DePay AMA Transcript

𝗗𝗲𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗲𝗱 𝗪𝗲𝗯𝟯 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀

By
BSCNews
on
October 6, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome back to another AMA! Today we have @SebastianDePay from DePay joining us to talk about their multichain platform

Great to have you here today Sebastian

Sebastian from DePay

Hi everyone 👋

Andrew (BSC.News)

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sound good with you?

Sebastian from DePay

Sounds good, let's do this.

Andrew (BSC.News)

Okay great

So to get things started


1. Please introduce yourself and the team behind DePay.


Sebastian from DePay

The DePay core team consists of Alex, Aleks, and me.

We are like The Holy Trinity of Crypto: Engineering, Growth, and Finance (as those are our individual backgrounds).

Alex is a growth hacker with over a decade of experience in SEA, SEO & Digital Analytics. He founded his first Crypto related business in 2014.

In recent years, he was responsible for managing seven-figure advertising budgets whilst implementing one of the world's largest Content Marketing projects. This involved the utilization of Python automation for NLP (Entity Analysis, Keyphrase Extraction, Web Scraping & Data Mining) together with the design & implementation of in-house tools to manage remote freelancers.

Aleks qualified as a chartered accountant with Deloitte in December 2006, supported by a brief secondment in Boston during Q1 2007.

He then moved to London where he worked as a credit research analyst within the banking sector for nearly 3 years.

For the next 10 years, Aleks specialized as an independent credit risk business analyst supporting numerous regulatory-driven project initiatives across various top-tier banks. These risk projects were essential in ensuring the stabilization of the banking sector post the 2007-2009 market crash from both a risk management and capital efficiency perspective.

I've started developing software at an early age. I've studied computer science and interaction design and have extensive experience building applications for big IT companies serving millions of users while also leading technical teams by example.

I also started building on Ethereum in 2018. My first blockchain interaction was spent working on gu.cards, an NFT browser, and an exchange for Gods Unchained cards.

In September 2020 I had the idea to build a payment widget on top of DeFi and he implemented the first beta version of DePay at the ETHOnline hackathon in October 2020.

DePay and the team are currently based in Switzerland which really lets us sleep well at night (regulatory speaking).

Andrew (BSC.News)

Awesome thank you for that introduction to such an amazing team!


2. What is DePay?


Sebastian from DePay

DePay is a fully decentralized, any-to-any token, multichain payment protocol, which allows integrators to easily offer crypto payments to their customers.

DePay calculates the most-cost effective payment routes, based on the connected wallet's scan results to immediately offer the most cost-effective

payment when users perform payments in the decentralized web.

Let me make an example...

Imagine you want to receive a payment, let's say in USDT, and you ask somebody to send USDT,

so now that other person does not have any USDT he needs to convert/exchange something else first on an exchange.

If you would use DePay to perform that payment instead, it would automatically calculate payment routes through decentralized exchanges (e.g. PancakeSwap)

and it would offer a payment method for any token of value in your wallet, e.g. CAKE.

Then if you select that CAKE token, it would route it through PancakeSwap and pay the resulting USDT to the payment receiver.

All in one transaction.

Here is an example of such a transaction on bscscan:

And here you can see our sleek web3 payments widgets in action:

Andrew (BSC.News)

Okay wow that's interesting

When I first watched the video, I was curious as to how you could gather liquidity from so many different pairs

But utilizing lots of Dapps in the space makes so much sense

Sebastian from DePay

typically payments are small numbers, as Uniswap and Pancakeswap broguht big money facilitating trading

building payments on top - liquidity wise - was rather simple

Andrew (BSC.News)

Okay nice

So the next questions is


3. What is the DePay token and how does it work on your platform?


Sebastian from DePay

The DEPAY token grants governance rights over the decentralized protocol and unlocks DePay PRO.

DePay PRO is a subscription for users that require more than just the basics when it comes to payments.

Think of having a business accepting crypto payments with DePay Payment …

and now they want to have DePay PRO to sent or display a bill to their customer including fees and details about the payment, this would be a DePay PRO feature and the business would either need to pay DEPAY tokens monthly or stake a bigger amount one time to unlock those features and there are plenty of those features in the payment context:

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.

You can learn more about the DEPAY token on our token page: https://depay.fi/token

Andrew (BSC.News)

Wait this is super neat stuff Sebastian

So just as a quick side question

Would you consider DePay as paving the road when it comes to infrastructure ?

Sebastian from DePay

It's all building blocks, we used dexes which use blockchains, it's just everything comes together


Andrew (BSC.News)

As in building that bridge between DeFi users and non users

Sebastian from DePay

We certainly simplify DeFi for non techincal people, as you don't need to use exchanges anymore (in theory) when interacting with dApps.... we simplify it to the basic, human interaction again...

a payment!

not a, go to exchange X, dance your name, come back and give us the token we are asking for.

😂

Andrew (BSC.News)

Awesome, so before we unpack a bit more there


4. Can you tell us more about your IMO? Why should users participate?


Sebastian from DePay

We have seen a lot of hacks of bridges this year in the crypto space.

This fact and the fact that bridges are not really decentralized (yes, we are decentralization maxis) we decided against bridges when growing DePay onto additional blockchains (like Binance Smart Chain as the latest addition to the DePay multichain protocol).

Instead of a bridge, we came up with the idea of an Initial Multichain Offering.

Instead of duplicating an existing token onto another chain, we actually halved our total supply and brought the one half onto the Binance Smart Chain without any bridge.

