|Total Supply:||(25,000,000 PYP)|
What is PayPro (PYP)?
PayPro is a financial marketplace where any Decentralized Application (dApp) will be able to offer its services. Thus, dApps will be competing among them to become your supplier, not the other way around as with banks. In order to accomplish this goal, we are building first a universal wallet that will be capable to store most popular crypto-currencies and any ERC-20 token.
As soon as we have released the wallet, we will build the marketplace. 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 crowd funding 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.
PayPro is a financial marketplace where any Decentralized Application (dApp) will be able to offer its services. Thus, dApps will be competing among them to become your supplier, not the other way around as with banks.
PayPro’s marketplace will be built as a decentralized autonomous organization, also known as DAO. According to David Johnston, a Decentralized Application (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 cannot 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.
However, their application has two features that makes it different from a dApp and thus must be sorted as a DAO; PayPro’s marketplace has both internal capital and takes decisions by his own. Their best asset is a product focused team. The team is headed by its CEO Pablo Ruiz, who has already started up 1 company before PayPro. He has a Degree in Law at ESADE and MSc in Management at the Imperial College London.
Core Features of the PayPro Platform
Understanding 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 cannot be used. For that reason, we have built the financial-marketplace first.
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 storing bitcoin, but this is just a proof of concept made for user experience purposes. You can download it on the AppStore.
- Market place (Not available until July 2019)
On the one hand, users will be capable of using their PayPro Tokens, also known as PYPs, for buying the 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.
Also, 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.
Benefits of the PayPro Token
PayPro is going to create two type of tokens; PYP and zPYP.
- PYP as a currency
PayPro Token (PYP) will be the flagship currency in our ecosystem, facilitating transactions within the marketplace. The main purpose of PYPs is that they will be used for political rights and for usage;
All services offered in the marketplace and all transaction fees will be charged in PYPs. Due to the increasing number of currencies that are going to be supported by the application, they have to decide which one is going to be accepted in order to charge all fees and for the marketplace to be simplified. Whereas is true that ETH could be a good candidate, we are reluctant about relying on it due to the fact that we do not share that Ethereum is the final winner for Smart Contracts. Other ventures as Neo (AntShares) offer also attractive opportunities that are very likely to be successful in the mid-term.
As a private entity, PayPro will not have any kind of property or similar on the marketplace – actually PayPro will have a MIT open-source software license. Our only interest is to make it grow and used by the community. In order to do that, we are responsible for providing support to the community. Nevertheless, we will be holding a number of tokens after the ICO. We will use these tokens to finance our organization and keep creating value for our community, including its users, our investors, developers and all forms of stakeholders.
- zPYP as a Rating System
PayPro is going to issue a second token named zPYP. Its main purpose is to create a decentralized system whereby the community can value the quality of the services offered by dApps on the marketplace. The more zPYP a dApp has, the better its service.
zPYP can only be acquired by ways of effort, meaning that a Pool created by PayPro will allocate zPYP within dApps and Users as a way of rewarding work. Thus, it is not possible to purchase zPYP. A dApp can use zPYPs in two different ways; first, the community will prefer high value dApps and hence, more clients can be generated.
Second, zPYP can be exchanged by PYP. The price of zPYP will be set at a fixed rate of 1 USD. In order for a user to get zPYP, he has to rate dApps after a service or product us bought. After that, the pool will allocate zPYP to the user, which he can exchange by PYP.
PayPro heavily relies on its rating system in order to keep its main competitive advantage, which is to offer a user-focused marketplace. Therefore, the marketplace needs both the users and the dApps to use zPYP. On the one hand, dApps will struggle to get zPYP as this will improve their positioning in the marketplace and will generate more income of users.
Furthermore, dApps can find on zPYP a secondary source of income by exchanging them for PYP. On the other hand, users will be encouraged to rate dApps as they will receive zPYP for doing so. As zPYP can be exchanged for PYP, users can monetize their work.
ICO and Token Distribution
Token sale period
The token sale will start on January 8th, 2017 at 21:00h GMT and will finish on January 31st at 21:00h GMT or whenever the target value of 20,000 ETH is reached.
Exchange rates and limits PayPro token will be sold at 500 PYPs to 1 ETH. Minimum investment is set at 0.5 ETH. No other crypto-currencies are accepted. There is also token presale if you meet some conditions.