PAYFAIR – The Decentralised Escrow Service
Cryptocurrencies are one of the most important inventions since the inception of the web. They are ushering in a new era of decentralization, privacy, and control of one’s own data that has the potential to revolutionize many parts of society. There are currently over one thousand cryptocurrencies in use, with hundreds more being released each year. Their combined market cap has grown from $10 billion in 2016, to over $400 billion at the time of writing, having previously been much higher.
Blockchain technology has thus far been the true star of the cryptocurrency revolution. Although the value of popular digital coins like Bitcoin and Ethereum have been in near-constant flux in recent months, the technology that powers them has been making headway into industries of all kinds all over the globe. Naturally, some of the earliest adopters of blockchain technology are in the fintech sector, but they’re far from alone.
Despite the pace of growth of blockchain economy and ICO market, these last months, every now and then government regulators of different countries threaten to limit the turnover of crypto assets. In September most of the crypto news was focused on China banning ICOs and Russian ministry of financial planning to limit the sale of cryptocurrencies for non-accredited users.
The uncontrolled rise of fraudulent schemes is usually referred to as a key reason for tough measures. That is not far from reality, given the insane success of most ICO’s, scammers are flooding the market creating false coins to get their piece of ICO pie.
Freedom and independence of the participants always were the underlying principles of original blockchain concept. However, the lack of standards will lead to the further escalation of chaos and fraud in the cryptocurrency sector. Even now experts claim that 99% of the blockchain startups, initiating the ICO-campaigns do not intend or unable to develop a finished product. That is not just a criticism, over the last few years, thousands of cryptocurrencies have emerged and over 90% of them have failed.
As the success and growth of blockchain-based cryptocurrency have proven, the future will witness a decentralized, efficient, and comprehensive global ecosystem. At this juncture, I would like to present PAYFAIR, a decentralized Escrow platform which ensures the paramount security of all Cryptocurrency transactions made between two parties.
PayFair is not only designed to provide a safer environment, but also save time. As no third parties are involved when making a transaction; we can avoid the time-consuming bureaucracy.
PAYFAIR is a decentralized Escrow platform which ensures the paramount security of all Cryptocurrency transactions made between two parties. It’s enabled with PAYFAIR tokens (PFR), which is an ERC-20 token based on the Ethereum blockchain. We provide extremely low fees for all transactions in a safe, private and decentralized environment.
In addition, Payfair’s buѕіnеѕѕ proposition is tо fасіlіtаtе secure, easily ассеѕѕіblе аnd аffоrdаblе еѕсrоw ѕоlutіоnѕ for сrурtосurrеnсу рауmеntѕ. Thе buуеr mаkеѕ hіѕ рауmеnt, whісh іѕ ѕесurеd іn an E-еѕсrоw ассоunt and еаrmаrkеd for a ѕресіfіс transaction. Once thе ѕеllеrѕ аgrееѕ tо раrtісulаrѕ оf thе transaction, a dеаl is іn рlасе. Thе seller then рrосееdѕ tо transfer thе gооdѕ wіth the аѕѕurаnсе thаt hіѕ рауmеnt is ѕесurеd. Onсе the buyer соnfіrmѕ rесеірt оf goods, payment is іmmеdіаtеlу released tо the ѕеllеr. Pауfаіr claims transactions on іtѕ platform саn bе рrосеѕѕеd 5 tіmеѕ fаѕtеr thаn trаdіtіоnаl ѕmаrt соntrасtѕ.
Aѕ much ѕесurіtу as a smart соntrасt оffеrѕ on іtѕ оwn, a ѕmаrt contract lаrgеlу favors the buуеr. Thе ѕеllеr is іnаdеԛuаtеlу рrоtесtеd. For іnѕtаnсе, a ѕеllеr has ѕhірреd аn іtеm аnd thе smart соntrасt kеерѕ thе соіnѕ hеld in еѕсrоw untіl bоth parties аgrее tо rеlеаѕе them. Amoral buуеrѕ hаvе bееn knоwn to not rеlеаѕе thе trаnѕасtіоn, dеѕріtе thе fасt thеу hаvе received thе іtеm.
