How to pay with crypto
Santiment TeamFeb 05, 2020
In cryptocurrency, having convenient and alternative methods to transact outside of Fiat is very much needed. This is why we offer our users not just the ability to pay with our own SAN token, but also some serious incentivization for choosing this option. Our users can now make their payment via SAN token burning to gain access to Sanbase, Sandata, and SanAPI subscriptions. And there’s a big advantage to doing so, as 1 SAN = $1 on our platform. At the time of this writing, this would be equivalent to a roughly 71% discount (at SAN’s current price of $0.285) for any percentage of your subscription that you would like to stake with SAN!
It’s worth noting that we use a token burning method to stake SAN subscriptions instead of having our users outright send their tokens to us for a specific reason. If these tokens were sent to us, then having us circulate these tokens back into the market would push the price of SAN down. Burning them will make the value of SAN only go up, and thusly provide us greater runway to continue improving Santiment!
To us, loyal users who believe in our platform and help circulate our token deserve to be rewarded. And this discount is a way of saying thanks, and lasts until the market price of SAN moves past $1. When it does exceed $1, this discount will be removed so users are protected from ever getting worse value than USD through payment via our token. If you need help purchasing SAN, we recommend visiting https://www.bitfinex.com/t/SANUSD, https://kyberswap.com/swap/eth-san/, https://www.bancor.network/token/SAN, and https://uniswap.exchange/swap (finding SAN in the dropdown). If any help is needed on this kind of payment method, please feel free to contact us. Also you can read more in this article
If you want to go the extra last mile and go the whole route to “burn” your SAN tokens as a form of payment, you can do so. By “burning” SAN tokens to make a whole subscription payment, you must require proof that you have done so.
The process of burning SAN is actually quite simple. From any connected ERC-20 MetaMask account or exchange your SAN is being held, you can simply transfer a set amount of SAN tokens to address ‘burn.santiment.eth’ which points to the address ‘0x000000000000000000000000000000000000dEaD’. Once this has been done, just contact us via Intercom and provide the transaction hash of the burning transaction and let us know how you would like to spend the amount of credit (with our offered discount).
The user contacts us on Intercom and provides the transaction hash of the burning transaction. They say how they want their credit to be spent. A Santiment member checks the transaction. Then they create a subscription that corresponds to the user’s wish and update the user’s credit.