Thank you to everyone who joined AMA Blockelite x DePay on 19th January at 1:00 PM UTC I 8:00 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Sebastian Pape, CEO of DePay
Segment 1: Introduction about Depay and Sebastian Pape, CEO of DePay
Q1: Can you briefly introduce yourself as well as DePay?
Sebastian Pape, CEO of DePay: Hi everyone, 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 a quick 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.
Checkout our Linked page if you want to know more about our team
Q2: To help us know more about your project, what products does Depay build? What do your offer users?
Sebastian Pape, CEO of 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 ecosystem.
If you wanna know more about our product lineup, checkout our blog: https://depay.fi/blog/product-lineup-10qWozsQ9RLgYWf7NKP6EB
Q3: Could you explain the main utilities and use-cases of Depay tokens? What are the reasons that can convince investors to hold Depay in the long-term?
Sebastian Pape, CEO of DePay: 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 that business wants 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.
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 more about the DEPAY token, checkout https://depay.fi/token
Blockelite Host: Depay token will be the soul of the ecosystem
I think everyone will need it if they want to use Depay Payment
Sebastian Pape, CEO of DePay: absolutely correct 😉
Q4: Security is an important issue with all projects especially with the Defi project, can you share how Depay guarantee the security of user funds with your products? What are the measures of any risk control?
Sebastian Pape, CEO of DePay: DePay’s basic products are decentralized which comes with the common security benefits of prevention of fraud and regulatory intervention.
Beyond that, all our smart contracts are reviewed and audited from at least 3 different external auditors to make sure they are safe and secure.
Q5: What is the market strategy of Depay to get mass adoption by millions of users or investors outside the crypto space?
Sebastian Pape, CEO of DePay: First, we believe the current crypto market is already big enough for us to grow to a substantial value.
Beside that, we help to push the crypto payment adoption beyond the current crypto user base, by offering simple tools to accept and perform crypto payments, like DePay PRO or our own DePay wallet.
We believe that as soon as things are simple to use and offer a benefit over what they have used before, people will start using it. Think of the internet for example.
Blockelite Host: Do the Depay Wallet easy to use?
Sebastian Pape, CEO of DePay: yes, the DePay Wallet will be easy to use 😉
Blockelite Host: availble for ios and android?
Sebastian Pape, CEO of DePay: It will be available for IOS, Android and as a browser plugin
Segment 2: 5 best questions from Twitter
Q1: The idea of the DePayFi project is really unique and incredible, how did this idea come about?
Sebastian Pape, CEO of DePay: The idea of DePay has been born going through the tedious expirience performing payments in the decentralized web ourselves.
After oberserving all the DeFi decentralized exechanges and liquidity pools protocols laying the groundwork, building decentralized payment processing on top is basically counting 1 and 1 together.
Q2: This year DePay Payroll v1 will be launched. An automatic Payroll powered by blockchain. All business people, whether they are big, medium or small, will be able to use this protocol? The payment panel will be modifiable and will allow adaptations according to the needs?
Sebastian Pape, CEO of DePay: DePay’s payroll agreements between sender (employer) and receiver (employees, contractors, etc.) are stored on the blockchain (as payment streams).
Once stored, senders can execute their payroll streams manually (example: monthly payroll) or have them processed automatically when using DePay PRO.
DePay Payroll will be modifiable according to needs, but users will need to have DePay PRO in order to configure those modifications, as only the basic version of DePay Payroll will be for free.
Q3: I read that there will be 0% payment processing fee. If 0% fee than how DEPAY generate revenue for itself?
Sebastian Pape, CEO of DePay: Correct. DePay does not charge any kind of payment processing fee (initially), in order to ensure adoption and growth.
Our revenue and business model revolves around DePay PRO, also because we will hand over the basic governance of the decentralized payement protocol, it will be in the token holders power to decide over future payment processing fees.
Q4: What are DePayI’s strategies in order to ensure token price stability? How does it control inflation?
Sebastian Pape, CEO of DePay: We have quite a sophisticated token price inflation control.
First of all, we have utility insurance. But let me explain what that means.
The DEPAY token is a utility and governance token, the utility part of the token unlocks our DePay PRO product, a set of tools to manage crypto payments as a professional or business (e.g. sending bills for crypto payments).
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.
Beside that, we also have a token buy-back-and-burn program starting in 10/2022 which will burn a total of 31 million DEPAY by 01/2024 in order to control inflation longterm.
Learn more about our token inflation control in our tokenomics: https://depay.fi/blog/tokenomics-update-v2-1eHIAcZo8KbGvvsBFg9KPL
Q5: Can you share us some details about the partnership with N3RD Finance?Also which are the other platforms that you are targeting to be partnered with?
Sebastian Pape, CEO of DePay: We decided to partner with n3rd.finance early on because they are as techy as we are
Also, n3rd.finance is a really good example how all Dapps out there are limited when it comes to the amount of coins they offer as means for payment:
This is a screenshot from n3rd.finance liquidity pools
In n3rd.finance example it’s either ETH or USDT, but once they will have implemented DePay Payments, they will basically execept any token with value.
really does look like Mario. their UI looks nerdy through and through 🤓
Beside that, with n3rd.finance, we will also work on enabling smart contracts to become payment receivers of our payment protocol, turning the DePay payment processor into DeFi lego, means any other smart contract or DeFi protocol can facilitate it.
Simple plug & pay.
Please everyone, if you want to have your question selected, don’t forget to join our channel https://t.me/depayfi
Segment 3: Live questions.
Q1: “STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION. Does your GREAT PROJECT have plan about Staking?
Sebastian Pape, CEO of DePay: DePay has a staking program. To be precise a liquidity staking. This means that you add DEPAY/ETH to the uniswap pool and stake the liquidity token for 12 months with us. During those 12 months, you will earn fees from the uniswap trades going through DEPAY/ETH as you stake liquidity but we also reward you with up to 90% DEPAY on the DEPAY part of the stakes DEPAY/ETH.
If you want to know more about our staking program, check out our blog article: https://depay.fi/blog/stake-and-earn-2H7Zx9gNh0VgqnlHAyJubs
Q2: How easy is it to use depay and how safe is it to make transactions in depay?
Sebastian Pape, CEO of DePay: It’s very easy. Checkout our beta version presentation to get an idea:
Q3: DePay co-founder Alex Paul said in a tweet that “DePay is the Swiss knife of DeFi payments.” What exactly did he mean by this? What is the meaning of such a metaphor?
Sebastian Pape, CEO of DePay: First of all it’s a reference to that we are based in Switzerland. DePay is made in Swiss. And just like the Swiss army knife there are a lot of functionalities you can unfold once you get DePay into your hands
Q4: Which one of these aspects important for you?
A-Increasing Token Price&Value
B-Empowering Platform Development
C-Building Community Trust
D-Expanding Partnership Globally
Sebastian Pape, CEO of DePay: Actually there is something else that is our main goal. Growth and volume. The more our payment processor is used, the more volume we process through DePay on the blockchain, the more valuable the protocol is.
Q5: Tell me its 3 unique features that your competitor doesn’t have?
How will people attract toward Your project?
Sebastian Pape, CEO of DePay:
– Wallet Scan (which means we scan the available assets in a users wallet before suggesting a payment method)
– Detecting the most cost-effective route (means we select the asset in a users wallet that is the least costly for him)
– 100% decentralized and 0% additional processing fees
Our AMA session is now over !!!
More information about Depay