Wirex is a digital payment platform that integrates cryptocurrency with traditional financial systems. Wirex Pay Nodes are a critical component in the platform’s native blockchain network and are now available for public sale. This guide demonstrates how to purchase a Wirex Pay Node and covers the associated passive income opportunities.
KEY TAKEAWAYS
• Wirex combines the flexibility of crypto with the familiarity of traditional financial systems.
• Buyers must have a non-custodial wallet set up in order to purchase a Pay Node
• Owning a Wirex Pay Node offers multiple benefits, including earning passive income from transaction fees and staking rewards, participating in network governance, and receiving additional rewards such as airdrops.
• Wirex Pay Nodes play a crucial role in maintaining the network’s security and integrity by validating transactions.
How to purchase a Wirex Pay Node
The public sale of Wirex Pay Nodes is live from Aug. 8, 2024. This follows a highly coveted pre-sale in which $2 million was raised and 8,000+ nodes sold in the first five minutes.
If you’re interested in scooping up a node, here’s a quick snapshot of the associated steps.
- Create and verify a Wirex account
- Set up a wallet
- Navigate to the Wirex Pay Node purchase page
- Complete the purchase
- Watch out for the NFT (details later)
Now let’s take a closer look at each step in depth.
1. Create and verify your Wirex account
Head to the sign-in option and register if you are a new user. Accept the terms and wait for the Wirex portal to send a verification email. Confirm your email to get inside the Wirex ecosystem.
You next need to provide basic details, including your phone number and name. You must verify a mobile number to gain complete access to the dashboard.
Note: You can also head over to the Pay Node page directly. However, it helps to have a Wirex Pay account ready.
2. Set up a wallet
Now go the Node page of the Wirex Pay Chain interface and connect your wallet. It might take a few attempts to connect MetaMask but once done, you can start exploring and purchasing nodes.
Do note that the wallet connection is routed via Polygon PoS.
Therefore, you can bridge ETH tokens from the native Ethereum network to the Polygon zkEVM — the one supporting the Wirex Pay Node.
You can also set up an official Wirex Wallet using the Wirex Pay mobile app.
3. Navigate to the purchase page
Once your wallet is successfully connected, you can start exploring the different available tiers.
Remember: Ensure that you have enough USDT/USDC/DAI/wETH in your wallet ready to move to the Polygon PoS network to make your purchase.
Complete the purchase
Once you are sure of the tier you want to invest in, hit the “Purchase” button and follow the on-screen instructions. Ensure that the nodes in your chosen tier are available and haven’t already been filled out.
Confirm the purchase inside your wallet. You now have a Wirex Pay Node!
Watch out for that NFT
Here comes the interesting part. Purchasing a Wirex Pay Node is about receiving your node license. Once your purchase is taken care of, you will receive a license NFT, which is an ERC-721 token. This acts as proof of ownership.
However, note that the NFT doesn’t appear automatically inside your wallet. Here are the mini-steps to follow to import it:
- Open the wallet app.
- Head over to the NFTs section.
- Look for an option that lets you manually add an NFT.
- Enter the Contract address (0x42D3e4904Ec7018bE4d24ddA91862d5e1117745D), which is the source from which the NFT will arrive.
- Enter the unique token ID, which is given to you after the purchase transaction is completed.
- Confirm the token standard, check the contract address, select the network as Polygon, and hit save/confirm.
As you are using a crypto wallet, you need to verify the token import once again using a wallet signature. You will then see the Wirex Pay Node license NFT inside your wallet.
You can then either set up the Node on your own or delegate the task to someone else if you don’t want to go through the technical hoops.
What is Wirex Pay?
Wirex Pay is a hybrid payment platform whereby users can hold, exchange, and spend both fiat currencies and crypto. For example, a user might hold USD, EUR, or GBP alongside Bitcoin, Ethereum, or Litecoin in their Wirex Wallet.
Some of the key elements of the Wirex Pay ecosystem include:
Wirex Card: This product operates like a regular debit card, allowing you to spend your crypto directly at a supported merchant. You can pay for your coffee with Bitcoin or settle a dinner bill using Ethereum via this debit-like card.
Bank transfers: Users can transfer funds between their Wirex account and traditional bank accounts, making it easy to move money across different financial systems.
Powerful blockchain network: Wirex Pay is built on the Wirex Pay Chain, which in turn utilizes the Polygon PoS network for node transactions. The Pay Chain uses Zero-Knowledge (ZK) rollups, which allow transactions to be processed off-chain and lower the blockchain load.
Unpacking the Wirex Pay Node
Wirex Pay Nodes are part of the Wirex blockchain. These nodes are responsible for validating transactions, maintaining the network’s integrity, and ensuring security.
Think of a Wirex Pay Node as a toll booth on a busy highway. Every car (transaction) that passes through pays a small fee, and you, as the toll booth owner, collect these fees. Wirex Pay Nodes generate passive income similarly.
Different roles of the Pay Node
- Transaction validation: When someone uses their Wirex card to buy groceries with Bitcoin, the transaction must be validated by a Wirex Pay Node to be completed.
- Network security management: Wirex Pay Nodes act as the guardrails of the network. While validating transactions, they also ensure the security of the blockchain. By staking WXT (the native Wirex token), nodes establish credibility and help maintain the network’s integrity. This prevents security-specific issues and ensures that all transactions are legitimate.
- Staking and rewards access: By staking WXT, a node operator can earn a portion of the transaction fees from all crypto transactions validated by their node, similar to earning interest on a savings account.
- Governance: If Wirex proposes a new feature or upgrade, node operators can vote to approve or reject the proposal, similar to shareholders voting on company policies.
Wirex Pay Nodes are expected to have applications that are beyond individual usage. These include:
E-commerce: Businesses can use Wirex nodes to accept crypto payments, offering customers more payment options.
Financial services: Banks and financial institutions can leverage Wirex nodes to facilitate seamless crypto transactions and integrate decentralized finance (DeFi) solutions into their offerings.
Retail: Retailers can benefit from lower transaction fees and faster payment processing by integrating Wirex nodes into their payment systems.
The tiered structure of the Wirex Pay Node ecosystem
As covered in the step-by-step element of this guide, the Wirex Pay Node purchase structure is divided into tiers — Early tiers (1-10), Mid tiers (11-30), and High tiers (31-40). Different tiers come with different possibilities related to future airdrop priority and event access.
Benefits of owning a Wirex Pay Node
Node ownership in the Wirex Pay ecosystem comes with a host of benefits. These include:
- Access to continuous rewards in the form of token supply rewards and a share of transactional revenue.
- Access to additional airdrops
- Access to governance rights
- NFTs represent node licenses, which equate to proof of ownership
- You can trade the NFTs, or rather licenses, on secondary markets, with potential profit opportunities
- The ability to contribute towards the benefit of the Wirex Pay network.
Is purchasing a Wirex Pay Node worth it?
If you want to contribute to the Wirex Pay ecosystem while generating passive income, learning how to purchase a Wirex Pay Node may be of interest. However, remember that all interactions with decentralized ecosystems and crypto carry risk. Prioritize your online security at all times, never share your private wallet keys, and only ever click official links.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile and all investments carry risk.
Frequently asked questions
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