PumaPay is now rated on CryptoRated
PumaPay is developing a payment protocol called PullPayment, which utilizes “a new architecture of contract called PullContract”, to enable new blockchain-based billing methodologies and thus to provide an optimized payment processing solution suitable to the present-day needs of global commerce. The PullPayment protocol is being designed to overcome existing online payment problems and to offer tools for merchant and customer onboarding processes. It is planned to be a free, open-source project, built around a customizable chain of contracts that govern transaction behavior, so as to accommodate transactions both simple and complex (e.g., recurring, pay-per-use, split, restricted, exchange-rate corrected). Businesses will be able to use the protocols payment mechanism as is, or modify it to suit their needs. Third parties will be able to build additional services on top of the protocol and contribute to the PumaPay ecosystem.
The company says that “Through our Launch Partners, the protocol will plug into industries with tens of thousands of daily customers throughout numerous markets. PumaPay brings an incredible amount of users into the crypto space by connecting the blockchain to the real world.” Primary launch partners appear to be ImLive.com, an adult entertainment website (charging customers on a pay-per-minute basis for private live shows), and ChatMaker, a messenger app that allows businesses to send targeted direct messages to users. Also listed is Mr. Skin, a website that, according to Wikipedia, “specializes in locating, posting and rating instances of female nudity in television and film”. Overall, it seems as though PumaPay is developing an Ethereum based token with smart contract functionality particularly suited to adult entertainment, seeing as it’s primary early adopters come from the industry.
Yet, the set of tools that PumaPay plans to create (‘pulling’ rather than ‘pushing’ of funds, templates built from parameterizable modules allowing for various payment structures) appear to be suitable for many kinds of businesses. Given the pervasiveness of online adult entertainment consumption, and taking into consideration the industry’s singular historical influence on media format adoption (VHS/Betamax, Blu-ray/HD-DVD), PumaPay does indeed present the opportunity to “bring an incredible amount of users into the crypto space” and help bring cryptocurrencies into widespread, mainstream use. The company stresses that its early adopters are companies who have innovation and advanced technology at their core, selected based on their ability to disrupt their industry.
- PumaPay aims to design a blockchain-based infrastructure that is as “scalable, flexible and accessible as payment cards, absent their inherent flaws and disadvantages.” Additionally, “By promoting the protocol to high transaction volume industries and by providing a powerful and flexible PullPayment protocol, PumaPay hopes to become the base layer for cryptocurrency payments throughout the world.”
* At the heart of PumaPay’s PullPayment protocol is a smart-contract architecture that allows for “pulling”, rather than just “pushing” funds. Although not fully explained in the whitepaper, the purpose of this is presumably to facilitate complex transactions including recurring payments, pay-per-use, etc., by enabling smart contract activation by the recipient. The long-term vision appears to be the implementation of blockchain payment mechanisms that more accurately reflect commonly used traditional ones.
* The PumaPay SDK is planned to provide utilities and code samples for merchants, a repository of pre-signed and pre-vetted modules, and easy access to transaction data.
* Use Cases provided show how businesses can use PullContract templates built from parameterizable modules (called Authorizers) to charge for subscriptions, timed use, etc. The primary advantage appears to be the convenience of ready-made smart-contract templates and modules. However, the technology itself is not clearly defined.
* Launch partners include ImLive.com, an adult entertainment website (charging customers on a pay-per-minute basis for private live shows), and ChatMaker, a messenger app that allows businesses to send targeted direct messages to users. These are the only two described more extensively in the whitepaper, and whose integrations appear explicitely in the roadmap provided on the company’s website, but the whitepaper lists 8 additional partners, including Mr. Skin, a website that, according to Wikipedia, “specializes in locating, posting and rating instances of female nudity in television and film”. The company emphasizes that it has dozens of early adopters and launch partners (which will be introduced close to the TGE), in various industries, all of which have a significant user base and are in a good position to disrupt their market.
* PumaPay’s position is unique in that it targets the adult entertainment industry with a universal merchant infrastructure that can expand beyond it. As such, it also faces competition both from the growing use of other cryptocurrencies in adult entertainment, and from other universal blockchain-based merchant solutions.