Singapore based SoPay is a new blockchain based payment platform for digital currencies. The company is dedicated to providing easy, clean and effective payment solutions. In doing so, the company has recently announced the launch of the SoPay Official App. If you’re still confused, you may want to peek at AliPay first. If not, get rid of your credit cards and start using SoPay!
The revolutionary cryptocurrencies payment platform, SoPay had officially released its App on 6th August.
Now the App is downloadable from the SoPay’s official website https://t.co/IJRCYW1kBN. pic.twitter.com/rT0kJduVUF
— SoPay (@SoPayORG) August 7, 2018
Digital Payments made Easier, Convenient and Safer
The only few steps to tackle are to download the App from the App store (Android and Apple fans unite) and use a 6-digit pin to send/receive payments to or from others’ phone numbers. Each and every transaction is completed within seconds. This way, the utilization of payments received is effective immediately. Moreover, the app eliminates the need for elaborate recharge processes such as copying complicated addresses, which is a norm in blockchain payment platforms. On top of that, the app charges zero handling fee. Now, what if you are forced to uninstall the application on your phone? The solution is minimal in nature, as SoPay suggests. The app requires a 4-digit PIN code that acts as a retrieval code for the concerned user. Whenever a user wishes to switch phones, he/she may simply may need to use the 4-digit PIN to retrieve app data.
In light of recent events, the company believes in the mass adoption of digital currencies as well the imminent growth of the crypto culture, but is also capable of painting the canvas with reasons for its feeble grasp over investors. According to them, the mass public has always been reserved when it comes to crypto. People may simply not find enough reasons to allow the incorporation of crypto as limbs of their financial transactions. Others may fear loss of wealth and funds due to complications. The question is still up for grabs. In turn, SoPay wants to set the record straight by providing ease and convenience as incentives for the mass public.
SoPay API and Token (SOP)
The open source SoPay API is one of a kind, allowing trustworthy payments through smart contracts. Developers may not need a full background check on blockchain tech to use the API. It can take them no more than 6 days to integrate the interface in its totality.
SoPay token or SOP is the official SoPay digital ecosystem token. A creation of their own, SoPay’s token is customized along with its terms and conditions to fit the ecological integrity:
- Each time the SoPay API is used, some tokens are used.
- Certain dApps verified by SoPay will receive certain amount of SOPs.
Game developers, rejoice! SoPay is targeting the gaming industry by allowing the use of the SoPay app for player payments on certain platforms. Players can now use their own digital assets to go ahead with in-app purchases. All transactions can be undertaken efficiently from the SoPay app. As of today, games using the platform include Take the Divide, The Last Three Kingdoms and Grab a doll.
The preliminary technology used for SoPay is decentralized. This ensures that all handling required for digital assets is done entirely and solely by the app’s users. Not only this, but due to decentralization, neither the client nor merchant (or any third party) is able to access or utilize user information. SoPay plans to handle transactions based on a scale bigger than that of Ethereum. It adopts the next generation consensus mechanism, DPoB (Delegated Proof of Belief) which capable of handling transactions up to 50,000 ‒ 1 million/second on extreme cases. Additionally, SoChain will implement the parallel processing technology to further drive to millions transactions per second.
2018 has been an eventful year for the company. The SoPay API, protocols and architecture were designed in Q1. Q2 was set for beta testing of the official app along with the commencement of the SOP incentives mechanism for the token and the Developer Docking Test. A list of partnering clients and investors for the app was also released, which included names like Da Kongyi and Liu Xiaoying as well as Yibite and ChainPE founder Chong Ge. As of Q3, v1.0 of the SoPay app has been released along with introductions of tens of thousands of members and hundreds of developers.
The app’s v2.0 is set to be released in Q4. More information regarding the company’s backbone is yet to be released including the daily turnover, millions of company members as well as nearly 10,000 developers.
CEO and founder, Kyle Lee, has 15 years in large communication and information security in Huawei, and five years in BI and AI data intelligent analysis. He has since 2015 deeply been involved in blockchain and industrial chain. Furthermore, the SoPay ICO token sale ended nearly 2 months ago with its gatherings undisclosed at press time. Judging from their recent announcement, one can only expect greater things from such blockchain based novelties.