Services
Last updated
Last updated
For clarity's sake, Glue foundation does not intend to directly provide any kind of services. Having a centralised service infrastructure is a bad idea for various reasons and would transform the foundation into an operating entity instead of a vehicle that helps develop Glue.
Glue is committed to investing resources in attracting service providers. The foundation believes that having a credible revenue model will be game-changing, finally combining the security and transparency of on chain custody with the convenience and support of traditional financial services.
The technology required to implement these services is straightforward. Glue will operate similarly to the Apple App Store model, enabling service providers to list their services for users to subscribe to. Crucially, the payment for these services is seamlessly handled by Glue itself, ensuring a streamlined user experience and robust support infrastructure. If users like a particular service or find it useful to them, they can subscribe to it. The payment process for these services is integrated into Glue, allowing for automatic and effortless transactions.
The Glue Network can significantly contribute to building a third-party service infrastructure, primarily by providing a robust revenue model. In traditional finance, whenever a credit card is used, a percentage of the transaction value is distributed among various service providers, who offer customer support, custody, float money, and insurance against fraud. This demonstrates that consumers are already accustomed to paying for such services. In the crypto space, there currently exists no practical method for implementing a similar revenue model. Although fee sharing through smart contracts is theoretically feasible, it is often inefficient, offers a poor user experience, and imposes significant limitations.
In the Glue ecosystem, service providers are treated as a first-class priority, with revenue models natively built into the platform to cater to their needs. The system is designed to be entirely opt-in, allowing users to engage with Glue without incurring any service fees aside from gas fees. Furthermore, users can easily opt out if they are dissatisfied with the service, in stark contrast to traditional financial systems where cancelling services can frequently be challenging.
Related information from Glue Network: Technology Stack white paper