On this episode of the Crypto Coin Show, I’ll overview the PayPro ICO, a financial marketplace as a DAO, or decentralized autonomous organization. Paypro is not only a financial marketplace where decentralized applications can offer their services and give you the ability to choose which financial applications you want to use, but also a universal wallet capable of storing ether, ethereum tokens and many of the popular cryptocurrencies.
I’m Ashton Addison from EventChain.io and this is the crypto coin show.
Where I decrypt the facts to keep you on track in the crypto world.
Paypro began this business as a financial payment tools back in January of 2015 and since then have been granted authorization as a payment institution in the UK Financial Conduct Authority. After the first year were processing 500,000 euros worth of transactions per month, making online payments in 25 currencies saving up to 90% on hidden bank fees.
Through this process they realized that the current payment and banking system is outdated and that led them to developing the decentralized financial marketplace. Paypro will do a 2 part build. First the crypto wallet, then they will work on implementing their marketplace. The Paypro code will all be open source to encourage the community to join and assist in the development in a decentralized manner. Smart contracts and currencies will all be held in one crypto wallet to represent all assets and liabilities. They envision users storing and managing all their crypto assets like currencies loans and investments from one location.
The 1st development stage of paypro wallet will start after the Paypro tokensale closes, for storing all your crypto assets. They already have a paypro app on the iOS app store free to test out. which right now stores strictly bitcoin, but Ethereum and erc20 tokens are said to come in the next implementation.
The 2nd stage of development will be the decentralized financial marketplace, with the decentralization occurring on two separate layers. First the marketplace will be built on Ethereum as a DAO, and secondly they are inviting any financial Dapps to build on this dao to offer their services with no screening process to create an environment where all dapps with be competing fairly as suppliers of financial services to users.
The Paypro system involve two types of cryptographic tokens, both PIP and zeePIP. The Paypro token ticker PIP is the flagship currency of paypro and facilitiates transactions within the marketplace. The zeePIP Is the second token within Paypro and creates a decentralized system whereby the community can use vote and rate to value the quality of services within the dapp marketplace. The more zeePIP a Dapp has, the better its services are rated. zeePIP can only be acquired by using supplier services.. and when you rate a system, the service providers will receive zeePIP AND the ussers gets zeePIP too as an incentive. zeePIPs can be either be held onto by companies to keep their ratings high, or exchange them for PIPs where the rate is fixed at 1 american dollar each. The platform will rely heavily on the rating system in order to keep its competitive advantage and maintain a fair rating system.
The Paypro team is led by Pablo Ruiz, the CEO. He founded a startup company before Paypro and has a Law degree and Masters of Science in Management. The Finance and Operations Manager and Co-founder Gabriel Llabias has more than 10 years of experience in Banking and is in charge of budgeting, reporting and forecasting, and has also founded a startup prior to Paypro. Enric Giribet is the CTO with nearly 10 years of programming experience who works as the lead full stack developer for Paypro. On the Paypro Advisory board lies Jonas Karlberg who is the founder of AmaZix, one of the leading community management firms in crypto and have managed the campaigns of Bancor, stox, bankex and sharpe capital, and Josep Sanjunas who has a phD in Computer science and founded a startup in the IP Network traffic analysis field and has a Certificate for Ethereum development from Consensys.
The Paypro tokens will be listed on the bancor network protocol 25 days after the end of the tokensale for more liquidity and im guessing other exchanges might come afterwards.
PayPro is doing a tokensale of the PIP tokens, so lets break down the ICO details. There is a ahrd cap fundraising of 5000 ETH, Out of xxx tokens, 40% is allocated to the public ICO, 5% are distributed out to the community over time as rewards for R&D and bounties, 15% is allocated to early investors and backers, and future partnerships, 20% is reserved for the founders and team, and The final 20% is held by Paypro under the scrutiny of the community to reach future sustainability through network revenue distributions. As for the allocation of the funding, they are allocating 40% to development and 30% in a reserve pile for growth, as they expect more costs In the second half of product development, and 30% for other expenses like operations, salaries and computer hardware. If you want to learn more about the Paypro project see the whitepaper and website at payproapp.com
Do you see yourself using a decentralized financial marketplace where you can choose any developers app for banking? Let me know in the comments below.
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I’m Ashton Addison and Thanks for watching. Remember to like, share, and subscribe to Crypto Coin Show to see my next video when I Decrypt the facts, to keep you on track in the crypto world.