What is Peaze?
Peaze was built to make web3 apps easy for everyone. As it stands, web3 apps are too complex for most internet users. By abstracting away many of the user experience hurdles, such as on-ramping, gas management, and more, Peaze allows you to offer seamless web3 user experiences that doesn't require crypto knowledge.
Users can use your web3 app with just an email and credit card. We spin up non-custodial wallets tied to social logins, perform under the hood on-ramping from credit card and bank account, provide one-click off-ramping, allow you to sponsor gas, and more.
We really appreciate you showing interest in Peaze and our closed beta. As such, we are looking for critical feedback as we work to improve web3 UX. Please give us a follow on Twitter to keep up with our progress, or shoot us an email to give feedback. We're excited to build a better web3 together!
How does it work?
Authentication and Key Management
We authenticate users with traditional auth methods like Google, Twitter, and email. These auth methods are tied to a non-custodial wallet that users can access through your implementation with Peaze.
First, let's lay out some definitions:
- Self-custodial: Only the user knows their private key. They have full ownership and responsibility over their private key. If they lose this key or their backup seed-phrase, they will also lose access to their wallet. MetaMask, Rainbow, etc. are great examples of self-custodial wallets.
- Custodial: A third-party has full control over the user's private key. Centralized exchanges are a good example of custodial wallets. The user has no control of the private key, and has no means of taking control of said private key.
- Non-custodial: No single entity controls the private key in its entirety, including the user or any third parties. Instead, control mechanisms for accessing the private key and generating transaction signatures with the private key are customized and distributed . There are many different non-custodial key management strategies.
Peaze utilizes non-custodial key management with Smart Contract Accounts. There will be more details on our implementation soon.
Abstracted Transaction Funding
Users no longer need to top-up their wallets and maintain a balance of various tokens to operate on-chain. Our under-the-hood on-ramping funds transactions in real-time directly from a user's credit card or bank account.
When a user confirms a transaction, a standard transaction signature is generated and temporarily stored. The on-ramp process is then triggered, which charges the user's fiat payment method, and the appropriate amount of crypto is sent to their wallet. Any necessary swap/bridge is also performed during this step. Once the on-ramp is complete and the correct token is in the user's wallet, the signature is broadcasted to the blockchain, and the transaction is complete. The diagram below outlines this flow.
Updated 7 days ago