It is almost impossible to analyze the factors impeding the mainstream adoption of cryptocurrency without mentioning the complexities involved in storing, transferring, and accepting digital assets.
A 2020 survey carried out by the Economist Intelligence Unit discovered that the perceived complexity of cryptocurrency remains one of crypto’s core hurdles. According to the report, 44% of respondents believe that it is somewhat difficult to use digital currency as a means of payment.
And so, it comes as no surprise that developers and crypto firms are searching for new ways to simplify the concept of cryptocurrency and, at the same time, introduce seamless and instantaneous means of accessing digital assets.
While it is sometimes hard to track the improvements introduced by market players, it is, however, impossible to ignore truly innovative implementations capable of disrupting the crypto payment sector. One of such solutions with disruptive potential is DAOWallet. In this piece, I will analyze this product and determine its core functionalities.
DAOWallet Tackles Crypto Payment and Storage Challenges
Like most crypto firms, DAOgroup has set out to identify and find solutions to pain points associated with cryptocurrency. Hence, DAOWallet, which is integral to its budding ecosystem, is purposefully designed for both individuals and businesses looking to adopt crypto as a payment option.
The platform understands that it is only a matter of time before the current campaign for a cashless economy begins to yield dramatic results. Hence, now more than ever, the crypto industry must position itself to capitalize on this paradigm shift. And this can only be done by introducing crypto gateways equipped with tools to fast-track the process involved in the exchange, storage, and transfer of digital assets.
To establish this flexible mode of operation, the team behind DAOWallet has introduced an end-to-end and intuitive payment system that enables stable and secure crypto payments.
DAOWallet provides merchants, casinos, and the gaming ecosystem with the necessary tools to establish a steady stream of new customers. Likewise, it offers individuals the right system to effortlessly switch between the crypto and traditional financial terrain and access the added benefits of partaking in the global blockchain ecosystem.
Although DAOWallet’s functionalities cater to both individual users and companies, this piece focuses more on its B2B and B2C tools. Below are some of the features targeted at businesses that accept crypto.
At first glance, the user interface of the platform shows that the developers have done enough to establish a customer-centric tool. Furthermore, the platform requires little to no technical know-how on the part of businesses adopting its payment gateway.
The API integration process supports multiple coding languages entails only two lines of codes for full access to DAOWallet’s suite of tools. Once fully integrated, partners can automatically activate a simple crypto payment infrastructure whenever their customers choose to pay with digital assets.
Stable and Instant Payment Infrastructure
Interestingly, this crypto gateway provides more than one payment model and allows businesses to choose the most suitable one.
The first model is “Floating.” Here, DAOWallet instantly sends all received payments to the account of the company. This payment system is suitable for businesses that wish to store their funds as crypto.
Likewise, it is possible to maintain a traditional form of storing funds even though customers pay for services or products with digital assets. Companies can opt for the popularly adopted fixed approach of making crypto payments.
In this case, DAOWallet instantaneously converts crypto payments to fiat funds and transfers them to clients’ accounts through globally recognized payment systems.
In both approaches, DAOWallet ensures that the inherent volatility of cryptocurrency does not affect the validity of transactions executed through its payment infrastructure.
This seemingly uneasy task is achievable because the DAOWallet interacts with blockchain networks and top exchanges to establish a stable crypto gateway. Combined with an innovative invoice system, it has never been easier to accept cryptocurrency payments without being exposed to them directly.
All generated invoices are depicted in fiat currency, yet users can pay through various crypto-assets to have their accounts credited in the invoice currency.
Crypto Tracking Tool for Security and Compliance
According to the website, DAOWallet stores all funds in cold storage facilities and conducts security audits every month. As such, the platform has designed formidable payment and storage infrastructures and made it almost impossible to attack or steal funds.
Besides, DAOWallet has developed a unique crypto tracking technology that alerts businesses whenever transactions fail AML requirements. In other words, the tool tracks the history of digital assets to ascertain that they have never been used for illegal transactions.
Added Data Analysis and Administrative Features
Apart from inducing an AML compliant system, DAOWallet’s tracker also provides Big Data analysis that helps businesses to identify potential long-term clients. This feature allows websites to identify users most likely to make more purchases or deposit more funds. By doing so, it becomes easier to develop an effective strategy for executing personalized marketing.
Due to the multi-functionality design of its offering, DAOWallet delivers a fully-loaded dashboard panel where businesses can carry out reporting and fund tracking operations. Moreover, the wallet and payment solution allocates a personal manager to companies to swiftly respond to complaints and resolve issues. Likewise, it offers flexible services. Therefore, it is possible to access a customizable suite of tools.
Without any doubt, DAOWallet provides a unique set of tools and services potent enough to change the prevailing narrative surrounding crypto’s unsuccessful attempts to crack mainstream status. However, it must continue to evolve in line with changing requirements to achieve this lofty goal.