Today marks the launch of a token sale to bolster the network's capabilities through the use of smart contract-driven blockchain technology, and the creation of a new payments ecosystem based on an open network: HAZZA.
The aim of HAZZA is to enable banks, payment schemes and merchants to bring payments to the next billion customers," says Octo3 Chairman Ajmal Samuel. "The entire global payments ecosystem would benefit from a universally accessible, low cost, blockchain-enabled payment network connecting all players to each other."
Card networks have provided value and more services to billions of customers through innovation. However, they still face friction points in expanding their network to the next billion customers, supporting processing for network transactions and administering contracts. Legacy infrastructure, inefficient processing and routing result in cascading fees and high costs to consumers, merchants, PSPs, and credit card issuers. The aim of the HAZZA network is to reduce that friction and create opportunities, through scale, that allows players to create integrated value solutions through massive enablement.
"Our vision for HAZZA is to allow merchants to connect to one common network and access any payment system also plugged into HAZZA. This would mean that credit cards, mobile wallet providers, banks and more should be able to connect to HAZZA," says Octo3 CEO Tyrone Lynch. "With HAZZA we want you to be able to collaborate with more merchants using simple APIs."
In practice, what this could mean is that a person can visit their favourite store and pay with whatever means of payment they prefer.
Payment providers could, therefore, cut hundreds of complex processes and expensive relationships down to one, simple, reliable low-cost solution that dramatically expands their reach to merchants worldwide. The global availability of processing engines, accessible through APIs, could make onboarding of banks and digital and mobile money services a frictionless and rapid process.
Smart contracts could also fast track alignment and agreement among merchants, payment service providers and entire payments ecosystems. The whole payment eco-system could, therefore, benefit from expanded scale, reduced friction and the immediate availability of processing services.
While the HAZZA network has not yet been launched, Octo3 already has significant parts of the technology that will underpin it.
The Token Sale
The HAZZA token sale, is underway now in a pre-sale. The sale of HAZZA tokens (ticker: HAZ), will be open to the public on October 3, 2017 and ends October 31, 2017. Following the token sale, resources raised will be used to strengthen the technology through the incorporation of blockchain solutions using smart contracts to drive efficiencies. The aim of the tokens is to provide a means of accessing the cloud-based system. Tokens will be available for purchase using popular cryptocurrency choices including Bitcoin and Ethereum. Tokens may also be available for purchase in USD.
"We expect the utility of the token in accessing this proven, operational network, will be extremely high," explains Mr Lynch. "The cryptocurrency structure will create a self-fulfilling value creation engine. We anticipate innovators and owners of tokens will have strong incentive to constantly create new solutions to build on the network."
The network will be based on Octo3's intellectual property (IP). Octo3 will transfer its IP, and current PCI compliant technology, to the Octo3 Foundation, a not-for-profit entity.
"Financial inclusion means bringing everyone into the network -- from entrepreneurs in developing nations to consumers around the world. Everyone has to be able to access the benefits of the global economy. A transparent, accessible and affordable system can create opportunities for credit card providers, banks, Alternative Payment Methods (APM) and other payment solution providers," says Mr Samuel.