A Comprehensive Understanding of the Decentralized Stablecoin Project Samecoin
The key to simplifying encrypted payments lies in simplifying the verification conducted by third-party service providers.It is difficult for the average person to fully recognize the benefits of cryptocurrency, but Samecoin aims to change this situation. This project focuses on an application-driven ecosystem designed to simplify cryptocurrency payments.
The project team stated that its smart contract has successfully passed an audit by an independent company, and its beta application has been very popular since its launch in early June. Samecoin reported that within an hour of the project's launch, its agreement signing amount exceeded $2 million, and having a long list of partners means it has already made an impact. The project team is also rapidly expanding and regularly recruiting new members.
Permissionless asset creation is one of Samecoin's strengths, with these tokens' value bundled with a basket of cryptocurrencies. The project's ecosystem also includes various stablecoins, including fiat currencies like the euro and the dollar.
One of the main goals of the project is to improve the way payments and authentication are executed in the cryptocurrency ecosystem—reducing the necessity for price volatility and time-consuming "know your customer" procedures. Overall, Samecoin aims to provide a multifaceted, multipurpose environment for quickly and reliably completing transactions.
An Advanced Solution
The key to simplifying cryptocurrency payments lies in streamlining the verification performed by third-party service providers. This is achieved through SameID—a decentralized identity technology that offers single sign-on across every online store and decentralized application (DApp) supporting Samecoin. This not only enhances security but also ensures that consumers only need to remember one password.
SamePay is another important component of Samecoin, designed to address some usability issues that remain stumbling blocks in the crypto space. This application ensures that digital assets can be sent to human-readable usernames or phone numbers, eliminating the need for long and hard-to-read strings of letters and numbers.
Authentication provides an additional level of protection and helps keep funds secure, while the application facilitates the exchange of major cryptocurrencies at low rates.
SamePay will be launched in the Android app store in Q4 2021, paving the way for its debut in the Apple App Store in Q1 next year.
In an interview with Cointelegraph, the project team stated: "Unfortunately, cryptocurrency has not been widely used in daily life as we expected. The vast majority of people still do not know how to buy and when and where to use cryptocurrency.
"We focus on user experience—there are billions of people who know about it but are hesitant to understand and use crypto technology. We aim to translate and convert complex crypto technology for them, hoping that this will make Samecoin one of the first to enter this promising market."
Some Expectations
Samecoin has attracted many well-known partners and supporters, including Binance Smart Chain, iGamingGroup, and BlueOcean Gaming. The project agreement will be fully released in July, at which point the DEX will debut on PancakeSwap.
By September, Samecoin and SameUSD will be listed on centralized exchanges, and its stablecoin will begin to be used in products for the first time.
As 2022 unfolds, tailored solutions for businesses will emerge, and the SamePay development team will significantly increase. SameID will also enter its public alpha phase by the end of next year. As the world becomes increasingly cashless, consumers and businesses are eagerly exploring the opportunities that digital assets bring, and Samecoin hopes to be at the forefront of a new era in people's relationship with currency.
