Introducing Tabby Pay
Never send Ether to the wrong wallet, ever again.
The era of anxiety from sending Ether transactions has ended. Tabby Pay is a smart contract that’s built to prevent user error. If you send Ether to the wrong wallet, you can cancel the payment and your Ether will be returned.
The barrier to entry
One of our core drivers at BlockCAT is to help make crypto more accessible. While many crypto companies pledge to solve the problems of the future — our goal is to solve problems users already experience today.
Let’s be frank — crypto has a long way to go before it can be truly adopted by the mainstream. While the underlying blockchain technology is vastly more powerful and immutable than any other tech in existence, the user experience is less than ideal, and worst of all, it’s very easy to screw it up.
Think back to your first foray into crypto. How many tutorials did you read before signing up to your first exchange? How careful were you when setting up your first wallet? How anxious were you when you sent your first transaction?
These pain points are very real barriers to entry for a lot of potential users. And while there are a number of companies working on easy, straightforward solutions to some of these problems, few have stepped up to tackle one of the most common and stressful pain points of all: preventing user error.
94% of Ethereum users worry about sending ETH
If you’ve ever sent Ether from one wallet to another, then you know exactly what we’re talking about.
You might copy and paste the wallet address from a .txt file, check it, count the characters, visually compare the two, check it again… and after enough mental preparation you inch your sweaty palms to the mouse and click send.
You get my drift?
The most basic transactions, even to yourself, are extremely nerve wracking knowing that a single error on your end could result in you losing your crypto forever.
One of the most eye-opening examples we’ve come across is this thread on reddit in which countless users describe their transaction anxiety in detail.
To ensure we weren’t barking up the wrong tree, we launched a survey asking our community to share their feedback on the issue. The survey was well received in the crypto space and gave us a ton of meaningful data that confirmed our suspicions.
+ 74% of users own the private key to their primary wallet.
+ 94% worry about making a mistake when sending crypto.
+ 11% have actually sent their crypto to the wrong address.
Based on data we gathered, 1 in 10 people that responded to the survey have sent crypto to the wrong address. With transaction values ranging from $1,000 (8% of respondents) all the way to $50,000 (3% of respondents), it became crystal clear just how devastating a faulty transaction could be for our users.
But even in the best case scenario, users still have to worry about sending crypto to the wrong address constantly, and that’s simply not acceptable.
So we created Tabby Pay
By implementing a specially crafted smart contract, we’re able to take the worry out of sending crypto payments once and for all.
Users can interact with our simple web-based UI to send Ether payments to anyone with a Web3 enabled wallet quickly and easily. And the best part? Users can actually cancel payments after they’ve been started.
Yes, you read that correctly. When sending a payment, you now have the ability to cancel the payment and put the funds back into your wallet.
This is possible because we require the recipient to confirm their receiving wallet. So if you typo a wallet address, your intended recipient cannot complete the payment, and your Ether will be returned.
We reverse payments, not blockchain transactions.
There’s no sneaky blockchain editing going on here. Payments through Tabby Pay are a series of Ethereum transactions. While individual transactions are immutable, we secure you the ability to cancel the entire payment, prior to the recipient correctly receiving Ether in their wallet.
This is our first step towards making crypto even more accessible for users, and we’re very excited to see what the community has to say about it.
The CAT Token
As many of you know, the primary utility for our CAT token will be during the marketplace phase of release, used within a staking model to verify third-party contracts.
Meanwhile, we’re offering discounts for anybody who has CAT tokens in their wallet. You’ll receive up to 50%* off the Tabby Pay fees simply for owning the tokens. Our contract will check your CAT balance prior to charging a fee and will apply the discount automatically.
Also, for the first 30 days, we’re waiving all fees for sending/receiving payments through Tabby Pay.
*Actual discount varies depending on how much CAT is owned.