What is the single token experience?

What is the single token experience?

Written by

Savannah Lee

June 8, 2020

We want to make cryptocurrency easy. Learn how you can explore Web3 and blockchain using our native 'meta-token' $PLR.

Discover our unique crypto payments solution that lives inside Pillar Smart Wallet, powered by our platform’s native-token, PLR.

To make your cryptocurrency experience as frictionless as possible, we’ve designed our platform in a way that gives PLR, our platform’s native-token, “meta” capabilities.

What do we mean by meta-token?

If you own PLR, you don’t need to own any other token to explore the decentralized ecosystem that lives within Pillar

PLR it’s essentially a single-token that powers your cryptocurrency experience. We like to call it ‘meta’…

The $PLR meta-token:

  • Gives you access to instant, free and private transactions via the Pillar Payment Network
  • Covers your Ethereum Network fees in the Smart Wallet
  • Allows you to safely explore and experiment with our decentralized marketplace, without needing to leave the app to purchase foreign tokens.

Let’s start with the Pillar Payment Network

The PPN is our unique cryptocurrency payments solution to scalability and privacy issues when transacting on the Ethereum blockchain.

As cryptocurrency grew in popularity, blockchains struggled to deal with the volume of transactions being processed on-chain every minute. The increase in transactions creates backlogs, resulting in new blocks taking a long time to upload on the chain.

When this happens, it can cause slippage. Slippage is when the exchange rate between two different asset changes before the transaction is processed, resulting in a “slip”, or fall in profit, for one transacting party.

To incentivize miners to prioritize transactions, users pay gas-fees. If the network is clogged, these fees can be high. If a user can’t pay the fee, the transaction won’t be prioritized.

Our homegrown cryptocurrency payments solution

The Pillar Payment Network allows you to create your very own private payment channels that live within the Pillar Smart Wallet. These channels act as a side-chain to the main Ethereum blockchain.

Transactions made within the PPN are facilitated and processed by Pillar, rather than on the main blockchain itself. Pillar records all of these transactions off-chain.

Private, instant and free payments to anyone on the PPN

You can make as many instant, free and private transactions as you like in the PPN. The only time your transaction will be processed on the main blockchain is when you decide to withdraw your remaining tokens from the PPN and settle your balance.

You can now create one of these channels with anyone who has a Pillar Smart Wallet, allowing you to send crypto as many times as you like without having to pay for gas-fees, and without having to wait for your transactions to be processed.

Best of all, these transactions live off-chain, meaning they aren’t recorded on the public blockchain – making them completely private. This means that your cryptocurrency payments are shielded from public scrutiny and spying.

In our opinion, using these channels is the safest and most frictionless way to make cryptocurrency payments, whether they’re peer-to-peer, or peer-to-merchant.

Read more about the Pillar Payment Network here…


But that’s not all for the single-token experience, you can now:

Pay for goods and services with $PLR

We’ll automatically create private payment channels between you and our partners when you choose to explore the Web3 ecosystem via our in-built marketplace of merchants, service providers and dApps.

Many Web3 platforms only accept their own native tokens. PLR saves you from needing to exchange tokens prior to interacting with these platforms. Instead, all you need to do is fill up your PLR tank, and then Pillar converts your funds to our partner’s currency of choice.

Use $PLR to pay network fees outside of the PPN

When you make payments from your Smart Wallet you can use PLR to process your gas-fees.

The only time this would happen is when you’re closing your private payment channel with the Pillar Payment Network, or when you’re not transacting within the Pillar Payment Network itself – i.e. sending directly from your Smart Wallet account.

Paying network-fees in $PLR saves you from having to waste precious ETH (and saves you from purchasing extra ETH if you’ve run out).

Learn more about the meta-token properties of $PLR here…


Your Pillar Wallet has super powers…

The release of our Smart Wallets has been a massive step forward on our collective mission to make your cryptocurrency experience as frictionless as possible.

The PLR meta-token and Pillar Payment Network are just two components of what makes up the entire Pillar experience.

Your Pillar Wallet is now more secure and customizable than ever before. You can learn more about the overall benefits of smart-contract powered wallets here.

Plus, we’re doing a lot of work in terms of integrations to ensure that you have access to the widest possible ecosystem through the safety and security of the Pillar app. Learn about all our upcoming partnerships here.

Stay tuned…