Web3 is a term that has come into mainstream attention over the past year, referring to a new iteration of the internet where decentralization is one of the core principles.
This entails users being able to access any platform and exchange value freely without having to deal with any centralized third parties.
As conversations continue to take place about Web3 technology, new blockchain platforms are coming into the industry with the aim of building out the framework for this emerging ecosystem.
One of these platforms is PIP which aims to add a Web3 layer to traditional websites as well as enabling an easier way for users to transfer value to each other. Let's have a look at PIP, its features, and how it works.
What is PIP?
PIP is a crypto payment protocol that aims to bring Web3 functionality into traditional Web2 products. One way they plan to do this is by enabling users to send and receive crypto payments on platforms like Twitter, Medium, and Facebook, as well as buy or sell crypto.
The protocol is built on the Solana and works by connecting various blockchain-based protocols to traditional Web2 websites.
The protocol acts as a bridge between traditional websites and blockchain-based protocols, by adding an additional layer on top of traditional websites via a browser extension, user tags, and buttons.
This additional layer is what makes it possible for users to interact with blockchain-based protocols through traditional websites.
Features
Features on the PIP platform include a profile (via PIP.ME) that allows users to collect payments and display or sell NFTs. This profile is basically a link or tag that users can post on their profile or send to users in order to receive payments.
The feature is intended to make it easier for users to receive payments without having to deal with long cryptographic addresses.
In some cases, typical addresses can lead to user errors due to the long alphanumeric string of characters that they consist of. Instead, the wallet details (address, etc.) are kept within the user's wallet and the profile links the wallet to the user's profile.
User profiles are compatible with mobile wallets and Solana Pay is used to process transactions done via the user profiles.
The protocol also has a browser extension that adds a payment layer over supported websites, enabling users to accept payments on their social channels, for example, YouTube, Medium, Facebook, etc.
The extension works on Chrome, Brave, Edge, and Opera. The extension checks pages for payment buttons when accessing supported websites and social platforms.
As mentioned earlier, the platform uses tags in place of wallet addresses to make it easier for users to send and receive payments. For example, users can set their tags as user@pip or user@solana to help prevent errors when accepting payments.
Users can place the tags on their site or type them out in a tweet or status update. Once another user hovers over this tag (with the browser extension enabled) a payment box will be activated, making it possible for users to send and receive payments via the tag.
PIP Token
The PIP platform has a native utility token named PIP that is used within its network. The main functions of the token include:
- Medium of transfer - PIP can be used as a currency when sending or receiving payments.
- Staking & Liquidity Provision - Users can stake PIP to secure the network and provide liquidity, in turn earning additional tokens via the Proof-of-Stake protocol.
- Rewards - Users can earn PIP by using the browser extension and taking part in the PIP protocol.
- Governance - Holding PIP gives users access to the PIPDAO where they can vote on platform decisions by staking their PIP.
Conclusion
PIP is a protocol that enables users to create Web3 profiles and exchange value across traditional websites (i.e. Facebook & YouTube) via the blockchain, using browser extensions and user profiles with easier-to-understand tags in place of addresses.
As the Web3 space matures it'll be interesting to see how users interact with each other in the Web3 ecosystem.