What is InPay?
InPay is a crypto network and a payment system designed to help entrepreneurs accept payment in digital coins. The crypto network was designed to help free crypto enthusiasts from paying large commissions to intermediaries and banks when running transactions.
The system was created early in 2017 to help address the complexities that people face when they decide to join the crypto niche.
Unlike other crypto coins such as Bitcoin and Ethereum whose founders are known, there is little info about InPay founders. This is considered to be in line with the crypto network’s commitment to operating a completely anonymous system.
For many people who target to join the crypto niche, the ease provided by InPay helps them to easily buy Bitcoins either for trading, direct purchases or investing. This is one of the reasons why the popularity of the coin grew steadily especially in 2017 as more people came to appreciate the advantages of having the native coins.
- InPay coin’s price performance in the markets
When InPay hit the market on 17th April 2017, the value was $0.06. Then, it dropped to $0.01 on 23rd April 2017 before rising steadily to hit $0.3 on 4th July 2017. However, the positive show was short-lived. From July 2017, the value took a downtrend that persisted until the close of November the same year to reach a low of $0.1.
In December 2017, the value took a steady bullish trend rising to $0.4. This was the highest point in the value’s history. But the positive show was short-lived.
Between January and early April 2018, the value of InPay sank to $0.08. After rising and hitting another peak of $0.3 in mid-April 2018, the value of the coin took a downtrend that persisted in the remaining part of the month.
Notably, InPay exited the market in September 2018 at a price of $0.02. The exit has left investors wondering about their next move because they are stuck with coins they cannot transfer.
What is the problem that InPay solves?
When the first crypto entered into the market in 2009, it became apparent that a reliable alternative to making direct payments without involving third parties had finally been found. Though more effective, the crypto networks had some shortcomings that stood on the path of full realization. Here are some of these problems that InPay solves.
- The complexity of owning cryptocurrencies
While the notion of cryptocurrencies has become known to many people today, owning the digital coins is still an uphill task. In many cases, you are required to download a full blockchain in order to access the network. In addition, you will also be required to identify the right wallet to store the selected coins.
By requiring users to use multiple platforms, they easily get confused. For example; many people are torn between using the desktop wallets and hardware wallets to store their coins. Though the hardware wallets such as Ledger Nano S and Trezor are considered highly secure, they are also very expensive. InPay was created to help users easily acquire, store, and use their digital coins.
- Difficulty trading cryptocurrencies
Like fiat currencies, one of the main ways of optimizing returns from crypto coins is trading in the markets. However, this is very complicated. Because cryptocurrencies not regulated, they are prone to manipulation and schemes such as pump and dump. The exchanges have also become a prime target for hackers.
In the past, exchanges such as Mt. Gox, Poloniex, and Coincheck were attacked and millions worth of crypto coins lost. InPay provides users with a secure platform to trade their coins securely. But these are not the only problems that plague crypto exchanges.
When people decide to use crypto exchanges, they are very complex to understand. For example, users are required to open trading accounts, verify them, and navigate through multiple sets of data to understand the prevailing trends. This makes trading very complex especially for novices who are joining the industry.
- Centralization of financial services
If you take a closer look at the conventional financial services offered through banks and credit card companies, the most notable thing is high centralization. The user data is held in centralized vaults or servers that make it very easy to lose either through attacks or even disasters such as fire. But this is not the only danger that comes with centralization.
The profit-oriented model implies that services such as sending value through institutions such as banks are very expensive. Besides, user data is also exposed to many parties such as cashiers, bank management, and financial system administrators. Therefore, there is no secrecy.
The ease of accessing personal financial reports and trading history means that people can easily become a target for legal battles. For example, a case can be thrown your way because you have funds in a bank and attorneys want a share of it.
- Poor adoption of cryptocurrencies
Though the number of cryptocurrencies in the market makes it appear like the adoption of digital coins is okay, a closer look reveals a different story. If you have some digital coins, and want to buy an item in the neighborhood, the chances are that only a few or none will accept them.
When new coins hit the market, the first people to buy and mop them are top investors. Then, they hold the coins until the price edges up before selling at a profit. This implies that though a lot of coins have been released, they are still held in the hands of a few users. InPay seeks to make it simpler for all to access and use crypto coins.
How does InPay solve the problem?
The development team of InPay wanted to make the platform the most advanced in the niche. Therefore, they adopted a unique approach that helps to address the above issues and guarantees users of extra convenience. Here are some of the methods that lnPay uses to address the problems:
- InPay operates on dual blockchain
The fast evolution of cryptocurrencies in the market today demonstrates the crucial need to craft more effective technologies. Unlike the standard cryptos and their related platforms that largely operate on a single blockchain, InPay is based on two; Waves and Ethereum.
