Fiat to 2KEY with just a Credit Card
Simplex is a payment processor that has partnerships with major cryptocurrency exchanges like Binance and KuCoin. The technology-provider allows any product’s users to use a payment card to purchase cryptocurrencies. With a partnership with Simplex, 2key Network enables its users to cut past centralized exchanges and instantly go from fiat to 2KEY tokens.
The listing of utility tokens on centralized exchanges is necessary for a project as it allows traders to add liquidity to the token. However, a real project is meant to attract interest beyond traders; but the pathway from fiat to a utility token is too lengthy to make any blockchain development truly competitive against traditional software solutions.
Any business or person can become a 2key Network user in the same way they would become a user on a non-tokenized product: by paying with a credit card. This critically important convenience, which makes 2key Network competitive by enabling user-friendliness and accessibility, is made possible by 2key Network’s ecosystem integrators and Exchange Contract.
How it Works
2key Network allows third-party services to connect with it and seamlessly offer their services to contractors. Simplex is one of the most important and earliest ecosystem integrators.
When a credit card payment is made to launch a referral campaign on 2key Network, a user’s campaign contract receives ETH, which is subsequently converted to DAI or 2KEY tokens by the Exchange Contract. Simplex enables the fiat-to-ETH conversion, and the Exchange Contract, after pulling 2KEY and DAI prices from Bancor, swaps the ETH for 2KEY or DAI through the Kyber Network. The Contract then deposits the cryptocurrency (2KEY or DAI) into the campaign contract. Whether the contract receives a deposit of 2KEY or DAI is at the user’s discretion.
The above-described process ensures that a person does not even need to know they are dealing with cryptocurrencies or blockchain technology when they use 2key Network. As soon as the credit card number is punched into the screen, the user’s referral campaign is launched with the amount of USD (fiat) value he/she had wanted to set as a reward pool.
The underlying technology, 2key Network, uses an advanced Smart Contract solution to ensure that when ever anyone shares the contractor’s Smart Link, and the share leads to a conversion, the sharer receives a reward. Conversions become a provable and immutable data asset that is recorded on the Ethereum blockchain. Meanwhile, 2key Protocol operates as a second-layer scalability solution to ensure any link can reach virtually an infinite number of shares without hampering the Ethereum network. While this technology delivers an incredible solution, its users do not need to know how the cogs work; they simply need to be able to use it with ease — that’s what the partnership with Simplex delivers.
Scalability and User-Friendliness for all DApps
As 2key Protocol is a layer-two solution, other DApps can operate on it. 2key Network’s ecosystem integrators, like Simplex, and 2key’s various smart contracts, including the Exchange Contract, will be made accessible to DApp developers.
DApps will be able to use 2key Network’s Smart Links to reach interested users. Anyone who will click on the Smart Link will have his/her browser turned into a node with a non-custodial wallet. The DApps will then take advantage of 2key Protocol’s scalability solution and 2key’s Exchange Contract (along with Simplex) to onboard users with fiat into DApp users who’ll have tokens in their non-custodial browser wallet.
2key Network’s technology ensures that the entire blockchain sector can take a leap forward by bridging the accessibility gap between DApps and traditional apps.
Click on a Smart Link. Join the decentralized web.
This is the eighteenth article in 2key’s one month of Content.
Article 1: 2key in 150- and 300-Word Descriptions
Article 12: Why Businesses will use 2key Network
We invite you to have a firsthand experience of our breakthrough solution — Smart Links — on our testnet (https://test.2key.io/); you can be the pioneering drive in the first feasible solution in the scramble to decentralize the web.