One of the most disturbing issue among blockchain users is their hunt for a most convenient way of transacting over the internet with assurance of no risk of fraud and theft, while still having their transactions anonymously.
Ethereum and bitcoin has worked towards achieving this lifelong goal and have proved to be the best and by far most reliable means of sending payment which can’t be altered or erased. But this only lies with bitcoin as being only created as an alternative source for making payment and a means of storing value, but ethereum is more than that on the plain.
While Both digital currency received a lot of praise for the way it allows for payments without worry about foreign fees and currency exchange rates, they still lack some basic useful feature which will truly enhance daily transaction experience of their respective users.
Transaction costs continue to rise. In some cases, they are on par with credit card payment processing fees. Additionally, transaction times are getting longer. The limited size of the blocks contributes to the longer times and that has some users frustrated, due to different reasons like the long waiting time to wait for payments to settle.
There come the PAYTHER IDEA
PAYTHER, a decentralized smart wallet developed with a simple concept of enhancing digital payments over the ethereum blockchain using an advance elliptic curve.
The project is solely based on aiding peer-to-peer payment by providing useful facilities such as escrowed transaction, batch payments, transaction scheduling, e.t.c. to mention the few which traditional ethereum wallets doesn’t provide to ether users, speaking of escrow technology + the power of smart contract.
PAYTHER, a portmanteau of payment + ether, will run dependently on the ethereum blockchain as a multipurpose tool for securing and managing user funds, without users needing to entrust their personal wallet info to third parties including payther servers itself. This platform will be fueled by it’s own embedded token — paythers (PYT).
the innovative feature of the PAYTHER smart wallet
PAYTHER has a lot of uses which an average ethereum or in nutshell, a cryptocurrency user will find very handy and useful, applicable to their day-to-day online transactions. Payther aims to be the PayPal of cryptocurrency, but smarter and more secure. Here are all of the amazing and handy feature the PAYTHER project is aiming to develop in the near coming months;
Multiple payments — its not a common trait and feature of most traditional ethereum wallet to facilitate multi transaction feature. Payther will be the first among numerous platform to offer a simple and convenient way for users to mark several payments to numerous recipients up to 10000 at the same time at no additional cost, while still maintaining the erc-20 standard and decentralized nature of the ethereum network. This is so easy as just providing all recipient ethereum address and specifying the amount for each address or simply send an equal amount of funds to all at once. We believe this should provide ease to users who are planning a large payment disbursement or running an airdrop of their custom erc-20 token.
Payment scheduling — one of the most prioritize goal of this project is creating a really smart and stress-free payment ecosystem for all ethereum users. With this feature, one can appoint his funds to be sent to a specific user and at a specific time and date, either one-time or recurring. This process is handled by an underlying smart contract and a web3 API which connects to an ethereum node, ensuring all interactions are between the end user and the ethereum network. A real use case for this feature is when a user needs to participate in an auction, ICO or an event where its strictly based on entry time whereas the user may not be fully available to participate manually.
Task-payment exchange — PAYTHER will not only provide way for making decentralized payments across ethereum blockchain but will also provide an innovative facility where anyone can exchange tasks and payment mutually. This feature aims at eradicating trust issue between task conductors and participants using an inbuilt proof-of-task algorithm to ensures tasks are performed by participants before a payment can be released to participating parties. This works on a proven concept where user A will create a task such as downloading music, content sharing or social media promotion, and sends it was a specific payment of choice to user B through email and ethereum address, and authorizing the smart contract to withhold the payment. user B will be notified of the pending payment and instruct to complete the attached task, where upon completion, the PAYTHER smart contract will be triggered by the PAYTHER platform AI API, and the funds will be immediately deposited to the address specified by user A or user B in case of no address provided by user A.
Decentralized p2p escrow — a well-secured smart contract powered escrow between users within the ecosystem to safely exchange any supported erc-20 token with one another. Any one can directly exchange tokens by sending a transaction notification to the second party email, which after it’s accepted, the initiator will be alerted, and funds of the intend amount will be locked until the final transaction has taken place. This will only involve the sender, the smart contract, and the end recipient. A clear brief explanation of how this works is; user A needs to exchange his Token X for token Y with user B, but this deal needs trust implements. Both party can use PAYTHER to complete this transaction regardless of the trust reputation between both party, by imitating the PAYTHER escrow. User A will need to retrieve user B email address and his erc20 address, input them on the platform and send the transaction. Token X will be locked temporarily by the smart contract. User B on the other end will be notified by email of the incoming escrowed transaction and will accept it. He (user B) will be taken to a payment page where he’ll send token Y to a specified ethereum address as provided by user A, and upon confirming the transaction on the ethereum network, the smart contract will release token X to user B.
