Whitepaper PayAccept
Introduction
In 2008, Bitcoin became the first peer-to-peer electronic cash system allowing online payments without the need for an institution. The underlying 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.
One of them is Ethereum, a decentralized, open-source, and distributed computing platform that allows the creation of smart contracts and decentralized applications, also known as dapps. Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation and execution of certain agreement.
Blockchains will redesign the way we exchange value, similarly to how the Internet has radically changed how we exchange data. Currently, Blockchain technology is mostly focused on handling payments but it will not be long before almost anything can be digitized and transferred online and it will be possible to trade energy or real-asset 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 quite difficult, with mistakes often becoming extremely costly. Current market tools are geared toward the technically savvy individuals or developers excluding many people lacking the confidence to dig deeper into this sector. It remains quite difficult for companies and businesses to manage their cryptocurrencies efficiently and securely.
At PayAccept, we use blockchain technology and make it much easier for the end-users. We also help companies and financial instituitions to acquire and manage crypto assets efficiently, without requiring any specialized knowledge.
The Crypto Eco-system
The cryptocurrency ecosystem is booming in terms of technicals and fundamentals. The major 20,000$ Bitcoin price rally of 2017 attracted traders, investors, speculators, and many developers from across the world and has changed the shape of the economy of tomorrow. Since 2017 over 1000 companies have held ICO’s, raising billions to provide the world with Blockchain-based technological solutions. The majority of entities that hold cryptocurrencies today are traders, exchanges, investors, crypto-funds, miners, and cryptocurrency-based projects. We believe that most companies will need to own cryptocurrencies as an alternative form of currency. The market’s potential was first glimpsed by the world during late 2017 when the Blockchain market capitalization reached nearly 800B$. Not many of the thousands of ICO companies survived the last two and a half years due to a strong crypto bear market and global economic recession.
Today, thousands of smart contracts, i.e., self-executing contracts that run on a Blockchain, have been deployed on the Ethereum Blockchain, securing over 2.1M (5.2B$) worth of Ethereum. Companies utilizing Ethereum provide PayAccept with an enormous potential user base to provide easy access to a PayAccept web wallet. We at PayAccept are tapping into a market valued at over 300B$ market to provide new market entrants with a complete wallet management ecosystem for their cryptocurrency holdings and a fresh ecosystem for old and established blockchain-based projects.
Which problem is PayAccept solving?
Individuals typically join the Blockchain economy through the use of cryptocurrency trading platforms and cryptocurrency wallets. However, one must have access to a password, namely, a private key(s) to engage them in transactions in a digital infrastructure. Private keys are complex combinations of different characters challenging to memorize and ensure cryptocurrency ownership and management integrity.
Essentially, cryptocurrency wallets are elements of the Blockchain economy and its underlying digital infrastructure that were designed for the sole purpose of allowing individuals to access, manage, and transact in crypto assets easily while at the same time, remaining in full custody of their funds without the requirement to become a full node on a Blockchain network or rely on an intermediary for private key and asset storage.
There are different types of wallets and different types of wallet functionality. For example, paper wallets where private keys are simply written down on a piece of paper and hardware wallets in which private keys are encoded. These wallets and tools were designed for use by single individuals managing their own funds. However, some challenges regarding fund management and protection arise when the funds in question belong to several individuals or business entities. Further challenges may arise when funds belong to a legal entity where the employees may change over time.
In order to meet these challanges, multi-signature smart contracts have been designed. These smart contracts enable multiple people to manage crypto assets in their wallets in a secure way. Standard wallets require only one private key to send funds. With multi-signature smart contracts and wallets, several keys are required for transactions over a certain threshold.
The multi-signature technology has various iterations and applications. For example, Gnosis is an open-sourced multi-signature wallet that has been used to store over $2 billion worth of cryptocurrency without being breached. It is one of the most popular multi-signature wallets, and PayAccept can easily compete with it.
Most cryptocurrency trading platforms act as custodians by providing their users with wallets for storing and trading crypto assets but these platforms also retain private key management and access.
Considering custodial services are in direct conflict with the decentralized nature of Blockchain, at PayAccept, we believe that companies and individuals should retain sole management over their funds and not transfer the responsibility for managing private keys to third parties. This also helps to mitigate the high risk of funds loss in the event of third-party failure or fraud.
