In 2008, Bitcoin became the first peer-to-peer electronic cash system allowing online payments without the need for an institution. The core technology of Bitcoin is the blockchain, a decentralized, distributed, and public ledger that records all the transactions within a network. Since then, various projects leveraging blockchain technology have emerged. Ethereum for example, is a decentralized world computer. It enables any developer to run code on it with the assurance that it will run and that the code is censorship proof. For such blockchain networks to work effectively, incentives have been built-in and internal currencies put to use. These currencies are referred to as cryptocurrencies. In addition to those networks, entrepreneurs leverage blockchain technology to build decentralized applications.
Blockchains will redesign the way we exchange value, similarly to how the internet radically changed how we exchange data. Currently, Blockchain technology is mostly focused on handling payments; however, it will not be long before anything can be digitized and transferred online and everybody will be able to trade house ownership as easily as sending money from one person to another. Many entities will need to own cryptocurrencies to take advantage of what Blockchain technology has to offer. However, securing and managing these crypto assets can be pretty tricky, with mistakes often becoming extremely costly. Most of the tools available on the market today are designed for technically savvy individuals or developers; it remains quite difficult for companies and businesses to manage their cryptocurrencies efficiently and securely, that is until now.
Meet PayAccept, the decentralized finance innovator
At PayAccept, we want to ease this pain by adding a user-friendly layer to the interface to render blockchain technology more accessible. Why can’t we send money just as quickly and easily as sending an email? Or offer a loan? There are no rules saying we can’t. These questions are the foundation of the PayAccept vision and objective.
DeFi refers to a complete ecosystem of financial applications built on top of a blockchain. The goal is to develop and operate fully decentralized without any intermediaries such as banks, payment service providers, or investment funds.
DeFi is currently experiencing incredible growth. The present market cap (in April 2021) is set at almost one hundred billion US Dollars (USD), in which a part is locked across a variety of DeFi applications that offer lending and borrowing services, banking services (stablecoins), tokens, and other financial instruments. DeFi is not just one specific product or service but a defined collection of projects and innovative solutions to disrupt the financial market through blockchain technology.
DeFi meets sustainability
DeFi stepped into the spotlight of the blockchain and fintech communities and increasingly attracted the attention of conventional financiers and policymakers. Nevertheless, these parties often have a lack knowledge regarding what DeFi is and its true potential. As a blockchain-industry innovator, we want to contribute to this growth trajectory and support a variety of industries.
One of the industries that PayAccept has considerable interest in is the energy market. We believe that the energy market will be making a similar transition in the upcoming years as Decentralized Finance did for fintech.
Energy is the next step to power Decentralized Finance
Let’s call it Decentralized Energy (DeEn) and consider it a critical component to DeFi. Through working together, we can build an accessible, efficient and sustainable new world. It may sound almost futuristic at this point, but it is already happening. Just a year ago, Decentralized Finance was little more than an idea and now everybody knows about it.
PayChain — the green sustainable blockchain.
Decentralized Energy will become a core component in the DeFi blockchain we are building. But blockchain is a network with heavy energy consumption as a result of miners; how is that compatible with green sustainability?
PayAccept created a blockchain that runs, 100%, on Proof of Stake and Proof of Authority (PayNodes). Proof of Stake (PoS) doesn’t require miners as it utilises technology where the stakers validate the generated blocks. Proof of Authority (PoA) is an algorithm that delivers comparatively fast transactions through a consensus mechanism based on its identity as a stake. PayNode holders act as a backbone so that PayChain is decentralized and ready to empower the energy market on a global scale.
The EU has set goals to become carbon-neutral by 2050, with solar and wind technology at the forefront of this transition, PayAccept has set itself the challenge to decentralize the energy market. The big obstacle is that the current energy system is centralized with only major power generators, not a system that can handle millions of households with solar panels feeding the grid every day.
PayAccept will be a significant player transacting with the grid by connecting it with its blockchain and become the defacto of powering the world’s economy. A good example can be seen in the following video.
PayAccept vision for the energy market
Imagine a world where solar panel owners can convert their Energy directly into valuable tokens stored in the smart contracts and the decentralized app of PayAccept to conduct transactions and trade energy assets. Decentralized Energy has the same advantages and logic as Decentralized Finance. The PayAccept blockchain stores exactly where their energy is coming from, how it is produced and ensures every kilowatt-hour (KwH) is transparently stored. It opens an immense energy market where customers can trade their energy production and choose where their electricity is coming from in a fast and secure way.
Get PAYT for KwH
PayAccept will empower the energy market by introducing its own Energy Exchange Platform that is open for all companies and consumers. By using the PayAccept blockchain technology, unnecessary intermediaries are eliminated, allowing for affordable green energy and producers to earn higher yields and sustainable Energy promotion.
With the rate of progress towards decentralisation and Blockchain technologies accelerating every day, it isn’t hard to imagine the benefits of combining DeFi with DeEn for a better and brighter future. At PayAccpet we have every intention of making that a reality.