PRIMARY — A new payment mechanism in a decentralised financial system

PRIMARY (PRY) tokens will be an ideal form of payment for businesses across a wide range of industries. Accepting PRY tokens will offer numerous benefits such as global transactions in an unprecedented speed. In the long term strategic partners of PRIMARY will leverage the disruptive power of the alternate, decentralised financial system being developed by the global crypto community.

Over 500 global partners accepting PRY tokens until June 2019

According to recent studies there are already more than 6000 e-commerce and physical shops around the world accepting cryptocurrencies. It is an important addition for big companies as well as small businesses. In accordance with the PRIMARY development plan there will be over 500 global partners accepting PRY tokens until June 2019. That is more than 8 percent of the total amount of businesses accepting cryptocurrencies today.

PRIMARY development plan:

AUGUST 2018

• Beta testing of crypto payments in one of rent24 hospitality concepts

OCTOBER 2018

• Payment implemented in five rent24 locations

JUNE 2019

• > 500 global partners (shops, hotels, restaurants) accept payment

DECEMBER 2019

• Token payment implemented at all locations

Initial beta testing of the payment system successfully completed

The application’s payment mechanism has already undergone initial beta testing at a rent24 restaurant franchise in Berlin. The application performed just as expected and the development team is now working on scaling it to all rent24 locations globally, as well as to all partner alliance members.

It is an exciting step towards making the vision of a decentralised marketplace a reality and linking digital and real world businesses. Beta testing has proven that businesses can easily connect their payment systems to the PRIMARY dApp.

PRIMARY offers businesses a broad new customer base

The initial group of vendors to accept PRY tokens as a mode of payment is a worldwide network of existing rent24 locations and the current strategic partner alliances. These will include real world businesses such as coworking providers, restaurants, shops and hotels as well as providers of online services and distributors of goods and services, who will be welcomed into the PRIMARY community offering them a broad new customer base.

Fundamental benefits of accepting PRY tokens as payment

The platform offers real benefits to businesses which choose to accept PRY tokens.

1. One of the most significant benefits of accepting payments via the use of a cryptocurrency such as PRY is that all transactions are inerasable as they are recorded on a distributed public ledger. This will reduce the possibility of fraud such as identity theft or the unjust filing of credit card chargebacks.
2. Harnessing these advantages has not been viable thus far for many businesses due to the low number of transactions per second (tps) on 1st and 2nd generation public blockchains such as Bitcoin and Ethereum. However, the PRIMARY dApp is hosted on the 3rd generation EOS public blockchain and as such benefits from a much greater number of tps comparable to the tps of current financial mechanisms such as VISA.
3. Vendors, whether online based or the traditional bricks and mortar variety, will instantly gain access to payments received with no third parties such as banks involved. Furthermore, firms will be able to easily engage in frictionless cross border payments as physical location is irrelevant when dealing with cryptocurrencies.
4. Finally businesses will be able to capitalise on the growing popularity of cryptocurrencies among consumers, and reach out to an increasingly digital minded population of young people. While blockchain technology has yet to achieve widespread adoption, it will undoubtedly play a major role in the world economy over the coming years and decades. The team behind the PRIMARY dApp hopes to enable many new business owners to gain exposure to the growing global crypto community and further the ideal of a distributed economy by providing an accessible decentralised marketplace.
5. The PRIMARY application will include a digital wallet which businesses can use to receive payments in PRY tokens, with a user interface designed to allow new entrants to the world of blockchain technology to navigate with ease and precision.
6. Most importantly, firms can convert their earnings into fiat currency (or the application’s ‘stable coin’) whenever they like- a crucial aspect of the payment mechanism for users based in economies with limited cryptocurrency penetration. To combat worries of price volatility, the platform also has a ‘price oracle’ which will stabilise the value of PRY tokens.
7. PRIMARY offers business owners the chance to implement a single window operation through which they can accept payment from customers, as well as access vital services for their businesses such as finding an accountant within the platform’s user base.
8. Last but not least, PRY tokens will also comply with legal requirements in the EU, US and Asia in order to ensure that vendors can create invoices and file their income with the relevant authorities.

Stay in touch with PRIMARY

The private pre-sale of the PRY token started on the 1st of August, 2018. For further information regarding token distribution and the team behind the project visit PRIMARY. Or get the latest announcements by joining our email list.

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