Venice, April 7, 2022 — The Algorand Foundation-backed project Smile Coin has released the public testnet version of their highly anticipated Web3 SDK. The SDK allows any Web2 platform to become a Web3 platform with only 10 lines of code. The SDK creates a payment gateway that allows gaming companies to accept payments and pay users out in SMILE, giving users access to Smile Coin Network play-to-earn (P2E) incentives.
By virtue of adding their financial transactions to the blockchain, players are automatically enrolled on the Smile Coin Network’s decentralized app (DApp). The DApp gives users access to transaction analytics, unparalleled rewards for consecutive daily play on any in-network partner platform, up to 125% APY staking, mini-games, airdrops and more. The effect of these incentives is a massive uptick in user retention and value, as evidenced by the first platform to integrate the private mainnet version of the SDK: Grin Gaming.
Grin Gaming is the first platform to integrate the mainnet beta SDK, and its results are nothing short of eye-popping. Grin has reported a nearly 1,000% increase in revenue since integrating the Smile Coin SDK and boasts a 32% 30-day retention rate for players who transact with SMILE, smashing the industry average by 10 times.
The team’s motivation for building the payment gateway stems from a problem they kept hearing from gaming companies — “We are a federal- and state-level legal business, but PayPal refuses to do business with us.”
As avid gamers, the team realized that Algorand’s layer-1 decentralized finance (DeFi) protocol was the perfect tool for using the blockchain to allow gaming startups to efficiently monetize their hard work and more quickly implement the tech and financial processing tools needed to start operations. Without payment processing, no digital platform can exist, and Smile democratizes the process for businesses interested in transacting on the blockchain.
One of the most innovative features of the Smile Coin SDK is the Concierge Wallet Service. This feature allows interested players to securely create an Algorand wallet funded with SMILE, with just a phone number and email address, taking significant friction out of the process. This service also allows players to purchase more SMILE — and Algorand (ALGO) — directly from the SDK without ever having to use an exchange.
Such simple on-ramping and funding for new users of Smile and Algorand will permit even more rapid growth of the Algorand ecosystem. With the goal of abstracting the confusing parts of the blockchain, and allowing DeFi to make the payments world more equitable for everyone, Smile Coin’s payment gateway is open to all legal businesses. It is a shot across the bow for traditional finance companies who utilize their monopoly power to refuse payment capabilities to legitimate small businesses that present a competitive threat. In doing so, Smile Coin is bringing innovative competitive forces back to a payments industry that has long been controlled by arcane rules and crony capitalism.
Smile Coin sees Web3 P2E entertainment as the inevitable future of the entire gaming industry, and they are thrilled to partner with amazing pioneers in the space to offer more than 50,000 network players already more ways to earn while providing companies a seamless way to start processing crypto payments. The team of 10-plus engineers and security analysts has seen it all, and its engineering practices reflect the lessons it’s learned.
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- Nick Bucheleres, CEO of Smile Coin