Dear Readers and Kana Knights,
To those of you who follow our official Twitter account, you might already be aware that we have integrated with Fetcch. To those who are new, you can consider this as our official announcement of the partnership between Kana Labs and Fetcch. Before we explain the reason behind our partnership, there is some basic information which you need to know about our partner and their product to better understand why we chose to integrate with them.
What is Fetcch?
Fetcch is a very friendly and easy-to-use unified payment technology provider for the blockchain ecosystem. Fetcch uses unified payment tech to map wallet addresses to a unique social ID (eg- XYZ@Kana) to simplify payments and crypto transactions. To those of you who might find this concept a bit familiar but are unable to put a finger on it, Fetcch’s product can be considered as blockchain’s variant of India’s Unified Payments Interface or a Pseudo Paypal account type of payment system.
What is a unified payment layer? How does it work?
The Unified Payments Layer as its name suggests is a method that aims to abstract away various confusing payment methods commonly in practice today and bring about a universally accepted and used payment system. Be it in traditional financial infrastructure or in the cryptocurrency market space, each individual has multiple accounts which are identified by their account number, bank swift codes and private keys etc.
While we have gotten used to sharing these details to make transactions, they are a highly complex process which involves sharing a lot of information just for sake of your account’s identity. We must then choose the method of transaction such as NEFT/RTGS/IMPS etc which are very time-consuming and cumbersome processes.
In a unified payment system, all your account details would be mapped to a unique ID assigned to each individual. All that a user has to do is share his identity with the other party to make payments instead of sharing the whole account details and transactions using the unified payment layer happen almost instantaneously be it for domestic or cross-border transactions.
Explaining Kana Labs X Fetcch Partnership
Kana Labs has always been popular among our users and partners for our revolutionary yet simplified and user-friendly DeFi products and services. In fact, we can be considered a unique DeFi service provider who caters to both B2B and B2C space and addresses the multi-faceted needs of our clients be it for builders, developers or end users. This is once again brought about by our product’s unique multi-faceted features such as multi-chain under a single roof, multi-DeFi operations under one roof, liquidity aggregation, cross-chain briding and SDK that allows other dApps to go from single chain to multi-chain.
We at Kana Labs have always been working with two goals in our mind, reducing entry barriers for both new and existing users alike and revolutionizing payment space. Due to an ever-increasing number of blockchains each releasing its own cryptocurrencies, the cryptocurrency market has a lot of tokens, but each of them are locked inside respective blockchain ecosystems resulting in a fragmented market. While one party may hold tokens from one blockchain, the other party may not necessarily hold tokens from the same blockchain or even have access to the same blockchain network.
This prevents cryptocurrencies from truly realising their potential as an alternative form or replacement for traditional fiat-based payments structure. Imagine going to shop with tokens from the Solana ecosystem while you hold tokens from Ethereum or Binance or Bitcoin Cash blockchain networks. It would take a lot of time to convert them to tokens from the Solana ecosystem and would even cost you extra expense in form of transaction fees paid to swap tokens across multiple dApps from different blockchains. But this happens with little cost and almost instantaneously when payment is made using fiat currencies via Visa or Mastercard payment services which convert any currency to a currency supported by the vendor.
Kana Labs has a robust cross-chain swapping mechanism to enable multi-chain interoperability. We are further building a Cross-Chain Wallet on top of our DeFi services to further simplify the cross-chain transaction process by bringing together multiple chains under a single wallet UI. This negates the need to sign multiple transactions when making cross-chain swaps replacing it with a single authentication. Further, our wallet brings together blockchain networks from both EVM and Non-EVM backgrounds such as Neon, Polygon, Aptos, Solana and Sui under one UI making it a one of its kind product in the global crypto wallet market space. While this simplifies and abstracts away a lot of time-consuming processes and even helps cut back on transaction fees when making a cross-chain transaction, all these actions take place on the business back-end side of the transaction.
The activity performed on the user end remains the same, they would still need to share their private key when making transactions and there is a chance for the user to make mistakes when making transactions by sending tokens to a different wallet or losing/misplacing the product key at a critical time which makes it difficult to complete the transaction.
This is where Fetcch comes in. By using their unified payments layer they are able to map all your wallet private addresses to a unique easy-to-use and easy-to-remember ID. Even if a user has multiple wallets from different blockchains they can still be mapped to the same Fetcch ID. This way, when making payment transactions be it a vendor or a user, all they would need to do is to share their unique ID. By combining this unique ID with our cross-chain wallet, we are able to simplify the transaction process on the end user side. Be it, vendors or users, either of them can make payments almost instantaneously. As we are able to bring together multiple blockchain networks with different core infrastructures together under a single wallet UI, even cross-chain transactions which would normally take 45 mins to 90 mins can be completed in a matter of seconds. As our goals and product services align well with each other, they have become the ideal partner in our effort to bring about a global crypto payments revolution.
To know more about how the integration actually works (the technical aspects), please visit→ https://medium.com/@fetcchx/kana-labs-integrates-fetcch-apis-7660662c3690
