What is BlockPay?
BlockPay is a simple, fast and independent digital platform designed to allow businesses to accept payment in digital coins at zero cost. The network also features a native token referred to as BlockPay Coin. This means that BlockPay and BLOCKPAY can be used as a standalone platform or together with other coins.
BlockPay was founded by Christopher Hering in 2016. It is important to point that Hering has been a notable personality in the development of Bitshares Munich; the company is behind the development of Echo and BlockPay.
The design of BlockPay was aimed at providing a robust solution that the industry can rely on for faster growth and success. Its development team was concerned that the crypto niche was slowly fizzling out for lack of support from the community.
- The BlockPay coin’s performance in the market
When BlockPay entered the market in September 2016, the value of its native coin was $0.22. However, the price took a downtrend that culminated to $0.074 by the close of October 2016.
Starting from January 2017, the value took an uptrend that continued steadily to hit a high of $0.6 in June 2017. This was about 170% growth from the starting price. In the subsequent month of February, the value dropped to $0.26 before taking an uptrend that culminated to another peak of $0.61. This was the highest mark in the coin’s history.
Though the general trend followed by BlockPay coin from June 2017 to the close of 2018 is bearish, it is market with regular peaks. For example, the price shot up and peaked at to $0.5 in August 2017, $0.04 in October 2017, and $0.4 in January 2018. Other peaks were recorded in February and April 2018.
The development team indicates that with the commitment of BlockPay to deliver reliable solutions to the crypto niche, the value of its native coin has a good chance of becoming the next great token in the niche. However, the success of the network will depend on the adoption of decentralized exchanges that are also targeted at facilitating direct payments.
What is the problem that BlockPay solves?
Take a closer look at the crypto niche and you will notice that everything looks okay. But the reality is that it is slowing down because of the emerging forces. For example, many people are running away from Bitcoin after it emerged that it is not anonymous and its network is simple. The following are the main problems that BlockPay addresses.
- The high cost of sending value
The cost of sending value using standard financial services is very high. The high cost arises from the fact that traditional financial organizations follow a profit-based model. The organizations charge high transaction fees to ensure that shareholders get high returns and all the expenses such as rent catered for.
- Poor adoption of cryptocurrency networks
Starting from 2009 when Satoshi Nakamoto released the first crypto coin, it has been a race to add more altcoins. By mid-2018, there were more than 1500 coins in circulation. However, the adoption of the native coins as a means of payment in the market has been slow.
If you have some coins and want to spend them, the chances of getting a store that supports them in the neighborhood are very few. BlockPay targets to address this problem by creating a system that allows traders to accept many coins at no extra cost.
- Poor scalability
When blockchain technology was founded, people believed that the solution they were waiting for had finally dawned. Though they were right, it soon emerged that blockchain networks were not designed to handle massive transactions. The nature of blockchain systems that require all or most nodes to come to a consensus before transactions are completed has been causing major lags.
If you check the most valuable network today, Bitcoin, its system can only support seven transactions per second. Even the more advanced Ethereum system can only support 20 transactions/ second while Bitcoin Cash can handle 60 transactions every second. These are very low rates when compared to industry leaders such as VISA that can run up to 20,000 transactions every second.
How does BlockPay solve the problem?
To address the above problems, the BlockPay founder and CEO indicated that they sought a creative approach that would assist even other coins. This is why BlockPay supports even other coins. Here are the main methods that BlockPay uses to address the problems.
- The BlockPay integrated system
For cryptocurrencies to gain greater acceptance, the secret is ensuring that more stores can accept them for payments. Many people get deflected from cryptos when they realize that lengthy processes are required for direct purchases from stores. BlockPay addressed this problem by introducing a downloadable standalone app for stores referred to as BlockPay integrated system.
The system is used by merchants such as e-commerce and conventional stores as Point of Sale app for crypto coins. It allows traders to accept payment in cryptocurrencies without changing them. For example, if you want to buy a freezer from a store that has BlockPay integrated system, you have the option of paying in Bitcoins or BlockPay coins and other top coins.
The interesting thing is that the BlockPay integrated system is free. This means that merchants do not have to worry that using the native coins will raise the price tag of their products. Besides, the payment transactions complete fast to ensure that clients do not get stuck in the queue.
- The Echo multi-currency wallet
This wallet is considered an important part of bringing together the crypto niche and make adoption of native coins faster. The wallet allows users to store and pay for products using multiple coins such as Steem, Dash, Bitcoin, Ethereum and BlockPay coins.
The wallet also helps users to manage their coins from one point and take advantage of the low transaction charges. To help users make their transactions anonymous, the wallet employs stealth addresses to ensure that no third party can easily follow your transactions.
