
Q1 : In 2020 it seems that almost everyone in the decentralized developer space is busy forking off someone else’s fork. What are the main differences between DePay and your model with the DeFi projects that were formed this past year? What aspects have been improved in your platform?
Answer : While in 2020 DeFi projects were mainly focus on forking each other, 1inch was the only one that started to connect the dots. It’s the only project that arose from aggregating DeFi protocols and it’s similar to what we are doing. DePay aggregates DeFi protocols like Uniswap, Mooniswap, balancer, etc. to enable the most cost-effective way to perform payments.
Projects that connect the dots now and built on top of what have been built in DeFi in 2020, will generate a lot of value down the road over the next years and will just bring us to the next level.
Q2 : DePay offers PRO feature to its users. What do users need to do in order to unlock these PRO features?
Answer : DePay PRO is our subscription model that unlocks professional tools to manage crypto payments, for example, sending bills to your customers that include all details about their crypto transaction that they performed to pay for the goods or service. People will need to pay either 10 DEPAY/month to unlock it or stake 500 DEPAY to unlock DePay PRO. This is the utility part of the DEPAY token and we expect with the more features we add to DePay PRO the more valuable the DEPAY token becomes as the amount of DEPAY users have to pay for DePay PRO will stay the same.
Q3 : I tried to visit DePay’s website and found that Depay was awarded as “Runner-up coolest hack” at the ETHOnline Hackathon 2020. Can you tell us about how DePay gaining this award? How meaningful and useful is this award?
Answer : By having participated in the ETHOnline Hackathon 2020 (Ethereum’s biggest yearly event) our DePay Payment product has been judged by the ETHOnline jury and the ETHOnline sponsors. One of those sponsors has been 1inch, because we implemented Mooniswap as part or payment processor already at the Hackathon they awarded us a prize, being impressed that we implemented their liquidity protocol (mooniswap) in our technology already so quickly. We deem becoming ETHOnline finalist and receiving a prize from an important sponsor (1inch) meaningful, especially because that means that big projects in the DeFi space already became aware of us. Not a lot of projects make it so far in those competitive events, a lot of projects don’t even bother competition, because they are afraid to fail.
You can read more about that here: https://1inch-exchange.medium.com/from-ethnyc-hackers-ethonline-sponsors-1inchs-ethonline-winners-4284413e9cbc#702d
Q4 : What is the value and utility of the DEPAY token inside the DePay protocol? What opportunities do token holders have in the short and long term?
Answer : The DEPAY token powers and unlocks the overall DePay PRO ecosystem, with utilities across various payment processing products and services. Think of having a business accepting crypto payments with DePay Payment and now whant to have DePay PRO sent or display a bill to the customer including ethereum fees and details about the payment, this would be a DePay PRO feature and the businesses would either stake or pay DEPAY tokens for that.
But the DEPAY token does not only have a utility part, it also has a governance part. Whilst the initial demand driver for DEPAY tokens will be utility, the governance aspect, and the features that this can unfold will become more prominent over time. The initial utility-led growth will transition to community-led growth as the ownership of the DePay protocol is handed over to the community. This will secure a decentralized future for the protocol and ensure that the community becomes integral to development and sustainability. We believe that the future of the decentralized web will contain only protocols that are autonomous, censorship resistant, publicly owned, and thus truly decentralized.
DEPAY holders will have ownership of:
• DePay protocol governance
• DePay basic products
• The DEPAY governance treasury
• The protocol fee switch
DEPAY holders will have the right to:
• Submit feature requests and prioritize and reprioritize milestones and objectives
• Initiate governance proposals
DEPAY holders will have the responsibility of:
• Ensuring that the protocol and basic products stay decentralized
If you want to know about the DEPAY, I suggest you go and visit our website,
you will also find our whitepaper there.
Q5 : Do you have any any Token Burn plans to increase the value of Token & attract Investors to invest?Can you tell me your plan?
Answer : We have token burn plans but they will not unfold before 2022. We plan to burn almost 50% of our total supply till 2024 with a buy back and burn programm.
What is more interesting short term is our demand insurance for the utility part of the DEPAY token…
We have insured all tokens that will enter circulating supply in 2021 (total of 5 million DEPAY) with a demand target. If we don’t manage to get any customers for DePay PRO in 2021, we will need to burn 5 million DEPAY tokens by the end of the year. If we manage to reach 3'000 DePay PRO users, we will still burn 50% of those 5 million DEPAY tokens. If we reach 6'000 DePay PRO users/customers we will not burn any of those 5 million DEPAY tokens as we generated enough demand for the utility part of the token that inflation control is ensured.
Learn more about our token inflation control in our tokenomics: https://depay.fi/blog/tokenomics-update-v2-1eHIAcZo8KbGvvsBFg9KPL
Host : We will continue segment 3 ❗️
Everyone please prepare your questions, chat will be opened for Telegram Segment ❗️
Segment 3: Live AMA Session
Q1 : Is 0% payment processing fee feasible with DEPAY ?
Answer : Yes. As our business model builds on DEPAY PRO, our basic products we want to offer to the public for free. We are a decentralized project and our main goal initially is adoption. If the DEPAY token holder governance at some point in the future is gonna introduce payment processing fees, we can not tell yet.
Q2 : According to your roadmap, in 2022 you expect to launch the DePay credit card. Although that is still a little off, could you tell us about the features that the card will have, how it will be accessed and who will be able to use its services?
Answer : We plan to connect our smart contracts to the credit card processor, means you could grant allowances to your wallet for our smart contract, e.g. 100 USDT, and when you buy something in the store with that credit card for e.g. 10 USD, we would just withdrawal 10 USDT from your wallet.
we call that “decentralized credit cards” because they connect to your wallet
Q3: Many crypto projects offer plain token staking, while DePay has decided on liquidity staking and not just plain token staking. What are the reasons for that?
Answer : You often see crypto projects offer plain token staking. DePay does not consider plain token staking to be a win-win situation. In most cases, plain token staking is only performed to provide seed sale investors and start-up teams with an early exit strategy. Generally, those plain token staking programs do not even try to enable any additional functionality, ETH2 staking being the most prominent plain token staking example that actually does follow and enable a functionality “proof of stake”.
In order to serve a function and actually generate value, we’ve decided on liquidity staking and not just plain token staking.
you can read more about our staking program here: https://depay.fi/blog/stake-and-earn-2H7Zx9gNh0VgqnlHAyJubs
Q4 : your project is fully decentralized and is there some risk of centralization in the future?
Answer : We make sure that all basic protocols and basic products stay decentralized. That’s why we for example host our widgets on IPFS (decentralized file storage)…
DePay PRO on the other hand can not be decentralized, e.g. you cannot send email bills via the blockchain, so DePay PRO will always stay in our control, is gonna be our business driver, while we hand over all basic protocols and products to the DEPAY token holder governance, the community and the public.
Host : All Question that Sebastian CEO like is already answered
Great AMA Thanks to DePay taking the time to join AMA today.!!
💈Our Community DePay💈
🌐 Website
https://depay.fi
🗯Telegram
t.me/depayfi
📣 News Channel
t.me/depaynews
🐦 Twitter
https://twitter.com/DePayFi
👽 Reddit
https://www.reddit.com/r/DePayFi
📰 Blog
https://depay.fi/blog
🗣 Discord
https://discord.gg/smDs5zK
👨💻Github
https://github.com/depayfi
📄Whitepaper
https://depay.fi/whitepaper.pdf