Operating on both blockchains implies that InPay can provide users with benefits associated with both Ethereum and Waves. For example, users can enjoy smart contracts provided by Ethereum blockchain and ease of trading from Wave blockchain.
If you have a business and want to start using cryptocurrencies, InPay ensures that you can easily setup smart contracts and execute trade with ease. Because smart contracts are inviolable, you can set an e-commerce section to auto-execute trade day and night for clients from different time zones. This implies that your shop will never stop and users will be able to purchase using Bitcoins even at night.
- InPay is a one-stop-unit for all crypto needs
To make access, use and trading Bitcoin easy, InPay operates as a one-stop-point for all user needs. The crypto network provides users with direct access to Bitcoins and trading them. InPay operates as a native coin, a trading platform, and wallet.
Whether you only want to trade Bitcoins or hold them for some time awaiting the price to grow, InPay has a reliable solution for you. It makes it easy, fast and reliable option for both new and veteran crypto enthusiasts to join and trade profitably.
The good thing with InPay is that it also supports other platforms such as wallets for storing Bitcoins. This means that even for those who already have Bitcoins in platforms such as Exodus and want to use the platform can also access its features.
- InPay coin operates as a completely decentralized crypto
InPay also has its native coin that operates in a completely decentralized manner. This implies that when people initiate transactions such as sending value, there is no involvement of a centralized entity such as a bank or credit card company.
The InPay operates as a network of nodes spread in its system. When a user initiates a transaction, it is picked by miners in the Waves or Ethereum networks. The miners follow back the public address to check whether you have ample funds to spend and prevent double spending.
Total decentralization means that InPay is able to complete transactions faster than traditional financial systems. Besides, the users can invest and run financial transactions without worrying that the details will get revealed to third parties.
What makes InPay better than it’s competitors?
When InPay entered the market in 2017, it was apparent that the competition would be very stiff. But the development team was prepared to provide the crypto community with reliable solutions for the problems that had refused to go for away since the discovery of cryptocurrencies. Here are some of the things that make InPay better than competitors.
- The InPay platform was designed as a complete package for all crypto needs
- InPay provides users with an easy to use crypto trading platform
- Sending value on the InPay system is cheaper and faster
- It is linked with Ethereum and Waves platforms that are considered some of the top networks
- The InPay platform is led by an aggressive development team that is always looking for innovative features to improve the user experience
- As a decentralized platform, the InPay native coin allows users to send value and own the system. You simply need to join the system as a node to become part of its network
How can InPay be categorized?
InPay is an innovative crypto project that targets to address the problems that have hindered the niche from faster adoption into the society. By operating on a dual-blockchain, the InPay system has demonstrated that different platforms can be interlinked to make payment easy and more reliable.
However, the exit of lnPay coin from the market in September 2018 has caused panic in its community. As schemes such a pump and dump become common in crypto trading, the community is waiting to see whether the InPay coins will rejoin the market. This notion has made new investors follow the coin with caution until its stability is ascertained.
What is InPay’s vision on security?
The InPay’s vision on security is to become the most secure crypto network in the industry. This target is aimed at helping users to identify with the project without worrying that their coins or info would get lost or stolen by third parties. Here are some of the methods used to keep the network secure:
- The network is based on the top two crypto networks; Waves and Ethereum.
- The network is led by an aggressive team that is always looking for innovative ways to keep the network secure.
- The InPay system is run as a completely decentralized network. This implies that it does not have a single point of failure like the traditional financial systems.
Examples of InPay’s use cases/ applications
To help take the cryptocurrencies to the community, the InPay development team wanted to ensure that the network and its native coin are adopted on a wide range of applications. Here are some of these use cases that you need to know:
- The InPay’s wallets can be used for storing Bitcoins and the native InPay coin. This implies that you can opt to use it as the primary store for the native coins.
- You can use InPay’s platform for trading Bitcoins for other coins. You can either sell or buy Bitcoins on the platform. You can also trade InPay’s native coins
- The InPay’s native coins can be used for sending value across the globe. Like other coins such as Bitcoin and Ethereum, the native InPay’s coin can be used to send funds on a peer2peer basis
- InPay native coins can be traded in other markets that list it. Remember that to trade the coins, you will need to start by joining the selected market, creating a trading account, and verifying using government-issued documents.
- If you live in a jurisdiction that supports cryptocurrencies, it might be possible to pay taxes with InPay coins. Some of these jurisdictions include Switzerland, Singapore, and Arizona.