We do however understand that acting as one’s own bank and managing assets across multiple wallets and exchange platforms entails many responsibilities and difficulties and can be intimidating. Basic errors can result in substantial losses.
Can PayAccept provide solutions to these challenges?
To tackle the above issues, we built PayAccept, a simple cryptocurrency management application for people worldwide. A user-friendly interface that is intuitive and easy to understand allows, users to transfer and receive multiple (crypto)currencies, delegate responsibilities within teams if required, all while remaining in full custody of funds and protected from cyber-attacks. PayAccept is built with the mass adoption of digital currencies in mind. We are focusing on several key components and differentiators:
Security. Flexibility.
Many companies do not have the necessary tools required to combine regular operations with cryptocurrencies efficiently. Companies invest in designing and building custom applications for their own needs, but such platforms and applications lack versatility. Many resources are spent on custom solutions, while very often, failing to meet necessary security standards, leaving these platforms vulnerable to attacks.
At the same time, the use of all kinds of different payment systems, cards, wallets, exchanges, and solutions is complex and can be overwhelming.
Working with cryptocurrencies on a day-to-day basis can and should become much more accessible. PayAccept aims to simplify the daily individual and business relationships with Blockchain technology and cryptocurrencies through the PayAccept platform while encouraging our users through rewards or loyalty points: the PAYT tokens. We take security very seriously. PayAccept provides a protected environment and is compliant with all regulations.
Excellent User Experience. Interaction. Wide adaption.
At PayAccept, we understand the critical need for a better user experience when using cryptocurrencies and converting them into other assets such as fiat currencies or stable coins. We believe that an in-depth knowledge of the technologies, or of the advanced digital infrastructure should not be required for customers and newcomers to join the blockchain economy.
We intend to work with, and be adopted by, many protocols and systems through API connections and presented across the market, on various exchanges and individual wallets that are digitally and physically available. The future of PayAccept is not to just be situated and presented on one Blockchain, but to create a network that will interact with as many of them as possible, boosting PayAccept liquidity and its unique factors.
What is PayAccept going to do today and tomorrow?
In line with our roadmap, PayAccept is developing a complete digital infrastructure to strengthen and promote the mass adoption of crypto assets and provide access to traditional and blockchain-based financial instruments for individuals, businesses, and the unbanked.
We intend to deploy a simple wallet management system and provide cryptocurrency to fiat and stablecoin conversions, with atomic swap functionality for cryptocurrencies. PayAccept is going to launch a global payment Blockchain on which various liquidity pools will be presented. This means that the Blockchain enables PayAccept to perform conversions between different placed assets quickly.
PayAccept users will be able to take advantage of many financial services backed by Blockchain technology as we to provide access to financial services based on blockchain protocols. Users will ultimately be able to exchange assets with the click of a button, create individual and unique assets, run a wallet service provider through the comfort of a refined interface while interacting with decentralized protocols and digitals assets with ease.
PayAccept Application functionalities
At PayAccept we believe that the market, and its existing participants (individuals and business entities), need a singular platform wherein crypto-assets can be managed through an intuitive wallet management system together with fund insurance responsibility delegation.
Trade fiat and cryptocurrencies through a single interface: The PayAccept network enables customers to freely exchange assets without worrying about the denomination. The payer and the recipient of any transaction can opt for the asset of their choice, so customers can pay in Bitcoin to an individual requesting Euros.
Connect bank accounts: PayAccept users can link up to 3 bank accounts to their PayAccept Wallet.
Analytical tools: Users can receive insights on their spendings and asset uses through innovative analysis tools.
Fund ownership: Users retain access to their wallet Private Keys, and all funds are stored using cold storage methodology.
Mobile PoS: Users can use the PayAccept application to become their own Point-of-Sale or Pay-of-Sale and unlock a new revenue stream on the go.
Vast payment options: Users can handle their payments in over a thousand different cryptocurrencies and convert them into one. Any bill can be paid with any currency, crypto, or fiat through the PayAccept application. If you need to convert gift cards or refillable cards directly into fiat or cryptocurrencies, we can facilitate that too.
