PIP (PIP): Enabling Global Payments Without Limitations

While crypto adoption is becoming more prevalent, not every web page in the world allows you to pay with cryptocurrency. Further, it can sometimes be daunting when it comes to paying with cryptocurrency, as you have to ensure that the crypto wallet address that you’ve input is accurate. Otherwise, you’ll no longer be able to get back your funds. Rather than going through this hassle, PIP has found a solution to enable global payments without limitations. 

What Is PIP?

The project bridges the gap between the web3 and Web 2.0 ecosystems, empowering creators and service owners to effortlessly transact value and unlock an additional revenue stream by integrating the PIP Button into their websites. This process is achieved without the need for third-party permission or incurring high intermediary fees, simplifying transactions for billions of people.

History of PIP

The project entered the limelight in February 2022 after it raised its first seed-round investment through multiple high-profile financial institutions. Investors included well-known names such as CMS Holdings LLC, Coinbase Ventures and Galaxy Digital Hong Kong.

Right after the launch, the project's co-founders, Umit Akcan and Hank Park, offered an overview of the project. The launch also included the initiation of the PIP token and its integration with various social platforms.

As of March 2023, the project has completed six stages of development. You can get more information on the future road map here.

What Does PIP Aim to Achieve?

PIP is a web3 payment solution with the mission to create a complete micropayment layer on the internet. The project aims to provide a seamless payment experience on the web to retail users and social media enthusiasts. Using the browser extension and a variety of innovative products, anyone can easily accept real-time payments across the entire internet.

By integrating web3 capabilities into commonly used social media platforms, PIP enables users to perform transactions such as buying and selling NFTs and sending and receiving SOL, PIP, SRM, USDC, RAY, and FIDA tips directly on platforms such as Twitter and Twitch.

According to PIP’s website, the project aims to break the unfair local economic systems and platform policies that bind people worldwide. The company's vision is to establish a global micropayment layer on the internet, where people can unleash their talents and abilities globally and receive rewards based on their achievements rather than their nationalities.

How Does PIP Work?

To use PIP, you need to install the PIP Extension to your browser (Chrome, Opera or Edge) and connect it to BNB Chain, Solana, Ethereum or Polygon wallet. Another example would be the popular Phantom Wallet.

In the next step, create your own unique PIP tag. This tag represents your web3 ID and it is your unique wallet address. With it, you won’t have to bother with long strings of alphanumeric characters as your wallet address. 

Afterward, you can link social media accounts, such as Twitter, with PIP. Once connected, users can send and receive supported cryptocurrency using social platforms without the need for a crypto exchange or a bank account.

Features of PIP

Focusing on payment service providers, the infrastructure makes it easier to send and receive cryptocurrency.

The following is an overview of PIP's main features.

Social Payments

With Social Payments, users can easily link their social media accounts, including Discord and Twitter, to their PIP accounts. Once your account is connected successfully, you’ll be able to send and accept payments from users who are registered on other social platforms.

As a fully-integrated suite of web3 payment products, it also lets users create payment groups, letting people split bills, pay for shared expenses and manage group finances without a bank account. The payment system uses blockchain technology to ensure that transactions are secure and transparent so that users can track their payments in real time.

If you want to send crypto payments to someone who isn’t a PIP user, don’t worry — you’ll still be able to send them crypto through the PIP escrow service, which holds the funds for 24 hours. Non-PIP users can then create their PIP account during those 24 hours and the funds will be released to them. If they do not do so, the funds will be returned to you.

PIP.ME

PIP.ME is a versatile link-in-bio tool and web page that can be customized to suit a user's needs. It comes with various add-ons and modules, such as creating a simple and unique link in the bio page, selling or promoting services, and displaying digital assets.

It incorporates a convenient payment button that's available to all users and payment service providers. This button allows the audience to send a range of tokens on mobile and desktop platforms. In other words, anyone visiting your PIP.ME page can use the payment button to send you tokens and recurring payments without using a traditional payment platform.

Payment Links

Payment Links are a hassle-free and uncomplicated approach to carrying out recurring transactions and payments within the PIP ecosystem.

Each link is an exclusive web address that enables users to transfer money to a particular PIP user or address without the need for the recipient's wallet address. These links can be shared via different means, such as emails or text messages. You can also use them to pay for goods or services, or to send money to acquaintances and relatives.

Payment Button

You can easily embed a PIP Button on your individual social media pages. Using the button, you can accept recurring payments on your website, eliminating the need for third-party payment processors.

The button is linked to the PIP ecosystem and supports various cryptocurrencies, such as BNB, SOL, ETH, MATIC, USDT, USDC and many others. It's super-easy to embed the Payment Button on your website. The first step is to select the cryptos you're interested in receiving. Next, customize the button design — such as text and color — to match your brand. Finally, copy and embed the HTML code in order to accept payments.

PIP Invoice

PIP Invoice is the latest to join PIP’s suite of products. It was introduced on Feb 28, 2023 and comes in handy for those who want to create crypto-supported invoices in just a few clicks. After you register for a PIP account, you can connect your wallet and immediately create an invoice. This invoice can then be shared with others through either a URL link or a QR code that brings the user to the payment page. 

