Smile Coin, a project supported by the Algorand Foundation, has released the Testnet-version their highly anticipated Web3 SDK. With just 10 lines of code, any Web2 platform can become a Web3 one. The SDK allows gaming companies to accept payments, pay users in SMILE, and provides access to Smile Coin Network play to earn incentives.
By virtue of adding their financial transactions to the blockchain, players are automatically enrolled in the Smile Coin Network’s dApp. The dApp provides users with transaction analytics, unrivalled rewards for consecutive play on any partner platform within the network, up to 125% APY staking as well as mini-games, airdrops and many other features. This incentive has a tremendous effect on user retention, value and satisfaction. Grin Gaming is the first platform that integrated the private Mainnet SDK.
Grin Gaming was the first platform to implement the Mainnet beta SDK. The results are amazing. Grin reported an almost 1000% revenue increase since integrating Smile Coin SDK. Grin also boasts a 32% retention rate over 30 days for players who transact $SMILE, breaking the industry average of 10x.
The team’s motivation for building the payment gateway stemmed from a problem they kept hearing from gaming companies: “We are a federally and state-level legal business, but PayPal refuses to do business with us.” As avid gamers themselves, they realized that Algorand’s L1 DeFi protocol was the perfect tool for using the blockchain to allow gaming startups to efficiently monetize their hard work and thus more quickly implement the tech and financial processing tools they need to start operations. Smile makes it easy for businesses to transact on the blockchain.
Concierge Wallet Service is one of the most unique features of Smile Coin SDK. With only a phone number, and an email address, interested parties can securely create an Algorand wallet that is funded with SMILE. This eliminates a lot of friction. This service allows players to purchase additional SMILE and ALGO directly from the SDK without ever needing to use an exchange.
This simple funding and on-ramping for new users of Smile will allow the Algorand ecosystem to grow even faster. With the goal of abstracting the confusing parts of the blockchain and enabling DeFi to make the payments world more equitable for everyone, Smile Coin’s payment gateway is open to all legal businesses. This is a major victory for traditional finance companies that use their monopoly power and refuse to pay legitimate small businesses that pose a threat to their financial system. Smile Coin is bringing new competitive forces to an industry that has been long controlled by obscure rules and crony capitalism.
Smile Coin believes Web3 Play to-Earn entertainment is the inevitable future for the entire gaming industry. They have partnered with some of the most innovative pioneers in the sector to provide more than 50,000 network players with more opportunities to earn and a seamless method to begin processing crypto payments. As a team of 10+ engineers and security analysts, they have seen it all, and their engineering practices reflect the lessons they’ve learned.