When Bitcoin emerged as an alternative to the current pyramid-shape payment network, it amazed everybody within the industry by promising a new decentralized payment network. It was called the second internet revolution. However, Blockchain was still getting discovered.
With the raise of Ethereum, we discovered that Blockchain is not only meant to change the current payment network but also to change our entire eco-system. The same principles of Blockchain can be applied to property ownership, digital identity, supply chain, insurance or clinical trials, for instance. From my perspective, this new understanding of how Blockchain can be used thanks to Smart Contracts will be the starting point of creating a Digital Legal System.
This new paradigm is going to create new needs that are going to be looking for new solutions. At PayPro, we strongly believe that this future is very close and thus, we want to position ourselves in the front line by delivering a solution that will ease the switch from the old to the new paradigm.
We have made this white paper to share with you how we believe we will achieve this.
With the raise of Ethereum, we discovered that Blockchain is not only meant to change the current payment network but also to change our entire eco-system. The same principles of Blockchain can be applied to property ownership, digital identity, supply chain, insurance or clinical trials, for instance. From my perspective, this new understanding of how Blockchain can be used thanks to Smart Contracts will be the starting point of creating a Digital Legal System.
This new paradigm is going to create new needs that are going to be looking for new solutions. At PayPro, we strongly believe that this future is very close and thus, we want to position ourselves in the front line by delivering a solution that will ease the switch from the old to the new paradigm.
We have made this white paper to share with you how we believe we will achieve this.
What is PayPro ?
PayPro is a decentralized bank made for dealing with a new eco-system where value is represented in new forms thanks to Smart Contracts. Thus, PayPro is a decentralized financial-marketplace where any dApp can post its services. We are also developing a Wallet where users will be able to store crypto-currencies and any ERC-20 token.
After we have built PayPro, a user will be capable of storing ETH, BTC or GAS, for instance, and use the marketplace for investing in a crowdfunding platform, for instance. Likewise, the shares received from that investment in the form of tokens, will be also stored at PayPro. As a result of that, all the crypto-assets and liabilities of an individual will be represented in PayPro.
Decentralized application
PayPro’s marketplace will be built as a decentralized application, also known as dApp. According to David Jonhston, a dApp must meet some criteria in order to be considered as such:
- The application must be developed open-source, it has to operate autonomously and the majority of tokens can not be controlled by an entity. Also, proposed improvements and market feedback may be adapted in the protocol.
- In order to access the application and to reward any contribution of value from miners or contributors, a cryptographic token is necessary.
- Tokens must be generated as proof of the value generated to the application.
- A decentralized Blockchain must be used to store data and records of operation in order to avoid any central point of failure.
The Product
We understand that the core functionality of PayPro has to be its capacity to store currency-value and spend it. Otherwise there is no point of storing value if it can not be used. For that reason, we have built the banking platform first.
Wallet
PayPro will accept most forms of crypto-currencies. Using Ethereum will allow users to store at least the 100 most used currencies by transaction volume per day. Of course, PayPro Token will be our main currency and will be easily exchanged with any other currency.
So far, we have developed an iOS app that allows to store BTC, but this is just a proof of concept made for user experience purposes. You can download it on the AppStore here: https://itunes.apple.com/us/app/paypro/id1225181484?l=ca&ls=1&mt=8
On the one hand, users will be capable of using their PayPro Tokens, also known as PYPs, for buying any service in the marketplace. These services will range from loans or credits to investments. Once the user will have spent its PYPs, a token will be received and stored on the application as a result of using a Smart Contract. For instance, if a user wants to invest in a crowdfunding platform, he can browse for crowdfunding platforms, select a campaign, pay in PYPs and store the token received in exchange on PayPro.
On the other hand, suppliers can submit their services to the marketplace. By using smart contracts, we can ensure that all transactions are made in a secure and efficient way. All suppliers will be rated by the users so the best suppliers can be recommended and the worst can be ruled out. By implementing this rating system we can avoid centralization and thus guarantee that services are client-focused and not the otherwise.
Decentralized Application
Management of the dApp
We strongly believe that PayPro can not have any right of ownership over the dApp. Otherwise, the essence of what a dApp would be broken.
Out of 100% of the issued tokens, we are only distributing 40% of them on this ICO. Although we have been asked about the possibility of burning the remaining tokens, we believe that would bring the platform to be led by token holders who might not be prioritizing our long-term goals but mere speculation. As David Jonhston suggests, the ownership of a dApp become less and less centralized after having distributed its tokens via fund-raising and collaboration.
Following Jonhston’s scope, the ownership of the dApp is distributed furtheras participants with more diverse skills are incentivized to make valuable contributions. Also, those who value the tokens the most are being transferred with them through market forces. This ultimately promote even further the development of the dApp by those individuals who can help the most in the areas that they have expertise. Therefore, we understand that our duty is to progressively release the decision power not only when PayPro needs funds, but also as long as the community gets prepared to it.
Token Sale Summary
Name PayPro Token
Symbol PYP
Pre-sale period January 8th to January 15th, 2017
Pre-sale terms Min investment of 15 ETH
Pre-sale bonus Bonus of up to 35%
Main Sale period January 15th to January 31st
Main sale terms Min investment of 0.5 ETH
Main sale bonus 1st 24 hours 20%
1st week 15%
2nd week 10%
Exchange rate 1 ETH : 500 PYP
Limits 20,000 ETH (Hard Cap) or EUR 5,000,000.00
depending on exchange rate.
Accepted currencies ETH only
Token holder benefits Decision & Economic rights.
% of Token sold 40%
Nationality Anyone except Singapore, Estonia and the US due to legal restrictions or countries trade sanctioned by the US.
Team
For More Information :
Website : http://www.payproapp.com/
Ann Thread : https://bitcointalk.org/index.php?topic=2460780
Whitepaper : https://drive.google.com/file/d/1hKog8eUF8Jxhh7kCBNYQTOwOr5RdVMqX/view
Facebook : https://web.facebook.com/thepaypro?_rdc=3&_rdr
Twitter : https://twitter.com/thepaypro
My Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1210304
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