As we prefer to incentives and reward existing token holders, those will also be the only ones able to claim DEPAY tokens on BSC as part of our launchpad.

So existing token holders will be the only holders of DEPAY when we launch DEPAY on PancakeSwap 15th of November 📆, which will also kickstart our tokenomics on BSC.

This does not mean there will be no bridges, it just means we will not run an official one, especially not from the start.

Maybe eventually when bridges are more mature and more secure, we will set up an official one, too.

In regards to why you should participate in our IMO, simply because it allows you to own a token before it launches on a DEX.

So it's the classic launchpad scenario. 🚀

Only a few selected, whitelisted people get the chance to have the token before it launches on a DEX.

And that's especially important if you think about all the bots buying up initial IDO supply the second the pair launches.

🤖 🔫

It's also our way of rewarding existing DEPAY holders, as we like to share the success of growing onto additional blockchains with the community.

Andrew (BSC.News)

That is very interesting


Sebastian from DePay

We are no fish, so we didn't decide to swim with the current.

🐠🐟🐡

Andrew (BSC.News)

Yes the IMO concept is very innovative


5. How does DePay work?


Sebastian from DePay

DePay is built on top of decentralized exchanges. DEXes like Uniswap and PancakeSwap brought not only the liquidity required for exchanges to DeFi, but they also grew the number of available pairs immensely.

We use dexes and all those thousands of pairs to convert anything to anything if needed in order to execute payments.

But not only that, we also support multiple chains at once, so people accepting payments with DePay can accept payments on multiple chains at the same time.

So once the payment process with DePay starts, we scan the connected wallet on multiple chains, find assets that are convertible on decentralized exchanges, and offer the most cost-effective route to perform a payment.

Then when users submit the payment transaction our DePay router smart contract takes care that within 1 transaction the token selected as means of payment is exchanged into the target token and send to the payment receiver.

Feel free to read through our technical documentation to get more details:

Andrew (BSC.News)

Okay, so in theory say I want to send you some money. But all I have is $CAKE and you want $BUSD. Can this be done?

Sebastian from DePay

sure, with ease... the party starts with crossing blockchains... and you will see us announcing more in that direction towards the end of the year

Andrew (BSC.News)

Awesome! Thanks for that clarification


6. How would projects benefit from integrating DePay?


Sebastian from DePay

For integrators DePay is also super simple to integrate, it's basically just a small library (some lines of code) and people can start accepting payments on their website or dApp.

Checkout Cryptogems.tips latest integration of DePay as an example:

Besides, we are the only 100% decentralized payment solution, which means, no signup, no middle-man, every payment goes directly into your wallet!

The way blockchains were intended to work: peer-to-peer!

Also our wallet scan is one of a kind, it allows us to immediately suggest to most cost-effective payment method to users.

Our any-to-any token payment conversion also outperforms existing payment solutions by a landslide, enabling 40.000+ tokens across ethereum and bsc to be used as means of payment, have you seen such an amount of accepted tokens anywhere else before?

You can follow up on our product page if you want to learn more about our products:

For integrators, there is also an allocated reward treasury for early-adopting our protocol.

So if you are running a website or dApp, or if you plan to accept crypto payments,

you might want to get in contact with us so that we can help you implement DePay.

While we initially focused on integrators, we will also provide more and more standalone features that can be used without technical knowledge, like "send a payment", or "request a payment".

Andrew (BSC.News)

Yes so for anyone out there looking to start their own project or with your own project, make sure to give your users a seamless and easy process to spend their money :)


7. Are you audited? How can users be assured that their funds are safe?


Sebastian from DePay

Yes, we are audited. Our payment router has been audited 3 times and no major issues have been found.

See here: – very technical, but that's security audits 😉

Also, from a security perspective, as our payment router only routes funds through decentralized exchanges from A to B within 1 single transaction, it's less

vulnerable to attacks.

Our protocol does not store tokens in any form. Ergo there is no Locked Token Value that hackers could get access to.

Andrew (BSC.News)

Great! Thank you for that information Sebastian!

So last but not least


8. Any exciting news you would like to announce today?


Sebastian from DePay

Yes, indeed...

We finished the integration of a very essential component Today, which is paying...

Smart Contracts

Everything I've said before about how DePay works (any-to-any payments) does not only apply to payments that you send to other people's wallets...

DePay also allows paying smart contracts.

And there are a lot of examples, we are used to already, that DePay can simplify, think of:

- Launchpads

- Staking Pools

- NFT Exchanges

When we interact with those kind of platforms, we often do perform transactions into smart contracts,

now those kinds of platforms can also integrate DePay to allow people to perform those "payments" with anything they have in their wallet to perform payments into their smart contracts.

No more exchanging DAI to ETH to buy NFTS on OpenSea!

No more exchanging ETH to DAI before staking in AAVE!

No more exchanging BUSD to BNB when participating in a Launchpad!

All of this is the past, and we are thrilled looking forward to how we can simplify payment interactions with blockchain technology even further,

Andrew (BSC.News)

Great, thank you for that exciting news!

Would you be able to share links to your social media for us?

Sebastian from DePay

yes,

guys and gals make sure to follow us on twitter

and especially for the open question round make sure you've joined our telegram...

I will consider that when picking questions

Andrew (BSC.News)

Okay nice

Make sure to go and check out DePay everyone! They are a new multi-chain platform that is bringing innovative payment infrastructure to the Binance Smart Chain!


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