Micropayments are one of the most powerful and versatile applications of blockchain technology. Micropayments can be anything from paying a cent to skip an ad, to facilitating the data ownership and freedom of information necessary for all Web3 infrastructure. During our journey to democratise microtransactions for everyday users, we have faced many challenges. Foremost among these is customer resistance to using crypto-based models, and the challenges of significant price fluctuations in crypto. So we built Codugh USD. Codugh USD (CUSD) gives users an entirely fiat native experience whilst still using blockchain “under-the-hood”.
What is CUSD?
CUSD is a microtransaction token that represents a denomination of the US dollar, namely, one hundredth of a US cent (1 CUSD = $0.0001). CUSD gives users the ability to transfer tokenised micropayments in USD. The instant rewards and easy withdrawals from the Codugh wallet create a true real-time micropayment economy.
The true power of CUSD is that it moves towards giving users a comfortable native payment experience with blockchain powered microtransactions and low-fee payments operating under the hood.
How can I use CUSD?
Today, Codugh users can deposit and withdraw their funds in several cryptocurrencies including: BTC, ETH, USDT, XLM, LTC, BSV, and AXS. On deposit, these cryptos will be swapped for CUSD tokens (based on current exchange rates).
These tokens can then be used to buy API calls on the Codugh Marketplace, with all API services priced in USD. Users can then withdraw their funds by choosing a crypto and entering an external address to withdraw their funds to.
Why CUSD?
In a world dominated by subscription and commitment-based models, we wanted to build a product that gave its users flexibility and freedom. The idea was to use crypto-based payments to allow for instant microtransactions in exchange for use of APIs and other services. The buyer would pay the exact amount of value they extracted from the agreement instantaneously, the seller would receive payments for their services in real-time as they were provided. Complete, zero commitment, freedom and flexibility for both buyer and seller.
Whilst the above model worked well in a technical sense, there were significant roadblocks in how well it worked practically. There was low uptake in users who were willing to use crypto-based payments for their product. Those who did were dismayed by the significant price fluctuations of the crypto that they held, and the challenges in pricing and paying for products in crypto.
Enter CUSD — CUSD allows for the same low-cost instant microtransactions that crypto allows, whilst being immune to the price volatility. Users of CUSD need not understand crypto or deal with it directly, all they see when moving money around is US Dollars.
The future of CUSD
Usage of CUSD in the Codugh Marketplace is just the beginning. CUSD will expand to accept fiat currencies for both deposits and withdrawals. Once this is complete, it will be a flawless native end to end user experience with instant cash microtransactions globally.
Beyond this, CUSD will expand to cater for our entire upcoming product suite.
Want to incorporate CUSD payments into your own product? In the coming months, we will provide this service as well, allowing other companies to utilise the payment processing power of Codugh’s fiat token.
Come check out CUSD — www.codugh.com
Get in touch — contact@codugh.com
