[Global Payment in Web 3 Keynote Speech] Txnhub Co-founder Angus Chiu: A PlatON-Based Transaction Hub to Bridge Web2 and Web3
Recently, at Global Payment in Web3, a sub-forum of the Hong Kong Web3 Festival 2023, Txnhub Co-founder Angus Chiu delivered a keynote speech titled A PlatON Based Transaction Hub to Bridge Web2 and Web3.
In his speech, Mr. Chiu proposed the following core views:
- Gifts, rewards, loyalty, and incentives are all part of human nature in both Web2 and Web3.
- In Web3, stable value tokens can minimize ownership volatility and power Web3 application communities.
Here’s the full speech by Mr. Angus Chiu:
First, let me thank PlatON for inviting me to present our project and show you how we are migrating from Web2 to Web3 through corporate collaboration. I’m the founder of TxnHub and MineSec, and we have delved deep into the transition from Web2 to Web3. MineSec is a Web2 company, while TxnHub focuses on helping users and merchants shift from Web2 to Web3. We will keep fostering our ecosystem to meet the demands of platforms and businesses.
TxnHub strives to bridge the gap between Web2 and Web3. Our team members come from different regions, including Hong Kong, China’s mainland, and Silicon Valley. Leveraging our tech background in Web2 and a strong technical team, we have developed a Web2 financial engine to offer customizable financial products on Web2 platforms, as well as more personalized services on Web3 platforms. Here at TxnHub, we plan to support more tokenized services and products through Web3 protocols, especially B2B platforms for companies and merchants, enabling customers to make better use of these products and technologies.
We have built extensive partnerships, covering over a thousand brands and SKUs that work in fields such as retail, gaming, travel, media and entertainment. Our goal is to provide a real end-to-end Web3 solution, going from value storage to product delivery. Moreover, we are helping business players in different sectors tokenize their products and services on our platform, such as coupons, rewards, memberships, holiday discounts, tickets, vouchers, gifts, and more.
Why do we have to create a bridge between Web2 and Web3? To start with, users don’t care if they are using Web2 or Web3, and the only concern they have is whether the system meets their demands. In Web3, we are required to provide stable value, minimize ownership volatility, and empower the Web3 application community. As a bridge from Web2 to Web3, TXNHUB helps users enter Web3 and use Web3 applications with greater ease. Also, we have noticed that we could tap into our expertise in financial and blockchain technologies to provide extra liquidity for Web2 fintech products, facilitate ownership transfer during transactions, and make the whole process more secure. In a nutshell, TXNHUB aims to provide a stabler, more secure, and innovative fintech product by bridging the gap between Web2 and Web3.
Let’s take a look at how our system works. On the left, you can see all the Web2-based technologies, and we will tokenize the Web2 products in sectors such as retail, travel, and gaming. Our Web2 system complies with all the relevant standards such as PCI and ISO, and we plan to further this process by tokenizing Web2. Leveraging our own technologies, TXNHUB will generate customer contracts on the platform for products like gift cards to provide solutions and services. For example, on our platform, customers can issue tokens and benefit from the same operations through different systems integrated with API. Moreover, the platform also provides a segment dedicated to business intelligence. At the moment, we are building such technologies for our customers to help them tap into these products in Web3 and get support.
We are considering the overall customer journey and trying to set our goals. We have developed several applications, such as the store page for B2B and B2C merchants. Our platform now provides a large number of tokens that cover coupons, retail, and gaming. With TXNHUB, customers only need to select the product and make a payment to purchase the token, which can be burned, sent, and resold in Web3, or redeemed in Web2. This enables token liquidity between Web2 and Web3 and allows customers to actually use their token to buy products in the real world. Specifically, customers can make a purchase through their wallets or emails, enabling token consumption.
This scenario describes how tokens are used for shopping on TXNHUB. First of all, you need to check if the token is available in the wallet. Then, you log in to the platform as a Web2 company and generate a Web2 code. Finally, you scan the code on a mobile device or in a Web2 wallet for payment. If the token or coupon is not enough to pay for the full amount, you can also use SoftPOS to make up the difference with other payment methods, such as bank cards and credit cards. This is the whole payment ecosystem that we envisioned. At TXNHUB, we teach our customers how to use Web3 and how to use Web2 tokens in Web3. Through TXNHUB, customers will learn how tokens are used in e-commerce and other scenarios, in addition to conventional websites. Our platform now supports different brands and merchants, covering Australia and the United States.
I hope now you understand how TXNHUB creates a bridge between Web2 and Web3. If you are interested in working with us, please feel free to send us a message on our website or contact me directly.