The PIN Network and PIN Token

What Is the PIN Network?

The PIN Network is a Layer 2 blockchain built in-house by Pay It Now, operating since 2021. It is built on top of Polygon's Proof of Stake (PoS) consensus mechanism.

Energy use: 0.002 TWh annually — 99.99% less energy than Bitcoin.

What Is a Layer 2 Network?

A Layer 2 network is a secondary protocol built on top of an existing blockchain (Layer 1) to enhance its scalability and efficiency. It helps reduce transaction fees, increase transaction speed, and alleviate congestion on the main blockchain, while still relying on the security and decentralisation of the underlying Layer 1 network.

The key benefit for PIN Network users: zero gas fees on all in-app transactions.

The PIN Token

• Launched: December 2021
• Originally deployed on: BSC chain; migrated to Polygon in 2022
• Now backed by: BTC, and available exclusively within the PIN Network App

The PIN token functions as a settlement currency for payments, staking, trading, and rewards. Token holders earn reflections from fiat-to-crypto trades, proportional to staked amounts.

Fund Protection

• Assets are backed 1:1 on the network
• Additional protection is provided through local Trust accounts

Token Listing

Third-party developers can list tokens on the PIN Network. Benefits include:

• Zero gas fees
• Merchant integration access
• Customisable features
• Debit card access

Apply via payitnow.io/the-pin-network. Terms and conditions apply.

White Label Solutions

Pay It Now offers white-label programs for blockchain projects wanting to accelerate market entry. These provide access to wallet infrastructure, the Layer 2 network, and payment systems. Inquire via payitnow.io/the-pin-network.

In-House Capabilities

The PIN Network provides:

• Layer 2 blockchain solution
• AML-compliant digital payment system
• All-in-one digital wallet (peer-to-peer)
• Blockchain-based data storage platform (PIN DATA)
• Cryptocurrency shopping
• Web3 Mastercard integration
• Bill payment functionality

Source: payitnow.io/the-pin-network, payitnow.io/faq