Reward Farming

PIP features an interactive model for distributing tokens. When users send tokens to others using the PIP Extension, or spend money through the PIP Extension on supported platforms, they can receive periodic rewards in the form of PIP tokens. This is meant to incentivize more users to adopt web3.

The PIP token is distributed according to specific rules published on the official website of the project. Multiple factors can contribute to the amount of PIP received as a reward, such as network rate and volume rate. Once received, you can send rewards directly to your PIP wallet address.

You can earn a maximum amount of 200 PIP tokens a day, but do take note that PIP.ME transactions and PIP token transactions are not included in this Reward Farming program.

PIP Road Map

Two months into 2023, the team has already completed the integration of Ethereum and successfully provided support for ERC-20 tokens. The team also launched its latest product, PIP Invoice. In the future, there are plans for:

• Creator Tokens: This project will allow users to issue their own social tokens and distribute them via social media platforms with attached utilities.
• PIP Swap: Users will be able to instantly swap tokens on social media platforms using DEX or AMM protocols, without leaving the platform.

Some other exciting features you can look forward to include PIP Card, PIP Commerce, Payment Streams and Avalanche Integration. 

PIP Tokenomics

Source: PIP

The ecosystem has a total supply of 1 billion tokens that were all minted at once. These tokens will be distributed among four primary groups — Community, Strategic Investors, Team and Advisors. Following is an outline of the distribution:

Community: Sixty-nine percent of the total supply will go to community members. The community consists of individuals and teams who can increase awareness and adoption of the project, provide feedback and ideas for improvement, and contribute to the development of the project through code contributions or other means.

Strategic Investors: 15% of tokens are shared among strategic investors. These investors offer financial support, valuable industry knowledge, connections and expertise.

Unlike traditional investors who may invest purely for financial returns, strategic investors typically invest for reasons such as gaining access to new technology, expanding their network and building partnerships with the project. Examples of strategic investors include venture capital firms, blockchain-focused investment firms, corporations and high-net-worth individuals.

Team: The team working on the project gets 15% of the token supply. In the context of this project, the team consists of founders, project managers, and individuals who played a key role in development, design, marketing and business development.

Advisors: One percent of the token supply is given to advisors. These individuals provide guidance, expertise and support to the project team. Advisors can also guide on technical issues, regulatory compliance, business strategy and other areas relevant to the project's goals.

The Role of the Community Treasury in Token Distribution

The Community Treasury received 690 million PIP tokens, which account for 69% of the total supply. The Community Treasury will redistribute these tokens among five different subcategories, according to the following predefined rules:

Reward Farming: Forty percent of the community tokens are reserved for reward farming. Through this program, users can earn daily PIP tokens by engaging with the platform. Some examples that will yield you rewards include creating new content, sending and receiving crypto, and interacting with the PIP community. 

Also known as liquidity mining, this is a process in which users of a crypto project can earn rewards by providing liquidity to the project's platform. This typically involves depositing a certain amount of cryptocurrency into a liquidity pool, which is used to facilitate trades on the platform.

Ecosystem: Ten percent of the Community Treasury is set aside for the development of the ecosystem. The ecosystem is owned by PipDAO. PIP token holders are considered members of PipDAO and have ownership of the ecosystem. This means that they have a say in the proposals raised to improve the PIP ecosystem.

Staking: Ten percent is reserved for staking activities. Staking is a process of holding or locking up cryptocurrency in a wallet or smart contract to support the security and operations of a blockchain network. When PIP holders stake their cryptocurrency, they are also providing liquidity to the PIP ecosystem. As such, they will be rewarded with PIP tokens. 

Liquidity: Five percent of the token supply is used to maintain the liquidity of the PIP ecosystem.

Reserve: Four percent of the total supply is reserved for future use. After approval from the PipDAO, these reserves will be used for funding initiatives, development and any of the other areas described above.

Where to Buy PIP

At this time, you can buy PIP from a Solana-based decentralized exchange, Raydium. The platform is based on an automated market model. It can also determine if the token swap is cheaper if routed through the liquidity pool or the Serum order book.

The only drawback to buying from Raydium is the learning curve required to trade through a DEX and the accompanying limitation of swapping it for SOL only. In addition, you can only trade PIP/SOL pairs.

Fortunately, PIP will be available on Bybit on Mar 2, 2023 at 8AM UTC. Simply create a Bybit account to get started with trading the PIP/USDT Spot Trading pair.

Is PIP a Good Investment?

It's a well-known fact that sending and receiving crypto payments is relatively complicated compared to a traditional bank account. It's complicated because you need a wallet address, and must input the right crypto address to complete the transaction.

PIP offers a practical solution for crypto users.

It offers a streamlined solution for website owners and social media users to complete the entire process in one click without worrying about the formalities attached to typical crypto transactions.

Besides being a strong product, the project has clear guidelines, a clear road map and a growing community. These traits are enough to establish the project as a front-runner in its field.

The relatively stable performance of its native token in a volatile market is an additional sign of strength. Under these conditions, it makes sense to invest in the coin.

Final Thoughts

The success of this project is based on its ease of integration and its utility to social entrepreneurs.

Using HTML, React and JavaScript, it can also be integrated with third-party content management systems like WordPress, Wix, Squarespace and others. Similarly, anyone using social media or a website can accept crypto without relying on a complicated setup.

These features give PIP a first-mover advantage in the fast-paced web3 environment.