★HUPAYX FAQ ★ UPDATED★
In this blog post we will highlight several frequently asked questions that HUPAYX team has often received. We aim at creating a truly human-centric payment solution therefore we take into account every concern and question seriously.
Below are some of the most common questions we encountered:
- “What is Human Plus and how it relates to HUPAYX?”
HUPAYX is a Hybrid Blockchain (private & public blockchain)-based mobile payment solution provider coupled with TechFin business model, which is operated by The Human Plus — a System Integrator and Development company based in Seoul, South Korea.
Human Plus (HUPAYX) is aiming at creating a new global paradigm in blockchain based everyday economy (commerce). By combining various blockchain technologies and networks, we are introducing the HUPAYX platform, which not only competes with the existing centralized payment system but also solves problems related to real life Digital Currency utilization. This next generation payment platform aims at creating an environment in which both blockchain and Digital Currency technology can be used in everyday life, by everyday people.
2. “What is HUPAYX’s native currency (Token/Coin)?”
With the scheduled release of our official Blockchain MainNet, our ERC-20 based HUP utility token, was swaped with the newly created HPX token, which is based on Cosmos Chain. The swap held at the beginning of May 2020 at CoinBene exchange. (More exchange listings are coming after token swap)
Shuffle Point — Prepaid E-Money, backed by local currency
HX Token — HUPAYX Internal Stablecoin
HPX — Publicly Listed Utility Token, Platform and Reward master coin
ETH, BTC, Litecoin, other cryptos, currencies such as KRW, USD, as well as our own HPX must be converted to Shuffle Points first in order to pay inside of HUPAYX network -> this will be done by either converting desired crypto to Shuffle Points beforehand or on the spot before transaction. Customers can earn HPX within HUPAYX Network per payment, transaction and by viewing ads (coming soon). HPX is publicly traded on Exchanges and can be redeemed in fiat.
Shuffle Points can be topped-up with various methods:
- Via Credit Card
- Via Bank Account
- Via Mobile Carrier and
- By Converting Crypto in the Shuffle Wallet
3. What is Shuffle Wallet and Vault POS?
Shuffle is the first multi-digital currency wallet for everyday commerce. Shuffle covers the customer side, where users can easily send, buy, store and most importantly pay in ‘SHUFFLE’ points (prepaid e-money), which is backed by local currency. Crypto users can import their digital assets, store them or do near-instantaneous P2P transactions between SHUFFLE wallet users for free. Most important function is that crypto users can finally utilize their assets in real life by converting crypto into points inside of the wallet and making purchases at ‘Vault’ point-of-sale system supported merchants.
Shuffle supports several top cryptocurrencies such as bitcoin, ethereum, litecoin and more. In the near future, HUPAYX alliance partners will be able to issue their own tokens & coins and be would be able to list it in the Shuffle wallet. Shuffle will only list digital assets from partners that possess large user base and can contribute to HUPAYX ecosystem.
The Vault is an all-in-one mobile POS app and software system for merchants and online retailers.
Vault is a point-of-sale system that covers the merchant side of HUPAYX end-to-end payment ecosystem. It enables street vendors, small coffee shops and various other SME business to simply use their mobile phones as a pos terminal, where merchant can access inventory and simple CRM functions. A minimum scheme fee of 0.5% per transaction is charged, if paid in Shuffle Points, with additional monthly service fee of $5 per POS.
Both Shuffle Wallet and Vault POS allows its users to see all past transactions with an actual copy of the receipt in their payment/sell history.
Some of the add-on functions in Vault POS includes advanced administrative settings, as well as staff management, weekly/monthly reports and tax settlement management.
4. “Which stablecoin do you use?”
Inside of HUPAYX Network we utilize an HX Token → our Internal Network Stablecoin. This token is used to move Shuffle Points…
5. “What problems do we solve and what differentiates HUPAYX from other crypto payment systems?”
