Papaya: Infinity Scaling protocol for Tokens Streams and Subscriptions
Welcome to Papaya.Finance! Unlimited on-chain payments with a single transaction costing less than one cent.
Authors: Utulu Hope; Crypto Nomad
We are pleased to introduce the Infinite-Scaling Money Streams (Subscriptions) Protocol, designed to solve various payment problems for users and creators in the digital domain.
This unique technology, through which the Papaya Creators’ platform is built on, aims to provide solutions to payment and scaling issues that users and projects usually face in the crypto space. The protocol will revolutionize the way payments are made, offering a hyper optimized pathway to controlling grants, subscriptions, token vesting, payrolls, and more.
Papaya’s team follows that web3 ethos, believing that great things come from collaboration instead of competition. This philosophical approach is the reason we have decided to make the protocol open source, thus available for everyone. With the same vision, the protocol’s smart contract was developed also thanks to the expert oversight of 1Inch’s co-founder, Anton Bukov.
Users who utilize Papaya protocol will be able to reach out to many wallets with a single transaction for less than one cent.
The Genius Idea Behind it
The basic idea is about money streams or subscriptions. Basically, users can have subscriptions, which are actually linear streams among wallets, allowing for the processing of multiple transactions at once.
So, the Papaya money stream is like a chain of distribution, connecting numerous accounts to facilitate incoming and outgoing transactions on the blockchain. Further, platforms that utilize the money stream do not need to enumerate each balance for every account.
Take for example Netflix. You could run Netflix on the blockchain with the Papaya money stream (subscriptions) protocol. You can collect millions of subscriptions where you do not need to enumerate all the streams. Additionally, with Papaya, collecting assets from millions of streams is the same cost as collecting assets from ten or thousands of streams.
Thus, with the Papaya money streams (subscriptions) protocol, it will be very easy to effectively move finances between wallets.
How Papaya Money Streams (Subscriptions) Protocol Solves Challenges in Payments
We hold a strong promise: whether it’s a thousand, a million, or a billion users, it doesn’t matter. You can reach into their pockets with a single transaction costing less than one cent.
On every blockchain the amount of gas per day per transaction is limited, we’re addressing that: usually people compete for gas prices and this lead to high fees; we solve it by by bundling all the transactions in one and then creating separated streams.
Here’s a breakdown of the challenges web3 players encounter, and how Papaya’s protocol provides a credible solution:
Grants
Problem: Companies offering grants to startups face the risk of not seeing results after a long period.
Solution: The Papaya protocol makes grants flow to startups gradually. If granters don’t see the desired outcomes, they can pause or stop the grant. This way, both parties have more control and flexibility over the funding process.
Payrolls
Problem: Employees risk not getting paid at the end of the month.
Solution: Papaya’s payroll streaming protocol means employees see and own/use funds flowing into their wallets daily. If the stream halts, they can directly ask their boss about the situation. This transparency ensures everyone’s on the same page, minimizing uncertainties around payday.
Token Vesting
Problem: Web3 projects facing investor and team interactions need to write smart contracts and spend on audits for token vesting.
Solution: With the Papaya solution, any project founder can set up vesting in just a few clicks using its pre-audited contract via the platform’s dApp, streamlining the whole process and saving time and money.
Subscriptions
Problem: Subscription services with massive subscriber bases face challenges in efficiently collecting micro-payments from each subscriber, which can be cumbersome and costly on other platforms.
Solution: Papaya protocol offers a unique one-click, sub-cent transaction process that simplifies the collection from thousands or millions of subscribers, pooling all funds in one place for easy, cost-effective withdrawal.
Besides the above mentioned cases, we’re studying more scenarios where using our protocol can bring convenience and efficiency: crowdfunding, cashbacks, crowdsourcing, tipping are just some of the new frontiers where the protocol integration can bring a wide array of advantages.
Seamless user experience as a top mission
Accessing various streams, whether incoming or outgoing, is now streamlined through a single, user-friendly dashboard. From managing subscription services to distributing or receiving payrolls, creating token vesting schedules, overseeing grants, and more, everything is conveniently consolidated in one place.
What’s more, setting up a new stream is a breeze — just two clicks away.
To ensure an ultimate integration with any platform, we’re excited to unveil the upcoming launch of our API and SDK. These tools will empower developers to effortlessly incorporate our platform’s features into their existing systems. Stay tuned for more updates on this front.
Papaya Protocol is multi-chain at its core
In our strategic decisions, we’ve opted for BySig over Account Abstraction EIP-4337. BySig offers seamless functionality across all wallets, including EOA, ensuring a broader reach and smoother user experience.
Furthermore, we’re proud to announce secured strategic partnerships and grants from Polygon and BNB Chain, with more partnerships in the pipeline. This aligns with our commitment to the web3 ethos of building bridges rather than walls, fostering collaboration and inclusivity within the blockchain community.
Security in on top of our Priorities
We’re thrilled to have Anton Bukov, Blockchain Engineer and Co-founder of 1inch, as our technical advisor and smart contract architect, lending invaluable expertise to our project. With the protocol undergoing rigorous stress-testing and development over an extended period, we’re confident in its robustness and reliability.
Furthermore, we’ve already completed an audit examination by cybersecurity experts at Stronghold (a Mixbytes subsidiary), ensuring the utmost security and integrity of our protocol.
Stay tuned for further details, coming soon.
Papaya.Land: Social native platform
Papaya.land showcases the first real-world application of our protocol.
As we construct a native social platform our aim is to become the premier destination in the web3 Creator Economy, addressing the shortcomings of centralized platforms such as Twitch, OnlyFans, and Patreon.
Centered on short videos and streaming, our platform is designed to draw in top-performing and profitable creators, bolstering their journey with the transformative power of Web3 and DeFi.
Through our infinite-scaling money stream (subscriptions) protocol creators can experience seamless payment processes, subscription management, and fast transactions, allowing them to focus on what they do best — creating content.
Closing up
Papaya remains steadfast on its mission to pave the way for a brighter Web3 future, catering to both seasoned crypto OGs and newcomers alike.
With our a one-stop protocol addressing the challenges of multiple payments and transactions, coupled with our vision of powering a new Social Hub for a more robust creator economy, we solidify our position as a pivotal player in the forthcoming mass adoption phase of the blockchain industry.
Together, let’s forge ahead into this exciting new frontier of possibilities.
