ShowPay: ‘Ethereum is a toy,’ and BSV works as payment layer for any asset

Who needs BTC or ETH when you can tokenize it on a blockchain that actually works for payments? Companies like ShowPay are building wallets that let you send and receive other digital assets without the excessive fees or unreliability that burden some popular chains.

They are showing how Bitcoin SV itself can function as a payment layer for any other digital asset—like Lightning Network does (or should) for BTC, without the need for extra node equipment or the cumbersome (and often risky) process of funding and maintaining channels. Users don’t even need to convert BSV to BTC or other tokens for transactions between wallets; the change happens automatically.

We profiled ShowPay last December after they released a short demonstration video and announced an upcoming beta test for merchants. While the global COVID19-related chaos has slowed rollout for many services, ShowPay is currently testing in China and is still on track to roll out its system across the world over the coming years.

CoinGeek interviewed ShowPay’s Sunny Fung about the current status of ShowPay’s test, and for some further details on how the system works.

Where are you located?

SF: Our company was established in Hong Kong, and our major developer team is located in Guangdong China now.

Why do you think BSV is the best platform for the service?

SF: We tried to build our project on Ethereum in 2018, but failed at last. We found that Ethereum was/is a toy; it could not fulfill our idea at all. In mid-2019, we found that BSV is our dream technology. It is a global ledger; it scales to large blocks, so it can carry global transactions. It is born to be a global payment platform. In fact, BSV is more powerful than what we knew at the beginning. I don’t think there is any better platform except BSV.

Which countries will your service be available?

SF: In the next 2-3 years, we will do our business in the countries/regions in which the crypto payment business is totally legitimate, such as Hong Kong,…

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