What is PayFair.io?
PayFair.io is a decentralised Escrow platform and is designed to allow its customers a safe, private and decentralised environment to trade, providing a trust-less experience. Think localbitcoin without the limitations of only Bitcoin to trade with! Trading is live across a wide selection of Crypto to FIAT pairs. Visit us here https://payfair.io/.
Every fee on the PAYFAIR platform will be distributed as follows:
Non-escrow deal (No dispute)
1% fee, without taking into account contractor rating
- Trust-node — 80%
- Marketing, supporting ecosystem — 20%
Escrow deal (A dispute has occurred)
1.5% fee, without taking into account contractor rating
- Trust-node — 1%
- Escrow-node who made the decision — 99%
PFR Tokens and Nodes
PFR tokens are an essential part of the ecosystem. Tokens create Escrow nodes to enable the decentralised escrow system for resolving disputes and Trust nodes to support the price of the token, making it stable and resistant to dramatic changes.
What are Trust Nodes?
Trust-nodes are awarded for their passive participation in the system. They receive a commission for every successful trade on the platform of which is paid out in the currency that each trade was completed in.
The trust node is a critical element within the network and performs the important job of maintaining, updating, and securing the PayFair ecosystem. Trust Nodes support the price of the token, making it stable and resistant to dramatic changes.
To setup a trust node you will need 10,000 PFR minimum. Trust nodes are weighted meaning additional PFR over 10,000 will multiply the payout value. For example: 17,000 PFR = 1.7x payout.
The advantage of Trust Nodes over other master nodes is that there are no hardware requirements or 24/7 online time. You simply use the signing feature within myetherwallet to link your PFR wallet with the PayFair platform, then sit back and enjoy your passive income.
80% of the 1% Fee taken from Non-Escrow transaction are distributed back to Trust Node holders.
40% of the 3% Escrow transaction fees are distributed back to Trust Node holders.
What are Escrow Nodes?
Escrow-nodes are rewarded for their active participation in the system. They receive a commission for each successful trade they have participated in of which is paid out in the currency that the trade was completed in.
Escrow-nodes ensure the integrity of a trade between parties (buyer and seller). Escrow (or Guarantor) nodes are secured by PFR tokens, meaning every decision in the ecosystem is ensured by value and is performed by a real person. When this is combined with an Escrow rating system it further supports its ability to rid the platform of bad actors.
Current masternode systems do not allow participants to connect in any meaningful human-to-human way. PayFair’s “Smart Wallet” technology will allow Escrow node holders to easily connect and communicate with other Escrow node holders (unless they wish to stay anonymous.) This new type of networking gives the PFR token a clear advantage over similar coins because Escrow node holders can more easily organise themselves because they know who each other are.
Escrow Nodes are an immutable $250 worth of PFR, operating an Escrow node will require active participation within the platform. This participation comes in the way of resolving disputes between buyers and seller based on the information provided.
Once an escrow node has received a notification to resolve a dispute, they must review the logs of the trade. Once reviewed, it may be clear who the honest party is based on the information provided. However, should more information or evidence be required; an escrow node has the ability to request this information before making their final decision. 3 identical consecutive decisions are necessary for an outcome to be reached.
One resolved the escrow nodes will be rated by the users. The higher the rating, the more likely they will receive further dispute cases in the future; resulting in higher income for the escrow node holder.