Global availability: PayAccept users can accept cryptocurrency payments from all over the world.
Payment cards: PayAccept will issue payment cards that can be used to pay in shops or withdraw funds from most ATMs around the world when cash is needed.
Easy set up for businesses: PayAccept provides payments buttons, a hosted checkout, and embeddable invoices for your website. PayAccept also works with countless plugins and integrations.
Joint business accounts: PayAccept users can enable virtual, joint multi-asset accounts for business purposes who are then able to enjoy the security, transparency, and immutability that Blockchain technology offers.
Price volatility shield: PayAccept shields you from the price volatility of Bitcoin and other cryptocurrencies. You get every dollar or euro of what you originally charge, minus 1%.
Safe loans (DeFi functionality): One of our key methods of achieve fast growth is accepting non-cash capital immobilization payments. PayAccept will have an advantage over banks as a payment processor by collecting live information about expected incoming payments. Our platform will also be able to facilitate business loans if it is creditable. This provides PayAccept with a healthy income whereby a maximum profit can be generated throughout the PayAccept platform.
Establish a network of agents: In developing countries where infrastructures are not fully established (such as Ghana in Africa and Argentina in South America), we will offer retailers the ability to become agents for PayAccept to handle deposits and withdrawals. Each agent can open an account to facilitate this process.
Who are our competitors?
It is imperative to stay in tune with the market and remain aware of our competitors and alternatives. We assess the market as splintered. There are many Blockchains with individual applications that provide access to their own cryptocurrencies, several of which have unique applications and uses. It is a challenge for new market entrants and normal users to maintain and manage an individual asset for each application. Many cryptocurrencies become outdated, irrelevant, or do not ‘operate’ properly after some time.
Trezor or Ledger that exist in this market are some of the most renowned hardware wallets. They are also relatively expensive and limited in the variety of cryptocurrencies that can be managed. Additionally, they do not come with a seamless exchange function for crypto assets, neither are they so easily accessible. One needs to have access to a hardware key, plug it in, install software for multi-signature functionality, input pin codes, and confirm each transaction made which is a long process and deters people that lack technological acuity. If the hardware key is lost together with recovery keys — all funds will be gone. Such cryptocurrency storage solutions can be reasonable in order for companies to keep their assets highly secure, but these solutions are not portable which creates a further potential problem.
Finally, custodial solutions, such as Coinbase or wallets on centralized exchanges, like Binance, provide great user experiences, but in most cases, retain management of user private keys for themselves but if such exchanges or custodians go bankrupt or fall, all funds are lost. A recent example of this is Cryptopia, where up until this day, its liquidators are still struggling to reimburse the user funds.
In contrast, PayAccept provides users with access to their private keys while keeping transactional records on the Blockchain. We want our customers to be in complete control of their crypto assets while using our services. All of our wallets are encrypted, with data stored in a decentralized manner and private keys communicated to the users through highly secured communication channels.
PayAccept Exponential Growth
PayAccept is launching its own Blockchain (Mainnet) platform, which allows PayAccept to become fully decentralized. A great benefit of this is that while running on an instant confirmation blockchain (L2 technology), we can process all payments instantly and make atomic swaps with other blockchains in the decentralized economy.
Besides embracing the cryptocurrency market, PayAccept will also offer products seen in traditional banking, such as issuing debit and credit cards, offering international bank accounts, payment processing, foreign exchange, and other services.
Next to that, building and launching our own payment terminals infrastructure, which will be connected directly on the PayAccept Blockchain, this will allow us to become independent from the use of existing banking infrastructures. We are closing the gap between conventional payment and digital infrastructure.
Vision and Mission
More and more banks are stepping over to digital finance and blockchain technology. The mission of PayAccept is to provide a way to manage all of the assets in the blockchain industry through an easy-to-use interface where everybody in the world, even the unbanked, can have 24/7 access to their assets and digital financial services.
PayAccept acts as a bridge between the traditional financial world and new disruptive blockchain technology. We are on the way to become an Electronic Money Institution to intensify and encourage the pursuit of mass blockchain adoption.
PayAccept connects all of the world’s organizations to digital banking powered by Blockchain technology by deploying an easy-to-use PayAccept mobile application and physical Point of Sale (PoS) devices, which helps businesses around the world seamlessly process credit cards and cryptocurrency payments.
