The first thing you have to be wondering is what does OTPPAY mean, right? It’s actually an acronym that stands for “Omni Token Platform for Payment”. Here is all you need to know about it.
OTPPAY; Shift to Crypto
The first thing you have to be wondering is what does OTPPAY mean, right? It’s actually an acronym that stands for “Omni Token Platform for Payment”. It’s a wallet that is powered by the technology, which allows users to buy, sell, exchange and pay for cryptocurrency.
According to the whitepaper, it is expected to be the world’s largest platform where all major crypto assets can be purchased and sold. There is also an option of making instant payment to merchants for a low fee. The innovative artificial intelligence combined with machine learning based transactions matching engine makes it easier to convert virtual currencies to OTPPAY tokens ant the tokens to fiat.
THE APPLICATION OF OTPPAY
This unique platform offers users the opportunity to use their favorite cryptocurrency to make instant payments to merchants and vendors. The vendors get to enjoy the convenience and safety of receiving funds in fiat currency.
You’ll also have the option of instantly changing your primary payment option to OTPPAY tokens or fiat from any cryptocurrency. This helps protect you from the market volatility often associated with cryptocurrency.
The OTPPAY Asset Exchange Protocol include services such as;
• CCR and Lend
• Crypto NFC Pay
• Crypto QR Pay
• Send and Receive
• Buy and Sell
Now that you have an idea of what OTPPAY is all about, let’s talk a little about the tokens.
OTPPAY TOKEN
This is the core of all transaction made in the OTPPAY cryptobanking platform. That means that no payment can be initiated in the OTPPAY ecosystem without the tokens. Furthermore, smart contract controls it. Not only do users get encouraged to use OTPPAY in their daily transactions, new users also get enticed by it.
OTP tokens are expected to be listed during different stages of the Initial Coin Offering. However, after the ICO, users will be able to purchase OTPPAY on different exchanges. This will help in the expansion of user acquisition and fulfill market expectation.
The ICO Structure
To realize the goals of this project, the best possible team, experts from different fields, was taxed with the job of bringing the working product from concept to market. Apart from this team of diverse experts, an ICO structure and fund allocation strategy was proposed.
Token Allocation
Based on the research carried out by the team, the total supply would be 1 billion tokens. In which, 200 million tokens will be kept in OTPPAY reserve. This reserve will eventually be used for technological development and operational expense.
A total of 70 million tokens is also kept as private investor reserve. This reserved token will be used for industry tie-ups’, business collaborations and partnerships. Employees and public contributors are supposed to receive 19 Million tokens, while 111 Million tokens will go to Bonus and reward program that makes it easier to achieve set goals.
Finally, the remaining OTP tokens will be used for the ICO Token Supply. That’s a total of 600 Million tokens. The ICO will be divided into three stages. These are;
• Pre-ICO
• ICO first stage
• ICO Second stage
Let’s examine each of these stages.
At the pre-ICO stage, 3750 ETH worth of token will be issued to test the market response to the ongoing project. The ICO stage 1 will commence only if the market ratio is above the set minimal value of the developers. At this stage, 37500 ETH worth of tokens will be issued.
In the second stage of the ICO, another 30000 ETH worth of tokens would be issued. That means, a total of 71250 ETH worth of token will be issued in the Pre-ICO stages and ICO stages. So, when does the ICO start, you ask?
The Pre-ICO started on the March 5, 2018 and ends April 3, 2018 or when the pre-sale cap reached. The bonus is 20 percent of the token. That’s 12 Million tokens. The ICO stage 1 begins April 4, 2018 and ends May 3, 2018 or when the stage 1 cap is reached. Users receive a bonus of 45 million tokens.
The ICO stage 2 will commence on May 4, 2018 and end on June 2, 2018 or when the stage 2 cap is reached. The allocated bonus for this stage is 24 million tokens. The soft cap and the hard cap is 1250 ETH and 71250 ETH respectively. Please note that any unsold tokens will be burnt.
Fund Allocation
A larger portion of the post-ICO fund, 40 percent of the token total will be used for Engineering and Services. These include;
• The development of API for merchants
• AI-powered transaction engines
• Predictive analytics
• AI-based Merchant lending core engine
• Crypto credit rating etc.
Fifteen percent of the ICO funds will be allocated as operational expenses and another 12 percent for marketing and promotional activities. Banking license and approvals will receive 10 percent of the fund, while the legal department will receive another 10 percent.
Finally, 3 percent of the fund will be used for miscellaneous expenses.
HOW TO BUY AND SELL ON OMNI TOKEN PLATFORM
Buying and selling cryptocurrencies on this platform is easy. The first thing you need to do is register on the website. You’ll also be required to undergo a verification process before you begin trading.
After that, buying and selling on the OTPPAY is a matter of placing a request and waiting for the AI-powered engine to match the request with another request on the platform. It cross direct them such that raised service is satisfied without any physical transaction of asset.
Also, the buy and sell feature on OTPPAY is expected to offer and auto-trading feature.
THE FUTURE OF OTPPAY
According to the roadmap that was published in the whitepaper, the project is expected to obtain a banking license and form liquidity pool in the United States, Europe and Asia between the end of Q3 and the beginning of Q4 in 2018.
The roadmap outlines further development of the platform, which include an expansion to the middle east. The development will reach its peak with the launching of a Community Driven Crypto Negative Database.
Sources
Website: https://otppay.io/#
Whitepaper: https://otppay.io/Assets/otppay-whitepaper/OTPPAY_White_paper_v1.1.pdf
Twitter: https://twitter.com/otppay
Facebook: https://www.facebook.com/Otppay/
Medium: https://medium.com/@atotppay
Telegram: https://t.me/otppaychat
Youtube: https://www.youtube.com/channel/UCxsEB7olWuJzEzf5Vy_GJCA
Ann Thread: https://bitcointalk.org/index.php?topic=2874336.0
Linkedin: https://www.linkedin.com/company/otppay/
Authored by: gbenga88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874687
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4