Payther user name domain — One of the innovative aim of PAYTHER is the development of a simulated Ethereum Name Service (SENS) which works almost similarly as ENS, but without going through tedious process of obtaining one and only works within the PAYTHER ecosystem. The PAYTHER SENS domain name allow any one turning their 0xUSERADDRESS address into something easy to remember such as payther.me/Amazinguser through domain-to-address mapping and further makes it possible to conduct a donation event, where a unique interface will be displayed to recipient to donate or contribute in any digital currency (ETH & PTY for now) as set by the sender/owner, where all the funds received through this SENS address will be automatically forwarded to the sender’s underlying ethereum (mapped) address in real-time. The SENS will be most useful for users who tend to have something more unique when requesting payment from other within the PAYTHER ecosystem and in future, ETHEREUM network in general.
Off-chain payment gateway & on-chain payment settlement for merchant — Payther will also provide a facility to enable ecommerce; online stores and businesses, to easily accept and track ethereum/payther payments using our simple integrated API. We would like to extend ethereum to far more people in the world in respective to their choice of usage be it for every day use or for business purposes.
Implementation of the ecosystem utility token — PYT tokens
To ensue long term stability and optimal performance of the platform, we created a token which will serve as the fuel that power the usability of the ecosystem.
The Payther Token (PYT) is the necessary currency to exploit the PAYTHER services, most especially the decentralized task-payment exchange feature which basicly works with Payther tokens only. Without the Payther token it won’t be possible to exchange cryptocurrencies using the escrow or be able to mark several payments in a single go on the app platform, since the commissions will be paid solely with the Payther token. The Payther token utilized in the services will be used to fund the operational cost of the project and as incentives to developers contributing the the growth of Payther. The total amount of PAYTHER tokens that will ever exist is capped at 1 billion, no more, no less.
No tokensale or crowdsale
PAYTHER is an open source and non-profit oriented project meant to provide value added feature that enhance how funds are managed and how payments are being made over the ethereum network. The PYT token is but an utility token meant to be used as the fuel for obtaining some features of the PAYTHER ecosystem. Therefore, we ate not organizing any public crowdsale or initial token offering. The PYT tokens will be distributed through series of airdrops and community bounties. Details regarding this will be available on the website soon, and official announcement will be made on all our official pages.
Project development plans
This team behind this project mainly consist of cryptocurrency enthusiasts and researchers who ultimately devoted their time and focus on how they can improve cryptocurrency usability and finding ways it can suit the everyday needs of men in this ultramodern age. At first, the funds required to start the project was budget in some amount of eth, but as the market continues to crash, it almost halve these funds, and though that’s really a threat, we still have some of our early partners providing much support as much as they could. however, a tree does not form a forest, so we have decided to partner with as many potential investors and Cryptocurrency experts. As the users and their results of using our platform will eventually determine the success of our platform, we have decided to focus on gathering potential users at an early stage. We are in contact with several investors who are interested in supporting the development of the platform so the Payther platform will definitely be developed, launched and accessible to everyone!
To build a potential userbase and to introduce our Payther token we will launch one of the biggest airdrop ever by distributing 300 million tokens to 300,000 lucky registrants. That will primarily mean every participant will be entitled to 1000 PYT Tokens. To pull this off we will need the help of all our supporters!
A public donation/fundraising programme will be organized to allow the public and all our willing supporters to donate to the development funding which will see the project come through. We will provide full details about the airdrop and the donation event in the next coming days.
Building the community around PAYTHER
Crowds and community are the backbones and pillar of a successful project. We aim to receive full backing and support from the public as we embark on this journey to a better payment resolve on the internet. We therefore trying to seek a stronghold of the project from the public by requesting several volunteers to join the foundation and assist with any of their talents in any way such as management, web developing, bug assessments e.t.c. that will benefit everybody at the end of the day. Our telegram community is gradually growing, and we truly appreciate everyone that has been there from the very beginning.
Vision of PAYTHER
PAYTHER is a blockchain-to-human interface simplifying the interaction between the Ethereum blockchain and its users.
The purpose of PAYTHER is not only to establish trust on the blockchain once again and accomplish things that others do not, but to do it in a very unique way, through a safer and simpler method, maintaining a special focus on the user safety when making cryptocurrency transactions and enabling the complexity of the ethereum blockchain to be more understandable.
We want to make a platform, extremely easy to use, and bring the true benefit and power of ethereum smart contract to the end user; a bridge towards worlds that at this time, as a user experience, are not so close to one another.
The challenge of this project is also creating a tool that manages different erc-20 standard along with embedded scripting technology through a unique user experience.
PAYTHER plan to bring together technologies and services that today already exist and additional ones only imaginable at this moment.
Useful links
WEBSITE: http://payther.co
TWITTER: http://twitter.com/payther_hq
TELEGRAM: http://t.me/payther
WHITEPAPER: http://github.com/payther/introductory-paper