Blockchain Technology Advantages
As opposed to traditional payment systems, blockchain technology has several benefits, including the ability to support irreversible transactions and to provide an immutable ledger of truth that counterparties can rely on. However, blockchain also has drawbacks, such as unpredictable and sometimes prohibitive network fees that have made it less suitable for processing payments in the past.
Strategic Alliance for Financial Products
By collaborating with the ENF and the EOS blockchain, PassPay stands to benefit from infrastructure optimized for high transaction volume and low fees. The two entities have entered into an agreement, with PassPay planning to integrate PassPayWallet with EOS Network to develop payment solutions that operate on EOS rails. Additionally, PassPay intends to create new financial services and tokens on EOS, highlighting the intent to make crypto more spendable in real life.
Enhancing Cryptocurrency Utility
PassPay’s mission is to increase the utility and spendability of crypto in real life by overcoming challenges such as price volatility. The company has already issued JPYW, a Japanese Yen stablecoin that can be stored and sent using the PassPay Wallet. Additionally, PassPay supports NFTs and is likely to develop savings and finance applications on EOS Network, allowing Japanese citizens to experience the benefits of blockchain technology in supporting frictionless payments.
Revitalized EOS Network
Under the EOS Network Foundation’s stewardship, EOS Network has been flourishing, with recent upgrades to the EOS EVM driving greater compatibility and support for trustless USDT bridging. This has allowed EOS to host decentralized finance on its own blockchain rails, providing certainty in network pricing and performance. By working with companies like PassPay, the ENF is bringing greater attention to the revitalized EOS Network, attracting new users intrigued to see what an enhanced EOS can deliver in the multi-chain era.
Hot Take: A New Dawn for EOS
The alliance between PassPay and the EOS Network Foundation signals a new era for EOS, with a focus on creating financial products that make use of blockchain technology and enhance the spendability of cryptocurrency. With PassPay’s integration with EOS Network and the development of new financial services, it’s clear that EOS is making strides to become a key player in the crypto space once again.
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