Payment Protocol, Solareum Wallet and XSB
Solareum aims to push crypto payments go to mainstream in 2022
What are the problems with cryptocurrency?
The crypto industry exploded in 2021, particularly through individuals and institutions investing in digital tokens.
But crypto payments have still fallen behind with the rest of the industry’s growth. Since the earliest days of cryptocurrencies, making payments easier has been a key promise of technology. However, widespread access and adoption are missing until now, which places big roadblocks in crypto’s path to the mainstream.
Paying by crypto for everyday purchases faces many challenges. Those include the price volatility of the most popular coins; inefficient and expensive onramps from fiat to crypto; a dearth of consumer-friendly wallets geared to spending, not trading; regulatory questions about stablecoins; the chicken-and-egg problem of simultaneously educating a base of consumers and a wide range of merchants; and a lack of credit card-like incentives, such as reward points or cash-back offers for consumers.
How can Solareum help?
Solareum develops the payment protocol that allows merchants to accept online payment in less than a second, and costs on average $0.0005.
In the first phase, Solareum aims to serve the creators by allowing them to receive constant support from their fans and grow the cryptocurrencies community. Creators will not worry about chargebacks or interchange fees with crypto, saving them costs and headaches, whereas credit cards have higher fees and can have chargebacks weeks later.
In the second phase, we will release SDK to empower crypto-enabled products to accept cryptocurrency payments. Specifically, crypto game studios can integrate Solareum into their marketplace to sell games items or unlock premium features. The transactions will be settled instantly and securely. They will no longer pay 5-6% transaction fee to the payment gate, or wait 5 days to a few weeks to get money into their bank accounts.
In the third phase, we aim to make the crypto payment go mainstream when everyone can transact directly instantly in crypto anywhere in the world. Immigrants who need to send money back to their families in their home countries can transfer money in minutes.
We expect that this will lay the first stone of a future where digital currencies are prevalent and digital money moves through the internet like data – uncensored and without intermediaries taxing every transaction. People should be able to take advantage of all of the benefits of on-chain decentralized payments, such as network cost savings, zero fraud liability, and instant settlement.