Hade Pay: Payment Processor, Exchange, and Wallet with security by Verifie
Before diving in, let me make this very clear. This is not an attempt to bash either Hade or Ripple, or promote either Hade or Ripple. I am not being paid to write this. If I decided to write this for the Hade Platform, I would have been paid. Instead it is being released here, no monetization for me.
If you are unfamiliar with the Hade Platform, there is an article covering it in detail here.
“Currently, there is no streamlined service able to unlock that value and use the tokens and coins within a business. There is no solution to support fiat, cryptocurrency, altcoins, or ERC20 tokens in one place, nor is there a solution to support recurring payments. Hade Pay is the first and only service that can do all of the above, and make buying and using digital currencies easy.” ¹
What is Hade Pay?
- Transaction fees of .5% or .25% for businesses that have HADE token in their wallet.
- Use of Verifie for security features to identify and confirm vendors and businesses, reducing fraud and theft.
- Future fiat-cryptocurrency gateway.
- Instantly purchase HADE tokens at market price.
- Use of “Tokenized Investment Funds” (TIF’s). These serve as a more stable store of value. Once these are fully developed Hade may file to label them as a security.
- The launch of Hade Pay saw 220,000 users sign up for the service. This did not cause any downtime on the platform.
- In development of a private blockchain, functioning as a hybrid of STEEM and Ethereum that will better be able to conduct transactions in real time.
- Not classified as a security by the SEC.
- Any token issuing company can use Hade Pay to grow its network and offer a streamlined method of buying, selling, storing and exchanging their token.
“We are thrilled by the initial response and feedback that our community has provided related to Hade Pay. We believe it is an absolute breakthrough and when combined with Verifie it is the first and only solution to penetrate the very large, untapped business-to-consumer digital payments industry.” ²
Volatility
Cryptocurrency volatility prevents daily use and adoption in the world outside of the cryptosphere. Creating any sort of platform or payment system that does not address this issue dooms it to failure from day one.
Introduction of Tokenized Investment Funds, or TIF’s
A TIF is a single token with value derived from the performance of all of its components.
“We believe the key to creating such funds is a hybrid approach, one where the components can be held as an investment, much like people hold USD or euros, or extracted and used at any time to unlock value, much like people spend USD or euros.” ¹
A clear shortcoming of TIF’s are the fact that alts follow BTC, and volatility is a universal component of crypto.
Lets take a look at Ripple. Before looking at how it compares to Hade Pay, its important to gather a whole picture from an investment-stability perspective.
Whats Up with Ripple?
Obviously Ripple has an enormous head start. They have dozens of partnerships and enormous exposure in the cryptospace and outside of it. BUT, Ripple has been in a rough spot as of late.
They have been hit with a class action lawsuit claiming Ripple created billions of coins out of thin air to then sell to the public (Coffey v. Ripple Labs Inc., Superior Court of the State of California). The lawsuit also highlighted the fact that Ripple attempted to bribe Coinbase and Gemini to list XRP. This case will likely take years to come to fruition, however it is still an important thing to be aware of.
Security Classification
Ripple has been fighting claims that XRP is a security. Granted, many coins/tokens as of late have fought this claim as well. The primary difference is that XRP is a private blockchain
Coinmarketcap Rank
Ripple has received a huge amount of attention with its mooning prices in 2017 to the beginning of 2018. The dump afterwards was equally as spectacular. It is important to keep in mind Coinmarketcap often does not accurately show real marketcap values.
Realcoincap on the other hand uses normalized supply to determine marketcap, disregarding locked up and inaccessible coins. With this more accurate view, Ripple has a current marketcap of 392m, at number 21 on the list.
Marketcaps are frequently used by investors to determine a coins value. Owning the top 5 on Coinmarketcap is of enormous benefit, this fact cannot be argued.
Comparing Hade Pay to the Ripple Transaction Protocol
Hopefully your still here. If I’m losing you, here’s a GIF to keep you interested.
Transaction Costs:
Ripple is far cheaper to send and receive than Hade, charging 0.00001 XRP for a standard transaction, rather than a percentage of the total transaction. Charging a flat rate, small fee, versus a percentage is a clear advantage XRP holds over Hade Pay.
Use of a Private Blockchain:
Both Ripple and Hade Pay use a private blockchain. Hade Pay has not yet implemented theirs, but will in the future.
Fiat Gatway:
Hade Pay will be introducing a fiat gateway into their platform, Ripple has no plans to do so.
Security Classification:
Hade clearly has an advantage here, no SEC FUD. Ripple is working on this.
Liquidity:
Ripple uses xRapid to source liquidity. Hade Pay uses their platform to provide liquidity in much the same way.
Differing Goals:
Ripple aims to be used for large international transactions between banks and institutions. Hade Pay is a payment solution for businesses, similar to Stripe. So why compare the two platforms? Hade shares more similarities with Ripple than any other project, primarily because they both use private blockchains and are more centralized than other crypto ventures. Both use private blockchains for the purpose of faster transaction time.
Conclusions
These two projects are the most centralized of any crypto venture. Both are designed from the start for corporations and businesses to use. It will be interesting to see if any more semi-privatized crypto projects enter the space, and if so how they perform.
References:
https://hadeplatform.com/hadepay-summary.pdf
https://hadeplatform.com/articles/2018/05/14/you-can-buy-tokens-with-hade-pay
Coins mentioned in post:
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit