The new platform is designed to protect users from sending Ether to the wrong wallet. You can basically use the platform to send payments that after being sent can also be canceled in case they were sent to the wrong wallet. If you’re the type of person who is accepting payments, then you can use the system to benefit from the platform.
One of the major problems that the users of cryptocurrency face is that of sending Ether transactions with anxiety because of the possibility of losing money, due to sending the payment to the wrong wallet.
What Is Tabby Pay?
With Tabby Pay, you can use a smart contract that has been specifically designed to help prevent the possibility of losing money because of a mistake. The system has been built to be a type of security measure that helps prevent sender error. If you send Ether to the wrong wallet, then you can cancel the payment afterward and you’ll get a full refund on the payment you sent.
And one of the cool parts of the platform is that if you are afraid to use it to send real Ether, there is a demo version of the platform where you can see in real time and application how it works. The first step is to send Ether with the platform to a wallet like you would any other time. The payment will then be directed through a smart contract before being rerouted to a smart contract where it will be protected before being sent to the ultimate receiver and finalized.
How Does Tabby Pay Work?
The payment system is extremely easy to use, and doesn’t require a sign up or a bunch of technological know how to operate it properly:
Prior to sending the payment, the Tabby Pay platform will attach some data to the payment that has specific information about the recipient who is intended to receive the payment. Once that’s completed, only that wallet will be able to accept the payment. And that is how you are protected when sending Ether through Tabby Pay.
After you tell the person receiving the payment, and it’s in pending operation, the payee has to visit the site and then verify the payment before they claim it. Once that stop has been completed, the person will get paid. The recipient has to send information to the contract that is used to validate their personal wallet address, so they can receive the payment. The process currently needs to have a web3 enabled wallet in order to work. But they claim that future wallets will only need regular hardware and wallets to work for anyone.
If at any time you realize that you sent the payment to an incorrect wallet, you can cancel it. After that, the person who receive the payment will be unable to claim it as their own. It’s a solution to a major problem that has been an issue for cryptocurrency users everywhere. And for the first time, there is no a system that allows you to fully cancel the payment. And the contract then returns the Ether to your wallet where you can then start a new payment immediately.
Who Is Behind Tabby Pay?
There isn’t a clear indication on who is behind the payment system which isn’t the best sign. But this is definitely a problem that nearly anyone who has used cryptocurrency knows about. Most people have to check their payments multiple times before they’re comfortable going forward with the payment transaction. It’s a very uneasy process because it can cost a lot of money if a mistake takes place.
This is even more true so when you are dealing with cryptocurrency amounts that are larger than normal. And even the most tech savvy people have an issue with the experience from time to time when making payments.
What Is The ICO On Tabby Pay?
There is no ICO on Tabby Pay, this isn’t a token-based platform. It’s one that is designed to offer a simple yet powerful solution for people in the industry who need to send payments in a more safe and secure method of procedure.
Tabby Pay in Conclusion
If you send frequent payments, then Tabby Pay is ideal for you. It’s one of the newest platforms that can solve a problem that most cryptocurrency users are all too familiar with. The company doesn’t disclose any information about who they are, so that’s a little shady. But you can check it out for yourself at Tabby.io to see if the platform is right for you and something you would like to use to protect yourself. I haven’t actually used the platform, so I can’t say how well it works. But I would test out smaller transactions before sending a massive payment without knowing how the system works.