fbpx
The Daily Chain
No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
No Result
View All Result
The Daily Chain
No Result
View All Result
Home Articles

The Daily Chain Primers: An Introduction to PlasmaPay

Alex Smith by Alex Smith
13th October 2020
4 min read
1
The Daily Chain Primers: An Introduction to PlasmaPay
0
SHARES
0
VIEWS
FacebookTwitterLinkedinTelegramEmailWhatsapp

Take control of your own money, be your own bank. That’s always been the core of cryptocurrency, but until recently, the capabilities of cryptocurrency didn’t compare much to the wide offerings of a bank. 

2020 has been the year of decentralized finance (DeFi). It’s not a new concept, but this year it has really taken off. Before DeFi, cryptocurrency enabled cross border transactions and personal asset custody, but now with DeFi, things have changed. Just look at the interest DeFi has gained this year.

DeFi has taken off because of an influx of new offerings that are unbeatable in the traditional financial world. Lenders have seized the opportunity of earning huge interest rates from anonymously staking their assets. It’s easy to see why DeFi has proved so popular.

However, the growth of DeFi hasn’t come without its problems. You see, the bulk of DeFi is hosted on just one network, the Ethereum network, which already has a history of scalability issues. Combine that with a significant increase in usage, and you get terrible network congestion.

The result? Fees go up, transaction times go down. The increase in fees has made DeFi almost unapproachable for the average user at the worst times. For example, in order to interact with a smart contract you sometimes have to pay $50-$100 just for one transaction, and there will be at least two transactions involved with any DeFi interaction. Therefore, if the transaction isn’t going to be worth hundreds of dollars to the user, then it doesn’t make economical sense to follow through. 

To add to this, DeFi might be great for the average crypto user, but we’re a long way away from mainstream adoption. It’s still challenging to go from fiat to DeFi applications. Most people don’t know how to create and manage blockchain wallets. They’re at risk of losing all of their money. 

Right now, DeFi is in a strange state. It needs a shake up. The concept is there, the users are there, but the ecosystem can’t function on Ethereum as it currently exists. Things need to change to allow DeFi to continue growth. 

Introducing PlasmaPay

PlasmaPay is a cryptocurrency project that caught on to DeFi early. They’ve been building since early 2018, as they were convinced that DeFi was going to be the next big thing in crypto, and it was going to be a core part of the next wave of crypto. PlasmaPay is aiming to use their products to bridge the worlds of CeFi and DeFi, by providing a simple to use platform that’s also ideal for developers to build applications on top of. 

PlasmaPay has designed their product to improve DeFi, making it more scalable and most importantly, easier to use. Their first priority is making getting into DeFi simple, so they built a straightforward fiat on and off ramp, which enables users to buy crypto assets on PlasmaPay with multiple methods. Card payments and bank transfers are accepted. Right now you can use PlasmaPay to buy 16 different cryptos, but soon you’ll be able to buy any DeFi token out there. 

DeFi Dashboard

When you’re interacting with multiple wallets and protocols, it’s easy to get lost in the DeFi world and lose track of where you are and, more importantly, where all your money is tied up. 

The PlasmaPay DeFi dashboard enables users to view their portfolio and to take action all in one place. Trade, stake, borrow, lend and farm, all from your dashboard, available and synced across both mobile and desktop. It’s a one-stop-shop to the DeFi world, making everything as simple as possible. The most popular DeFi applications will be integrated, such as Uniswap, Compound, Balancer, Aave, Yearn and more. 

Fast, free transactions

At the core of the PlasmaPay ecosystem is the Plasma Chain, which is where the magic happens. Up to 50,000 transactions per second with zero fees. This enables people to trade as much as they want and interact with DeFi protocols built on Plasma Chain instantly, without paying anything. 

PPAY token

PPAY is the native token of the PlasmaPay ecosystem. It has a number of functions, including staking, governance, payment and reward distribution. By holding the token you will gain access to voting rights and a portion of the fees earned, and it will also entitle you to earn extra rewards too. 

Learn more about PPAY here. 

Summary

PlasmaPay is a new DeFi platform that is aiming to improve DeFi by making it much simpler to use. On top of this, they have built Plasma Chain, a new blockchain that will be able to facilitate up to 50,000 transactions a second with zero fees. If new DeFi applications were built on top of this chain, the DeFi experience would significantly improve.

*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.

ShareTweetShareShareSendSend
Alex Smith

Alex Smith

Alex is the Founder of The Daily Chain and has been in the space for just over two years. Fascinated by the community and everything that blockchain has to offer, Alex dedicated himself to creating content and contributing back to the industry.

Related Posts

The Advantages and Revolutionary Practices of Decentralized Cloud Computing
Articles

The Advantages and Revolutionary Practices of Decentralized Cloud Computing

4th March 2021
Crypto-Insurance Tokens are Heating Up – What Are the Differences?
Articles

Crypto-Insurance Tokens are Heating Up – What Are the Differences?

23rd February 2021
Radix Launches Goodfi to Bring DeFi to 100 Million New Users
Articles

Radix Launches Goodfi to Bring DeFi to 100 Million New Users

19th February 2021
The Daily Chain Primers: An Introduction to ChainGuardians
Articles

The Daily Chain Primers: An Introduction to ChainGuardians

18th February 2021
FinNexus Introduces Value-Accrual Measures for FNX Token
Articles

FinNexus Introduces Value-Accrual Measures for FNX Token

17th February 2021
Elon Musk holding DOGE
All News

Does Elon Musk Own 30% Of Dogecoin Supply?