From local businesses seeking to reduce transaction-based fees imposed by traditional payment infrastructure, to everyday shoppers that overpay in every step of the way, HUPAYX removes unnecessary middlemen and reduces the fees for both users and merchants alike. Since HUPAYX covers the end-to-end payment infrastructure, digital currency users can finally spend their assets in real life, by simply converting them into HUPAYX’s internal prepaid e-money called Shuffle Points.
Among known blockchain projects around 90% remain profitless, unlike them HUPAYX is reinforcing its business model with TechFin projects — such as Catholic Community based Payment Consortium and an accommodation booking Joint Venture — OneGlobal (A Joint Venture between Human Plus and Korea Accommodation Industry Association)
HUPAYX utilizes most important elements in a blockchain-based payment platform, such as performance, completeness and stability of the transaction. Its blockchain MainNet was build on Comos Chain, which utilizes dPOS through Tendermin consensus algorithm and solves problems associated with Scalability and Interoperability of blockchain related solutions.
6. What is One Global and how does it contribute to HUPAYX business?
ONE Global is an O2O business for small and medium-sized accommodation industry that was established to promote ‘sustainable O2O hospitality business services’ by seeking mutual profitability with the owners rather than the existing O2O monopolistic business structure.
7. “What makes HUPAYX a human-centric payment solution?”
We consider people’s needs and choices they make in their everyday life. We understand that both customers and merchants go through in their everyday purchasing/selling routine and what inconveniences they face in that process. At the end, both customers and merchants are humans with needs.
HUPAYX wants to solve problems such as scalability, applicability and affordability that are not solved by current blockchain based payment solutions. This is because HUPAYX payment solution wants to be implemented and effectively utilized in real life - everywhere around the world.
8. “Do merchants receive their payment only in Fiat or can the they choose between Crypto and Fiat?”
Merchants will generally prefer Fiat, since there is much gap in understanding and trust in cryptocurrencies. However, depending on the merchant’s preference, it can be exchanged for the desired coin or Fiat currency.
9. “What are the partnership terms? What steps should I take if I want to become a your Alliance Partner?”
To become a partner, a company can sign up for a partnership by sending proposal with ideas on ways that both parties can benefit from this partnership. Providing info on market share, awareness, size of user base, etc. Providing a company introduction sheet (including sales and business status) and emailing it to information@hupayx.com It is important to avoid confusion by mentioning in Subject Line to which category business belongs, such as: franchise, NGO, Government, Entertainment, Hospitality, Tourism, etc.
10. “Where do you currently have partnerships, and what industry representatives do you want to partner with?”
So far we have formed over 20 strategic partnerships both in South Korea and abroad. We welcome companies from any industry that could benefit from Human Plus’s infrastructure and HUPAYX payment services.
Our current list of partners can be found below:
11. “Will you be introducing HUPAYX abroad or only in Korea?”
South Korean market alone won’t be enough for HUPAYX to fully expand its potential. A lot of countries, both rich and poor suffer from outdated traditional based payment infrastructure and would greatly benefit from HUPAYX Solutions.
In China, in recent years the market share of mobile payments has accounted for more than 80% of all payments. We are sure that by partnering with local financial institutions in China, we will be able to find our niche by targeting specific industries.
We are also in the process of establishing two separate subsidiaries, one in Europe and one in Turkey. In Turkey we are currently in negotiation stage with local crypto payment player for Joint Venture Partnership.
More Technical Questions:
12. “What HUPAYX MainNet was building on?”
The most important elements in a blockchain-based payment platform is performance, completeness and stability of the transaction. Existing PoW-based chains cannot be used in the real everyday payments because of the relatively long block time. Considering these points, as a result of comparative analysis of multiple blockchains, HUPAYX’s Blockchain MainNet was built on Cosmos Chain.
Cosmos Blockchain is a revolutionary type of “internet of blockchains”, which utilizes dPOS (delegated proof-of-stake) through Tendermin (It’s a class of protocols which solve consensus under partially synchronous communication) consensus algorithm and solves problems associated with Scalability and Interoperability of blockchain related solutions.
Blockchain technology faces many challenges before it can become a foundational technology for everyday life. One of these is “interoperability”. This refers to the inability of different blockchains to communicate with each other and share information. This is why Bitcoin cannot be exchanged for Ethereum without using a third-party exchange or application.
