We live in an era where technology is gradually disrupting every facet of the economy including finance. Pivot among such technologies is the blockchain which for a while has been the trendiest trend in Fintech. Of late we have witnessed the recurring trends on blockchain where individuals and organizations join resources to create, renovate, or merely replicate existing technologies to bring about something new in the form of apps/dapps with which users can best manage their digital assets while at the same time saving them the stress and at times frustrations of dealing with conventional financial institutions (like banks). And right here is where Payrue comes in.
Payrue is one of the emerging decentralised finance platforms founded in 2018 to help tackle the huge volume of transactions we currently witness daily on blockchain. Payrue is a digital assets wallet with an inbuilt exchange integrated to enable easy transfers of cryptocurrencies between users and exchanges.
Payrue clearly outlined its mission as follows:
“…to support the mass adoption of cryptocurrencies with secure and user-friendly apps.” (source)
Hence, the wallet app is user friendly and consists of unique features, some of which are highlighted in the subsequent section.
Features of Payrue Wallet App
The major features of payrue wallet app include:
- Payrue invoicing
Payrue is a wallet in its own right, and allows users to securely store their propel tokens and other cryptocurrencies till a time they need them for use. The wallet supports multiple currencies of different blockchains and offers SMS notifications services which alerts users on every transaction in their accounts. The above image is a glimpse of the payrue wallet.
Payrue project operates two exchanges namely: Propel DEX and Payrue DEX. Both are hybrid exchanges with decentralised wallets (which implies they make use of extensions like meta masks), but with centralised order books.
However, whereas Payrue DEX is built on the Ethereum Blockchain, Propel DEX is set up on the stellar Blockchain network. The exchanges enable users to exchange virtual currencies against one another at any time.
Another unique feature of the payrue app is the Payrue invoice service. This feature is particularly useful to freelancers. Payrue invoice is an invoicing service that enables freelancers anywhere to receive payments in cryptocurrency for jobs done. Without a doubt, this feature is put in place to bring about a mass adoption of cryptocurrencies which is the project’s core mission. This would save freelancers who wish to acquire cryptocurrencies the stress of having to manually convert their fiat earnings to crypto.
The lending/borrowing service is a feature that would allow users to lend or borrow major cryptocurrencies such as BTC and ETH for very low interest
Pàyrue also outlines a staking feature in its platform to encourage and reward its token holders. Pàyrue staking would be done with the propel tokens (PRPL) and the rewards would be paid out in propel tokens also.
As with most blockchain projects, Payrue has its own native currency known as Propel (PRPL). Propel token is built upon the stellar blockchain network. The major use case of Propel is to cover transaction costs and trading fees within the payrue exchange. It is also a reward trust token which would be used to reward loyal members on the platform.
Propel is presently tradeable at Latoken exchange with major pairs like BTC, ETH, USDT, and XLM. It can also be exchanged currently on Stellar-based decentralised exchanges while awaiting more exchanges and listings in the near future.
Propel token has 10 billion total supply. Out of this 50% (5bn) are earmarked for distributed to users at various points through registration, bounties, referrals, etc. 15%(1.5bn) is to be shared among the project team members, while 35%(3.5bn) would be reserved by the team for general growth of the project in the future as well as for partnerships.
Payrue has no ICO/IEO, but raised funds through crunchbase for its project. Its tokens are mostly given freely to users on sign-up/verification as well as through referrals. The project is currently distributing 2000 propel to each verified user on their mobile app. Yes, that means you can grab your 2000 propel right now once you download and sign-up on their mobile app, and successfully complete the kyc verification. The mobile app can be found on playstore as shown in the above screenshot.
Payrue has also scheduled token burning events which would occur every first day of each quarter of the year.
Payrue is a fully compliant financial institution with the best interest of its users at heart. The project is a registered financial institution that is head-quartered in Canada. To comply with regularity authorities, Payrue mandates its users to have their accounts kyc approved before they can make use of their services.
Pàyrue exchange is regulated in Estonia and has a licensed certificate for operation.
Payrue is set to release its digital assets wallet this year which will support PRPL token amongst other currencies. Also the platform will integrate the binance chain sometime in the near future to make their native token, (PRPL) compatible with the binance chain.This would probably exist aloing side the current ETH-based propel. With the integration of the binance chain would come listing of PRPL token on the binance exchange. Needless to say, this is one event every payrue is eagerly looking forward to as they would be able to acquire and trade the tokens with ease.
Also scheduled is the integration of fiat in the payrue exchange, a development that will bring about the much needed liquidity to the platform. Payrue liquidity would be high, and would be guaranteed by use of debit cards which the platform is set to issue to its users.
The debit cards would go a long way in facilitating easy spending and acquisition the tokens — (and by extension, cryptocurrencies) at any point in time.
Payrue project has no whitepaper as at the time of writing this review. However, every information you might need on the project can be found on their official website at: https://payrue.com/
This is a sponsored article written for a bounty reward in bounty0x.io.
All images in this post are screenshot from the Payrue wallet app and the Payrue website
Bounty0x username: diana1