On the way to becoming an EMI
PayAccept is on the way to become an Electronic Money Institute able to ensure satisfying capital adequacy ratios and compliance procedures by integrating the AML5 directive and meet the regulatory requirements.
Obtaining the EMI license will guarantee a long-term business operation and is required to become a fully recognized institution that can handle significant volume between fiat and cryptocurrencies without being attached to a bank for payment processing. Also, as an EMI, PayAccept can define and deploy international bank accounts for storing fiat and physically backup the stored value of assets in a separate trust.
Our goal is to become a gateway for traditional (bank) institutes, which are already moving to integrate digital wallet systems into their current platforms and operations. We also aim to bring liquidity by connecting to third-party exchanges or launching our own liquidity pools on the blockchain. To achieve this goal, PayAccept will support emerging digital currencies, which are defined as Top-20 by CoinMarketCap: Bitcoin, Bitcoin Cash, Ethereum, Dash, NEM, and others to ensure that PayAccept will be the forefront of the industry.
Payment processing and clearing technology
PayAccept has identified a lot of issues faced by parties that accept digital assets and has responded accordingly. The system of PayAccept can become a mainstream payment processing and clearance application where we can clear all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (e.g., cheques, gift cards, electronic payment requests, and crypto) into the actual money movement from one account to another. PayAccept manages the post-trading, pre-settlement and ensures that transactions are settled in accordance with market rules: even if the buyer or seller becomes insolvent prior to settlement. Processes included in the clearing are reporting and monitoring, risk margining, netting of trades to single positions, tax handling, and failure handling.
Bridging the conventional and decentralized public markets
Payaccept will offer financial services focused on simple functioning and where assets can be managed easily.
As a next step, PayAccept will process and bridge conventional bonds and stocks with crypto assets. Where derivatives, commodity, money, real-estate, and reinsurance will be added to the portfolio of PayAccept. Since blockchain technology allows information to be stored securely in a fully traceable and immutable manner, decentralized stocks and bonds have many benefits compared to conventional debt assets. For example, distributed ledger technology eliminates the risk of asset loss due to fraud or the fall of a middleman, e.g., stockbroker. In addition, it reduces transactional costs related to the intermediaries and increases operational transparency. And, of course, eliminating the need for a bank and neglecting geographical borders provides the utmost flexibility. PayAccept intends to further drive innovation in both the public and private sectors by taking this step.
Products and Services
Issuing Payment cards
The PayAccept card will be a significant network brand debit and credit card, by default enabling it to be accepted at millions of locations and payment terminals worldwide. The cryptocurrency and fiat balances will be directly funded from a user’s wallet. Users can spend their fiat directly and convert cryptocurrencies to fiat with real-time conversions powered by PayAccepts’ liquidity pools. PayAccept cards will be issued with a QR-code and integrated NFC chip to communicate with PayAccept payment terminals.
PayAccept card functionality:
· Digital Wallet compatible with Google, Samsung, and Apple Pay;
· On-demand crypto to fiat conversions;
· ATM PIN access;
· Real-time transaction history and notifications;
· Virtual & Physical cards;
POS Payment solution
To make (crypto) payments possible for merchants, e.g., retail outlets, restaurants, and convenience stores, PayAccept intends to deploy a free of charge Point-of-Sales (POS) device to enable customers to use the cryptocurrencies they hold on their account for their daily purchases. In this way, PayAccept brings the global blockchain economy into everyday life while leveraging great flexibility for consumers, who can pay cash, use a credit card, or a digital wallet to buy and sell what they would like.
Services
Payments
PayAccept offers an entire easy-wallet management system. The following types of assets will be integrated and available for cross-border, 24/7, censorship proof transactions with minimal transaction costs, eliminating the need for intermediaries. Assets supported within the PayAccept mobile wallet can be easily converted between one another:
Integration of Traditional and Crypto Assets
Cryptoassets
— crypto commodities (digital gold)
— crypto tokens (colored coins, stablecoins)
— payment tokens
— asset tokens
— utility tokens
— cryptocurrencies
Traditional assets
— fiat money
— vouchers, gift cards
— stocks, bonds, and derivatives
Savings and Loans
Traditional savings do not yield substantial interest nowadays, and in some cases, individuals must even pay a fee to their banks for storing their assets. While in the traditional banking system, a bank attracts savings and issues loans to make a profit, nowadays, banks place savings on account of a central bank, which incurs additional costs. These costs are then forwarded to the customers.