The nature of the design of blockchains means they can only communicate with themselves and not with other blockchains. They are not inherently interoperable. They start out isolated from one another. No information can be directly transferred between them.
However, Cosmos is a network of many independent blockchains called Zones, and Hubs are ‘multi-asset proof-of-stake cryptocurrency’ that allow the network to adapt and upgrade through a simple governance mechanism. Hubs and Zones of the Cosmos network communicate with each other through the Inter-blockchain communication (IBC) protocol. Tokens can be securely and quickly transferred from one zone to another through a hub without the exchange liquidity between the zones. Cosmos Hub tracks the total amount of tokens held by each zone, and anyone can connect a new zone to Cosmos Hub, making it compatible with the new blockchain. In this private MainNet release, HUPAYX has successfully developed and integrated those Zones to its MainNet.
HUPAYX’s payment system has the same characteristics as above, which ensures the speed and completeness of payment settlement, as well as blockchain stability and infinite scalability.
13. “How does your Validator Ecosystem works?”
Validator Ecosystem is the most crucial part of HUPAYX Blockchain Network, which serves as a Network Alliance or Node Shareholders.
HUPAYX’s Validator Ecosystem is consists of 17 Nodes enabling each of its Validator Nodes to generate profits
Shufflator Wallet is a special Validator Wallet, which is granted to Network Alliance members (Validator Nodes)
•Staking — To become a validator node, a validator must stake a certain amount of HPX tokens and hold it in reserve for the duration the company wishes to serve as a validator.
•Voting — Validator will gain a voting power inside of HUPAYX Network Alliance and can participate in HUPAYX decision making as a Node Shareholder.
•Rewards — Validator can gain daily, monthly and yearly rewards by profiting from transaction processing, which depends on the amount the validator has staked.
•Delegators — Validators can handpick their own delegators and charge a certain commission for their work in securing the network
Validator Node Onboarding is held in 3 Private Presale Rounds and Final Public Sale with token staking varying by the sale round
Example of the Validator Node’s profitability (simulation):
•The Above Simulation is based on One Global’s potential transaction value of 100K per day, which derived from 22K Hotels & Motels network.
•This simulation excludes Catholic Diocese payment business, Individual shops and other payment channels.
Example of Merchant based profitability for Validator Nodes:
14. “How to become a Validator Node?”
Validator Node Onboarding is held in 3 Private Presale Rounds and Final Public Sale with token staking varying by the sale round.
•Annually 4.5% ~ 5% profit generation from the staked amount.
•Round 1 Presale Validator Applications will last until the end of April, 2020
•Application fee (Staking) is accepted in Bitcoin and Ethereum
•Validator Contract Period — Yearly / Every 3 to 5 Years
15. “What is your revenue model?”
We have several revenue streams as HUPAYX payment solution is linked to our subsidiary businesses as well.
Our revenue model is as follows:
#1. Enterprise Model: HUPAYX Solutions System integration (SI) and Maintenance (This related to our project with local government on implementation of digital local currencies — this is Private Blockchain based project)
#2. POS Transaction Fee (Merchants are charged a minimum scheme fee of 0.5% per transaction + as Vault POS works as a store wallet it accumulates Shuffle points that later can be withdrawn as fiat by merchants to their bank account, we charge a certain amount from total withdrawal)
#3. HUPAYX solutions based on Hybrid Blockchain (For ex: If we are to partner with top cross-border remittance service provider that agrees to link their platform to HUPAYX solution then we can gain extra revenue from transaction fees, same goes to linking HUPAYX to AIRBNB, UBER etc.
Therefore we stress an importance on building strong Alliance Group.
16. “Does HUPAYX have any international awards or recognitions?”
Yes, we do. Presented by the world-renowned ‘The European’, an independent business publication from London and audited by PPA (Professional Publishers Association), HUPAYX has won two 2019 Distinction Awards in Global Banking & Finance under the following categories: Most Innovative Blockchain Payment Solution and Most Disruptive Payment Technology Provider from South Korea.
