Starting in 2018, PlasmaPay came into being as a Bitcoin and Ethereum wallet. Currently, the platform operates in more than 150 countries. The company has a license in Europe (Estonia) as a cryptocurrency and crypto wallet exchange, and works with various financial institutions to provide fiat on and off-ramp service to consumers.
Built on top of PlasmaChain, PlasmaPay is now a trusted digital payment dpp that can be used as a crypto wallet, online payments account, or crypto exchange.
The Plasma blockchain was specifically designed to support instant transactions in dApps for trading, gaming, and financial applications. It has the technical capability to support up to 160,000 transactions and store applications data on separate storage nodes. The Plasma blockchain is cheaper, faster, and more scalable than any other Ethereum-based blockchain.
In this article, we will focus on the various accounts and user levels supported by the platform, as well as an overview of the platform as a whole.
Different types of accounts
PlasmaPay supports two different types of account:
- Personal / Individual
- Business accounts
Each account has different features and supported functionality.
- Multi-currency account (crypto / fiat)
- Buy cryptocurrency with card, bank wire
- Send, exchange, store crypto assets
- Multi-currency account (crypto / fiat)
- Payment Gateway API
- Plugins for Checkout page
- Pay out / payroll
- Invoice builder
When the user joins the platforms, they are allocated to the Anonymous group (Level 1) after passing the required basic authentication. In PlasmaPay, the user profile is divided into three sections. Each has different benefits:
Anonymous (Level 1)
The user automatically belongs to the Anonymous Level 1 group once he / she has joined the platforms after passing the basic checks (email, phone number).
This level comes with the following features:
- Crypto accounts and wallets
- Send / receive / exchange cryptocurrency
- Plasma information resources
Digital Citizen (Level 2)
Plasma ecosystem DCs can have unlimited bank and crypto accounts, set up a global remote company, manage a business, and become a completely free person.
- Opening / managing a personal bank account
- Opening / managing a business bank account
- Register / manage a company online
- Digital accounting service
- Digital signing of contracts and documents
- Transactions and unlimited volume
- Fund insurance
Special: Have a digital residence.
Investor (Level 3)
All your post-confirmation data is encrypted, packed into the archive, and split into remote storage parts, which excludes theft and decryption by third parties and protects your data. digital identity and your financial transactions solely on the PlasmaBank network.
- Take part in ICO and TGE
- Buying stocks on a stock exchange (in development)
Go to the home page.
The landing page looks like this.
Users can create an account by clicking on the Create a free account button.
The application will ask you to provide your email address and set up an account password. After you check your email, setup your account is done.
It will further ask you to provide basic account set up details such as your name, telephone number and local currency.
Your account has now been created. You can see the dashboard.
In order to access the features of the platform and to buy / sell crypto, users first need to activate their wallet.
To activate your Plasma wallet, click on Activate.
It will ask you to provide a unique name for the Plasma wallet and set up the wallet password.
A keycard containing your wallet activation code is downloaded to your system that you need to provide to activate your PlasmaPay wallet.
The keycard document contains important details such as:
- Name Plasma Wallet
- Mnemonic key
- A contingency phrase
Wallet activation is done.
What You Can Do With PlasmaPay
- Add money to your account
- Ask for money
The user dashboard looks like this. It contains the following details:
- Plasma wallet ID and balance
- Lists all active crypto wallets the user holds (left pane)
- Monthly cash flow to the wallet
- Different crypto wallet and fixed currency (lower pane)
You can send tickets to other users by providing their address. The platform also allows you to make additional parameter settings.
- Address of recipient
- Any message you want to send to the user
- Speed of transaction
- Who will pay the fee
- A shortcut button allows users to send half or full ticket
- Send amount (depending on who pays the blockchain fee)
- Receipt amount (depending on who pays the blockchain fee)
You can swap one ticket into another by using the Exchange tab. You just need to specify the input ticket type, input ticket value, and output ticket, and the application will show you how much output ticket you will receive after swapping.
Asking for Money
The platform allows you to request money from other users by sending mail. You can also include any terms and conditions that must be followed during the process.
You can check the transaction details of the wallet from the Transaction tab.
You can also create new Asking for Money offer through Application tab
Through this tab, you can check the level you belong to and the associated benefits.
Users can add bank or card details through the Finance tab.
The security tab allows you to do the following:
- Activate 2FA
- Log out of induction
- Reset password
- Link your social sites
- Alternate email ID
- Mandatory safety recommendations
Once you have provided these basic details, you will be moved to Level 2. As we have mentioned earlier, each level has different benefits, and to pass each level, you must provide different information.
Docs contains the list of documents that users signed when installing a wallet.
The Notices tab allows you to set up alert messages for crypto deposit / withdrawal, security, plasma services, and news related alerts.
The Security event the tab lists users’ login details and allows them to reset all active devices and change the password in case they find anything suspicious.
Using the Network tab, you can add your friends email address linked to PlasmaPay platforms. You can send money among the plasma consumers right away.
In the next part of this series, we will explore how you can add / withdraw money to your account using various methods and service providers.
Resources: Plasmapay website
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