Discover how paydece’s revolutionary decentralized P2P platform is changing crypto transactions.
Fuse is delighted to announce the integration of paydece into its ecosystem. paydece integrates Fuse Network into its web app, allowing people to buy stablecoins with fiat currency in a P2P and decentralized way. Soon, this will be featured in the Fuse Wallet SDK, allowing any project building on Fuse to benefit from this solution.
Cryptocurrency enthusiasts and investors have long been familiar with centralized exchanges, the primary means of buying, selling, and trading digital assets. While these centralized exchanges have played a pivotal role in the crypto ecosystem, they have their fair share of limitations and concerns.
From security vulnerabilities to the need for intermediaries, the crypto community has been seeking a better way to conduct transactions.
What you need to know
- paydece will integrate into the Fuse ecosystem, enabling users to purchase stablecoins with fiat currency in a peer-to-peer manner.
- paydece’s P2P platform transforms crypto transactions by offering decentralization security through smart contracts and trustless transactions.
- Users can trade cryptocurrencies for fiat directly with others using their self-custodial wallet by connecting to the paydece marketplace. Premium subscribers enjoy a 0% commission fee.
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How Fuse Integrates paydece
As a recipient of a Fuse Ignite Grant, paydece’s vision for Fuse Network involves developing an SDK in React, native iOS, and native Android languages. This SDK will integrate its peer-to-peer (P2P) platform directly within mobile wallets and websites, including the Fuse Console.
The initial step involves integrating their existing React app into an npm SDK, making it accessible to various decentralized Web3 applications, such as Fuse Console and Voltage.
The Power of paydece’s Decentralized
So, what exactly is paydece’s decentralized P2P solution, and how is it changing crypto transactions? Let’s dive in and explore the remarkable features and advantages that this platform brings to the table.
paydece allows users to trade their cryptocurrencies for FIAT directly with others using their self-custodial wallet, all without the need for middlemen. Connect to the marketplace, take an order (or create your ad), and lock the crypto in audited smart contract escrow to start the transaction. Once the FIAT payment is successfully made, you’re good to go!
Get Started with paydece
paydece operates with a smart contract escrow system that charges each party involved a 0.5% commission fee. However, users subscribed to a premium plan (pay a fixed USDT amount) and enjoy the benefit of a 0% commission fee.
To get started with paydece, you’ll need to connect your self-custodial EVM-compatible wallet. This wallet should be compatible with Ethereum Virtual Machine (EVM) standards and Fuse. You can access paydece through both web and mobile platforms, each with its specific requirements:
- Ensure you have installed your wallet’s browser extension for web access, allowing seamless integration with paydece.
- Mobile users can sign in using their wallet’s built-in browser, making accessing paydece on the go convenient.
Once you’ve successfully connected your wallet, you can explore paydece’s marketplace. Here, you can browse various offers and select the one that best suits your needs. If you can’t find an offer that aligns with your requirements, don’t worry! You can create your ad so that you are the one who sets the terms to trade.
Now, let’s walk through the process of a typical transaction on PayDece:
- After finding an offer or creating your own, both parties must agree on the terms of the trade. This agreement is crucial to ensure a smooth transaction. Once the transaction starts, an internal chat is initiated.
- The seller initiates the trade by depositing the cryptocurrency into the smart contract escrow. It’s important to note that paydece’s smart contract was successfully audited with a 9.5/10 score.
- A timer will begin counting down, representing the buyer’s allotted time window to make the FIAT payment. If the timer reaches zero and the buyer hasn’t marked the payment as made, the seller can retrieve the crypto.
- After confirming that the cryptocurrency is securely held in escrow, the buyer sends the agreed-upon FIAT money to the seller using the pre-determined payment method. Once the payment is complete, the buyer must mark the transaction as paid within the paydece app to lock the crypto indefinitely.
- At this point, the seller has two options. They can either release the cryptocurrency to the buyer (once the FIAT payment is received), signifying the successful transaction completion, or initiate a dispute in case of a payment discrepancy that needs resolution.
- Once the seller has received the FIAT payment and both parties are satisfied with the transaction, the seller can click the “release” button. This action triggers the transfer of crypto from the escrow to the buyer’s self-custodial wallet, completing the trade. Each step can be viewed in the blockchain scan.
paydece in Summary
paydece’s decentralized P2P platform offers a decentralized, secure, and cost-efficient solution for crypto transactions. With its commitment to trustless transactions, enhanced liquidity, and lower fees, paydece is revolutionizing how we interact with digital assets.
paydece’s smart contract escrow system offers a secure and transparent way to conduct cryptocurrency transactions on Fuse Network, with clear steps for buyers and sellers to follow. It ensures that both parties are protected throughout the process and provides a fair mechanism for resolving disputes if they arise.
Stay informed as we work toward complete integration of the paydece solution into the Fuse Wallet SDK, putting the power of P2P crypto to fiat trading in the hands of the Fuse community and developers building on Fuse.