The Korean dApp Chai and Blockchain payment solution Terra is what South Korea needs on its market right now. Check out the commentary by Daniel Shin.
The South Korean mobile payments CHAI dApp is aiming to make retail adoption bigger, better and more sufficient for customers. Although many dApps focus on full-blown advertisement or bots to make sure they are ranking high up on social media. This dApp is designed for not so tech-savvy Blockchain enthusiasts.
To CoinDesk, the co-founder of Terra Daniel Shin, said that customers prefer networks that accept CHAI like one of the most famous Korean website TMON, under Shin’s governance, also the e-craft market Sinsang Market and music streaming Bugs.
There are over 500,000 users on the app with about 40,000 users since the launch. The average total spending can exceed 54 million dollars.
Korea is fully embracing the online life since the CU store starts accepting CHAI as a payment tool to all of its locations this December.
CHAI is part of the Blockchain payment system Terra. Terra’s payment rail is built on two Cryptocurrencies: The native stablecoin of Terra for funds across the networks and the token Luna designed for small transaction fees for miners – like 0.1 or 1%, as explained in the Terra white paper.
Terra’s co-founder comments:
“Terra and CHAI were meticulously designed from day one to drive mass adoption and deliver the right kind of value, to be able to drive millions of customers to use it.”
Terra is lowering merchant fees and therefore vendors are saving up to 810,000 dollars. Shin states that what is going to bring such decentralized mobile payments are credit cards that take 3% fee for a single transaction.
For Daniel Shin what CHAI brings to the market is the needed value proposition to thrive and develop businesses.