5th February 2021
Next Post
The Daily Chain Primers: An Introduction to Deficliq

The Daily Chain Primers: An Introduction to Deficliq

Serena Williams Probable Stop Investing on Coinbase After a Series of Activism

Serena Williams Probable Stop Investing on Coinbase After a Series of Activism

Please login to join discussion
  • All News
  • Editor's Picks

BTC Price is Gaining Momentum Above $50K: Fresh Rally Ahead?

Canada gets another Bitcoin ETF From Galaxy Digital Capital Management

Norwegian firm sets up separate company to invest in BTC and crypto space

Donner & Reuschel German Bank Set to Offer Cryptocurrency Services

Nearly Half of Goldman Sachs Clients Have Been Exposed to Bitcoin

Join our newsletter!

Enter your email to receive our newsletter.


Don’t worry, we don’t spam
ADVERTISEMENT

Popular Posts

  • BTC Price Recovers Swiftly Following Sharp Overnight Correction

    BTC Price Could Hit $75K, Says Report From Kraken Intelligence

    0 shares
    Share 0 Tweet 0
  • Ripple CEO Says SEC Doesn’t Hold Blame for XRP Delisting

    0 shares
    Share 0 Tweet 0
  • Ripple Moves to dismiss SEC allegations while $10 million XRP moves

    0 shares
    Share 0 Tweet 0
  • IRS provides more updates regarding Crypto assets purchased using US Dollars

    0 shares
    Share 0 Tweet 0
  • Twitter CEO Jack Dorsey auctions off first ever NFT Tweet – $2.5mln bid pending

    0 shares
    Share 0 Tweet 0

Market Updates

BTC Price Struggles to Stabilize As ETH Gears Up To Tap $500

BTC Price is Gaining Momentum Above $50K: Fresh Rally Ahead?

8th March 2021
BTC Price Recovers Swiftly Following Sharp Overnight Correction

BTC Price Could Hit $75K, Says Report From Kraken Intelligence

6th March 2021
BTC Price Shows Resilience Against Bears, While ADA Posts Inspired Rally

BTC Price Trapped Within a Range, While ETH Bulls Lose Control

5th March 2021

Media

hashoshi-alts (2)

Altcoin Season Picks / Projects with Huge Potential

9th September 2020
cardano-ADA

Hashoshi: Cardano Shelley is live… but what’s next is WAY BIGGER

19th August 2020
hashoshi-alts

Hashoshi: Low Cap Alts you need to be watching in 2020

5th August 2020
fomohunt-podcast

FomoHunt Podcast – Joe Vezz & Jon Farjo: Tracking Social Sentiment Waves with Lunar Crush

30th July 2020
ethereum-hashoshi

Hashoshi: Ethereum 2.0, Chainlink, Bitcoin Price, and more!

27th July 2020
fomohunt-podcast

FomoHunt Podcast – Joe Roets: Behind the scenes of “Open source money”

24th July 2020
The Daily Chain

The Daily Chain is a news platform and educational hub founded in January 2019. We are dedicated to providing unique and informative daily content across all facets of the blockchain and cryptocurrency industry whether it be news, opinion pieces, technical analysis, reviews, interviews, podcasts and more.

LEARN MORE »

Recent Posts

  • BTC Price is Gaining Momentum Above $50K: Fresh Rally Ahead?
  • Canada gets another Bitcoin ETF From Galaxy Digital Capital Management
  • Norwegian firm sets up separate company to invest in BTC and crypto space
  • Donner & Reuschel German Bank Set to Offer Cryptocurrency Services

Information

  • About
  • Contact
  • Site notice
  • Risk Warning
  • Privacy Policy

Categories

  • News
  • Markets
  • Features
  • Education
  • Media
  • Reviews

TheDailyChain © 2020. The Home of Digital Assets

No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List

TheDailyChain © 2020. The Home of Digital Assets

At The Daily Chain, we are committed to protecting the personal data of our audience.
In light of the General Data Protection Regulation, we are asking our audience in Europe to consent to the use of cookies by The Daily Chain and its partners to continue to our site. These cookies are used to personalize your user experience (content and ads) and support and improve the site. Please click “I Agree, Continue to Site” below to consent to the use of this technology and continue to TheDailyChain.com. Visit our Privacy Statement to learn more. Cookie settingsAgree, continue to site
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

bitcoin
Bitcoin (BTC) $ 52,193.00 1.00%
ethereum
Ethereum (ETH) $ 1,825.61 4.66%
binance-coin
Binance Coin (BNB) $ 237.46 2.05%
tether
Tether (USDT) $ 1.00 0.37%
cardano
Cardano (ADA) $ 1.12 2.64%
polkadot
Polkadot (DOT) $ 34.73 2.43%
xrp
XRP (XRP) $ 0.474082 1.13%
uniswap
Uniswap (UNI) $ 32.85 3.67%
chainlink
Chainlink (LINK) $ 31.42 8.46%
litecoin
Litecoin (LTC) $ 191.02 1.36%
Newsletter

Join our newsletter!

Enter your email to receive our newsletter.

Don't worry, we don't spam