Note that the BlockPay system also integrates with other top wallets such as Jaxx Dash wallet, and Mycelium. This operational model has helped to provide a stepping stone for other coins to get accepted in the market.
- Complete decentralization
BlockPay coin operates as a completely decentralized system. The primary goal of starting the BlockPay system was to advance the idea of decentralization. The BlockPay coin operates as a completely decentralized network where transactions are confirmed by miners spread in its network.
By supporting total decentralization, BlockPay ensures that the centralized profit-based organizations are bypassed. Therefore, you can expect the transactions to be cheaper and faster. Most transactions are completed in about 5-15 seconds.
With the new BlockPay integrated system, users no longer have to fear of getting stuck with coins for direct payments. As more stores adopt the BlockPay integrated system, the chances are that even the neighboring stores will start accepting payment using top coins.
What makes BlockPay better than it’s competitors?
When BlockPay was launched in 2016, the market had become highly competitive. By mid-2018 the number of native coins had reached 1500. To beat the competitors and win a bigger market share, here are the things that make BlockPay a better option:
- BlockPay does not charge buyers a transaction fee
This is one of the selling points for BlockPay that has helped it capture a large market share in the niche. By providing a free platform, more buyers are willing to buy through BlockPay because there are no additional costs. Why pay a transaction fee when you can complete the payment complete free?
- BlockPay allows users to operate in total privacy
Unlike the banking system or Bitcoin that could easily get your personal details exposed to third parties, BlockPay is different. The system encrypts users’ details and also uses stealth addresses in the Echo wallet to ensure that all transactions are private. This means that you can make a direct purchase without worrying of chargebacks or getting tracked by authorities.
- The transactions are completed faster and cheaply
Unlike the traditional financial services through banks where payments can take up to four days, the BlockPay clears in less than five seconds. The maximum that you can expect for transactions to last is 15 seconds for crypto coins such as Bitcoins.
- The BlockPay system allows traders to plug into other points of sale
The good thing about BlockPay is that it allows traders to integrate it with their points of sale. This means that traders who accept BlockPay will only be adding another line of payment for their stores.
- The BlockPay is led by an aggressive team
A cryptocurrency or crypto network is as good as its development team. The team has demonstrated that it can provide the solution that the niche has been looking for. From the previous highly successful projects such as the Echo wallet to the integrated API, the BlockPay’s development team targets to guide the industry to the next level.
How can BlockPay be categorized?
The BlockPay is an innovative project that seeks to address the problem of poor adoption in the society. By making it easy for traders to download and use the BlockPay integrated system, BlockPay has helped more people to see the coins like the standard fiat currencies. For example, you can simply walk into a store and pay for the products using Bitcoins or Ethereum in seconds.
What is BlockPay’s vision on security?
The BlockPay’s vision on security is to become the most comprehensive and secure crypto platform in the industry. The development team puts a lot of emphasis on securing the platform by ensuring that its native coins, as well as those secured using the Echo wallet, are secure. Here are some of the methods used to keep the system secure:
- The BlockPay operates as a completely decentralized system. This ensures that there is no single point of failure that can give attackers an easy target for users’ assets.
- The BlockPay system is completely encrypted. This means that those using its native coin can operate without worrying about third-party seizures.
- The development team is regularly reviewing the BlockPay code to ensure that gaps and vulnerabilities are identified and addressed promptly.
Examples of BlockPay’s use cases/ applications
When the BlockPay’s development team set out to launch the BlockPay system, it knew that success was only possible if they could attract more users. Therefore, they have been growing the platform and native coin’s applications to include the following:
- The native BlockPay coin can be used to pay for goods and services. You only need to identify the store that supports the native coin to make a direct purchase.
- The BlockPay integrated system is an easy to use application that allows stores to accept payment in crypto coins and top fiat currencies. This means that your store no longer has to restrict buyers who only have fiat currencies. Rather, the BlockPay system makes it possible to accept payment in crypto coins.
- The BlockPay coin can be used to pay for government services. If you reside in a jurisdiction such as Singapore or Arizona that support crypto coins, it is possible to pay for services such as utility bills and taxes. Take the case of Arizona.
After passing Bill HB 1091, Arizona residents can now pay taxes using digital coins. The new law requires the tax department to convert the digital coins into fiat currency and credit it to the payer’s account.
- The BlockPay coins can be traded in the markets. The crypto markets operate like the forex markets that are driven by market forces of demand and supply. However, it is important to appreciate that the cryptocurrencies are not regulated and their value can fluctuate with a huge margin in a short time.
- The BlockPay coins can be used as a store of value. Like other coins such as Bitcoin and Ripple, you can purchase the native BlockPay coins and use them to store value.
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