With PayAccept, we will implement a model wherein individuals can place their crypto assets into a PayAccept savings account and receive substantial interest if they are prepared to provide their savings as a loan to others. Cryptocurrency will act as collateral, and funds can be liquidated if the borrower does not pay monthly settlements. Once a loan is paid back, the borrower can withdraw his funds.
Tokenomics of the PAYT Token
45M Total Max supply
15M Liquidity offering on exchanges
5M Team, Marketing, Development, Partners, Advisors, and Reserve Fund
5M Bounties, Promotions, and Airdrops
20M free to float into the market by Staking and PayNodes.
Budget & Spending
30% Team and Market Management
30% Developments
25% Marketing & Awareness
15% Reserve
PAYT Utility Token
Lower fees: Enjoy a discount on all transaction fees;
Payment token: Use PAYT as a payment token for products and services;
VIP: Participate in the community forum and talk about the PayAccept strategy;
PAYT nodes: Use PAYT to deploy a Paynode and mint new PAYT tokens;
Crypto-Backed loans: Use PAYT to unlock the savings & loan section;
Airdrop: Obtain tokens when new assets are listed and receive tokens;
Discounts: Deploy services on the PAYT network with discount;
Staking: Stake PAYT token on the Ferrum platform.
PAYT token utility will expand its functionalities as PayAccept grows.
Disclaimer
No content of this whitepaper is a public offer of a security or any other financial instrument related to any company, including the PayAccept team or any of its associated companies including (without excluding any other). This whitepaper or any other associated content does not constitute any advice to buy, sell, or solicit any offer by the provider of the PAYT tokens (the “token provider”) to purchase any PAYT tokens, nor shall it or any part of it. The fact of its presentation does not form the basis nor is to be relied upon in connection with any contract or investment decision.
PayAccept will perform the sale and transfer of the PAYT tokens through but not limited to its smart contracts.
The sale of the PAYT tokens will be deployed to fund the herein described cryptocurrency projects, businesses and operations. No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the PAYT tokens. Any agreement between the token provider and yourself as a purchaser and in relation to any sale and purchase of PAYT tokens (as referred to in the whitepaper or on our website) is to be governed solely by a separate set of documents setting out the terms and conditions of such agreement. In the event of any inconsistencies between the Terms and Conditions and the content of this website or the whitepaper, the Terms and Conditions shall prevail.
You are not eligible to purchase any PAYT tokens in any coin offering (as referred to on this website or in the whitepaper) if you are a citizen, resident (tax or otherwise) of the USA, China, Singapore, Iran, Syria, or North Korea.
No regulatory authority has examined or approved any of the information set out on this whitepaper or the website. No such action has been or will be taken under the laws, regulatory requirements, or rules of any jurisdiction. The publication, distribution, or dissemination of any content of this whitepaper does not imply that the applicable laws, regulatory requirements, or rules of a specific country have been complied with. The whitepaper or any part or copy thereof must not be taken or transmitted to any country where distribution or dissemination of the whitepaper is prohibited or restricted.
There are risks and uncertainties associated with the PAYT token sale that should be taken into account. The company PayAccept and/or the token provider and their respective businesses and operations are not responsible for any loss of value of the issued token, resulting in a complete loss of its value.
Disclaimer of liability
To the maximum extent permitted by the applicable laws, regulations, and rules, the company and/or the token provider shall not be liable for any indirect, special, incidental, consequential, or other losses of any kind, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance of the pre-sale, initial token sale or the whitepaper or any part thereof by you.
Jurisdiction and law
Any claim or legal conflict arising from the pre-sale, the token sale, this whitepaper, or any associated material or link included in this whitepaper or information offered or given access through this document or any associated material shall be governed by the laws of the Netherlands and the courts of the Netherlands and shall have the sole and exclusive jurisdiction.