SpacePay is the new altcoin that’s just launched into the crypto sphere. Its goal is, fundamentally, to make digital currency payments fit smoothly into merchant payment processes. SpacePay has a relatively large total supply of 34 billion $SPY tokens. Their mission is to bring the crypto economy into everyday commerce. Merchants will be able to accept crypto payments through their current card readers. The platform immediately exchanges these crypto payments into fiat for the vendors. In fact, its ongoing presale has already seen more than $1.1 million invested into the project.
SpacePay’s token, $SPY is currently valued at $0.003181 per token in the presale phase. The project is interoperable with over 325 unique crypto wallets. The system runs on a distributed multi-server architecture that is designed to provide robustness and scale.
Of the total token supply, SpacePay’s founders have reserved themselves 5%. Even better, 20% of the project is reserved for public sale! This allocation provides an unmatched opportunity for early adopters to capitalize on! In addition to these supply distributions, SpacePay has allocated 18% of the tokens towards marketing efforts and building the community. Another 17% of the tokens are allocated to incentivizing users, including monthly bonuses for holding tokens and long-term commitment.
What SpacePay does differently is giving its users access to new features before others. This approach is intended to build a deep and engaged community of practice and reward meaningful engagement on the platform. Unlike many other platforms, Explore.org does not charge an artist any transaction fee for the use of its space.
In order to further promote transparency and inform its community, SpacePay will be holding quarterly community calls. These community calls will be a great way to stay updated on the project’s progress, express community concerns and learn how to become more involved as things progress.
The real innovation of SpacePay is that it lowers the friction for cryptocurrency payments to be used on their merchant endpoints. That’s done by allowing merchants to accept crypto payments at their existing card terminals. The platform automatically, and immediately, converts these crypto payments into cash. This feature is designed to remove the volatility worries that come with holding cryptocurrencies from merchants.
This is a much easier route for businesses to accept digital currencies. This removes the burden of requiring merchants to purchase new hardware or extensive training. Second, by enabling easy conversion from crypto to cash, SpacePay lowers the risk of holding volatile digital assets.
SpacePay’s emphasis on rewarding its users is just a part of its master plan. By providing incentives every month, the marketplace hopes to create a committed and repeat user base. Additionally, providing early access to upcoming features builds excitement among users while increasing loyalty and retention.
SpacePay has resolved to broaden its horizons. By setting aside such a large percentage of tokens for strategic marketing and community development, it’s laying the groundwork for an incredibly robust ecosystem. Beyond that, the project’s compatibility with different crypto wallets enhances accessibility to the project. This provides an enhanced experience for users on-boarding onto the SpacePay network.
The development team further voted to set aside 5% for their own use. Unfortunately, this practice is all too common in the cryptocurrency industry. It’s important because it makes sure that the founders have more than a 3-6 month interest in the success of the project. That same multi-server infrastructure provides a resilient layer of security and redundancy. Importantly, it can efficiently scale to handle an enormous volume of small dollar transactions.