Whеrеаѕ іn thе рауfаіr system, escrow оnlу rеlеаѕеѕ fundѕ іf bоth parties are hарру. Truѕt nodes реrfоrm the function of a trаdіtіоnаl еѕсrоw. Users саn earn PFR tokens bу running truѕt nоdеѕ. In thе event that both parties to a trаnѕасtіоn аrеn’t ѕаtіѕfіеd, there іѕ a dispute rеѕоlutіоn рrосеѕѕ. Escrow nоdеѕ rерlасе miners іn the PFR ecosystem. Thеу run thе network аnd rесоrd transactions in thе lеdgеr.
- Create trust-less guarantees between contractors, sellers, and buyers.
- Ensure a mutually beneficial relationship between all participants within the platform.
- Create an independent system without outside or developer interference.
- Raise the social interest in cryptocurrencies and provide an easier to use FIAT Gateway for new investors.
How does it work?
The self-regulation system consists of independent escrow records and trust nodes (i.e., PFR token owners). The heart of the Payfair ecosystem is the PFR token. This ensures that transactions between Payfair users are insured with their PFR tokens. Interest commissions from transactions are distributed every month among all trust points (PFR holders).
This system includes independent Trust nodes and Escrow nodes. Trust nodes perform the function of a traditional escrow. They are owners of the PFR token, which sits at the heart of the ecosystem. The PFR token ensures trades on the platform are insured using PFR tokens at stake. PayFair collects a small fee to keep it running and also distributes a percentage of this fee to the Trust nodes every month. In this way, holders of PFR earn a profit by holding tokens. The Escrow nodes replace miners in the PFR ecosystem. They run the network and record transactions in the ledger.
The PayFair ecosystem is intended to allow users to swap their coins, goods or services with one another in a protected manner without the need for a third party. If you take a look at the PayFair website where transactions are recorded you can see that most of the participants are looking to get funds in their own government issued currencies using Paypal, Perfect Money, bank transfers or even cash. While at present their ecosystem seems to be limited to financial transactions, in the future it would likely not be difficult to include physical items which could be verified via a tracking number and photographs as evidence of delivery. This functionality will likely progress naturally as the user base increases.
There are two main ways to earn income based on the token, Escrow Nodes and Trust nodes:
- Escrow nodes
The node ensures the integrity of the trade between the two parties, and currently the PayFair team has announced that you need $250 worth of PFR to hold a node. There will be some active work involved with these nodes where you might have to mediate in different trades. 40% of the fees involved with the escrow nodes will be distributed to all Trust node holders monthly.
- Trust Node
Everyone that sets up a Trust node, will help provide a more stable and safer system for the platform. Here you just have to leave the wallet online and don’t have to do anything else. This is similar to other staking coins, such as Reddcoin. The team has announced that you need 10,000 PFR to set up a Trust node, and you can stake and get proportional returns if you get 15,000 or 20,000 etc tokens. In the Trust nodes 80% of the transaction fees will be distributed back monthly.
- Escrow independence is achieved through anonymity, thus does not depend on contractors.
- Decentralized escrow meaning those who run the nodes are not linked to any third party but are engaged independently.
- An escrow rating system will ensure a high level of customer service and reliance when disputes occur.
- A buyer, seller, and contractor rating system to ensure those who provide a reliable and/or smooth transaction are highlighted.
- Full open-source API
- The most popular cryptocurrencies will be offered as a means of payment between contractors with more crypto offerings added as the wider market matures.
- Self-learning neural system for automatic transaction processing.
Why choose Payfair?
- Eliminate the lack of trust between contractors, buyers, and sellers.
- Regulate trade conflicts through the help of a decentralized, rating driven escrow service.
- Decrease the exorbitant fees that plague the escrow market.
- Eliminate the potential for opportunistic and orchestrated fraud.
Payfair Token (PFR)
The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis. The PFR tokens are an essential component of the entire platform ecosystem. The PFR tokens are used to create trust nodes and safe environment during the transactions.
For more information, please visit:
Telegram channel: https://t.me/payfair
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1847143