At PayFair, we are confident that the PAYFAIR platform has the potential to change the way crypto is bought and sold. Though, due to the turbulent situation in the current market, the value shown via exchanges is not an accurate reflection of the bright future ahead of this project. Hard times call for tactical strategies, and we have a plan.
PayFair, as many of you will be aware, is a person-to-person cryptocurrency trading platform. We bring people from different countries together to exchange their local currency to a cryptocurrency of their choosing. This decentralized escrow service is enabled by the PAYFAIR token (PFR), which is an ERC-20 token based on the Ethereum blockchain. With such a solid foundation, we were able to roll out an API offering that enabled websites to integrate themselves with the exchange directly. The API has been released and is now fully operationally ready ahead of the eventual market turn.
The Social Exchange
We would like to propose the next offering that we would like to build into the platform ahead of the eventual market reversal; The Social Exchange.
What is it?
The Social Exchange is designed to bring together advertisers and social media creators, circumventing the current restrictions and financial limitations put in place by social media platforms. We aim to help connect companies to their audiences through opinion leaders and social media creators, all while eliminating fraud using our existing escrow network.
Financial limitations within this segment can be easily seen in platforms such as YouTube of which take a 45% cut of all revenue. We feel this should go to the content creator! Smaller channels and social media creators also often find it difficult to source paid sponsors due to being lost within the crowd. These channels may not be able to demand the highest of advertising rates, but many have a solid foundation of followers to create new opportunities for advertisers.
The market for this integration will be content creators that are currently engaged with YOUTUBE, TELEGRAM, INSTAGRAM, and other most famous social media networks, as well as advertisers looking to increase their brand awareness. We have opted not to move the integration towards a monetised platform such as Steemit due to the lack of participants that can be witnessed on an already polished and existing platform.
How does it work?
Content creators offer a placement within their social media channel to advertisers, this could be in the form of pre-rolls, native advertising or a post. Companies are then are able to submit their advertisements to the author via the exchange.
The advantage of the exchange is that it brings all those who are interested in buying and selling together, meaning less time is spent searching for willing parties and reduces the excessive margin lost to social media networks.
At first, the transactions will pass via cryptocurrencies exclusively, as development quickens, we have planned to utalise the existing PayFair API to enable exchange from Fiat through the cryptocurrency bridge.
We envisage the current step by step process to flow as per the below:
A content creator registers their profile stating that they are looking for a sponsor or advertiser. Their profile contains statistics, reviews, and the price of execution.
An advertiser then reviews the profile based on their search parameters and submits their media for review.
If the content creator approves the advert, the advertiser deposits the required funds onto the platform where it is held in escrow.
Once the content creator executes the order, and there are no complaints from the customer, escrow release the funds. If there customer is unhappy, escrow resolve the dispute based on the presented facts.
There are no changes to how the existing PayFair platform operates or pays dividend. The fee breakdown below is applicable to the new integration only and existing PFR Trust-Node holders are entitled to a 1% fee.
This integration brings new revenue for PayFair and its node holders. A charge of 3.5% will be made on all deals made between content creators and advertisers. Depending on how the deal came about and completed, the funds will be split as follows:
As highlighted above, a percentage of the deal goes to a category called Privileged Members, these members have a privileged right to receive income from the activities of the new integration in the form of an additional ~2.5-1.5% of the turnover.
Would you like to be a Privileged Member? Read on.
We need your help — Crowdsale!
To create such a convenient and user-friendly integration for both social media creators and advertiser requires a significant amount of resources and funds. Therefore we have an offer for our community and holders of PayFair tokens:
We are selling 2,000,000 PFR and 2,000,000 SEPFR for further development and marketing of the new integration at a price of 0.00007 ETH per token. If you have already participated at the token price of 0.0001, you will receive tokens at the rate of 0.00007! In total, we have budgeted for around 140 ETH to create The Social Exchange. Tokens are distributed at the end of the crowdsale, these tokens are coming directly from the teams’ allocation.
Purchasers of tokens during this crowdfunding will become Privileged Members and receive income from the activities of the new integration in the form of an additional 2.5% to 1.5% of the turnover. To put it simply, those who participate will receive SEPFR tokens that enable them to become Privileged Members, once the integration is completed, these tokens will provide a larger bonus to dividends over the standard PFR rate. Codes will be issued once the integration has been completed.
For example: A deal goes through the platform for 100 ETH without escrow or referral. If you hold 50% of the SEPFR in circulation, your payout would be 1.25 ETH. This would be ON TOP of any Trust-Node payouts.
Would you like to participate?
Send your desired ETH contribution to our crowd-sale address here:
In return, you will receive 1 PFR and 1 SEPFR for every 0.00007 ETH, this will be issued within the first two weeks of June!
The crowd-sale will close on the 31st May 2019.
Frequently Asked Questions
Do I have to send ETH from my trust node wallet address or could it be any other ERC20 address?
You can send ETH from any address as long as it is not an exchange address! The tokens will be issued to the address where the ETH originated from.
How much do I need to contribute to become a privilege member?
Any contribution will provide you with a privileged code. Your stake in the privileged percentage will depend on your contributed amount. This will be worked out using the following formula:
Your ETH contribution / Total collected * 100% = Your % of the preferred share.