PayAccept Whitepaper 1.1

Gleb Jout
Gleb Jout
Jun 24 · 18 min read
Image for post
Image for post
“Bridging old and new financial monetary systems”

Introduction

In 2008, Bitcoin became the first peer-to-peer electronic cash system allowing online payments without the need for an institution. The underlying technology of Bitcoin is the blockchain, a decentralized, distributed, and public ledger that records all the transactions of a network. Since then, various projects leveraging blockchain technology emerged. Ethereum, as an example, is a decentralized world computer. It enables any developer in the world to run code on it with the assurance that it will run, and that the code is censorship proof. For such blockchain networks to execute accordingly, incentives have been built-in and internal currencies put to use. These currencies are referred to as cryptocurrencies. On top of those networks, entrepreneurs leverage blockchain technology to build decentralized applications.

The Crypto Ecosystem

The cryptocurrency ecosystem is booming in terms of technicals and fundamentals. The major 20,000$ Bitcoin price rally of 2017 attracted traders, investors, and speculators, as well as many developers from across the world that are now shaping the economy of tomorrow. Since 2017 over 1000 companies have held ICO’s, raising billions to provide the world with Blockchain-based technological solutions. The majority of entities that hold cryptocurrencies today are traders, exchanges, investors, crypto-funds, miners, and cryptocurrency-based projects. We believe that most companies will need to own cryptocurrencies as an alternative form of currency in the near future. The potential of the market was glimpsed by the world during late 2017 when the Blockchain market capitalization reached near 800B$. Not many of the thousands of ICO companies survived the last two and a half years of a strong crypto bear market and global economic recession. We at PayAccept will target the strongest and proven projects for an invite to the PayAccept platform.

PayAccept

The problem

Individuals typically join the Blockchain economy through the use of cryptocurrency trading platforms and cryptocurrency wallets. However, one must have access to a password, namely, a private key(s) that would enable one to engage in transactions in digital infrastructure. Private keys are a complex combination of different characters that are difficult to memorize and act as an integral aspect of cryptocurrency ownership and management.

Can PayAccept remedy the above?

Stemming from the pain points above, we built PayAccept, a simple cryptocurrency management application for people around the world in order to tackle the above issues. PayAccept will provide an interface that is intuitively easy to understand and through which users will be able to transfer and receive a multitude of cryptocurrencies meanwhile delegating responsibilities within teams if needed while remaining in full custody of funds and protected from cyber-attacks. PayAccept is being built with the mass adoption of cryptocurrencies in mind. We are focusing on several key components and differentiators:

What is PayAccept going to do today and tomorrow

PayAccept will not emerge in a single day, we are building out a complete digital infrastructure aimed towards strengthening the mass adoption of crypto assets and provide access to traditional and blockchain-based financial instruments for individuals, businesses, and the unbanked.

Who are our competitors?

It is imperative to stay in-sync with the market and remain aware of our competitors and alternatives.

Group of Companies

PayAccept and NEXT are a powerful combination.

Vision and Mission

More and more banks are stepping over to digital finance and blockchain technology. However, somebody must provide a way to manage all of the assets in the blockchain industry through an easy to use interface where everybody in the world, even the unbanked can have 24/7 access to their assets and digital financial services.

PayAccept functionalities

  • Trade fiat and cryptocurrencies through a single interface: The PayAccept network enables customers to freely exchange assets without worrying about the denomination. The payer and the recipient of any transaction can opt for the asset of their choice, so customers can pay in Bitcoin to an individual requesting Euros.
  • Connect bank accounts: PayAccept users can link up to 3 bank accounts to their PayAccept Wallet.
  • Analytical tools: Users can receive insights on their spendings and asset uses through smart analysis tools.
  • Fund ownership: Users retain access to their wallet Private Keys and all funds are stored using cold storage methodology.
  • Alerts: Notifications for all inbound and outbound transactions.
  • Mobile PoS: Users can use the PayAccept application to become their own Point-of-Sale or Pay-of-Sale and unlock a new revenue stream on the go.
  • Vast payment options: Users can handle their payments in over a thousand different cryptocurrencies and convert them into one. Any bill can be paid with any currency, crypto, or fiat through the PayAccept application. Need to convert gift cards or refillable cards directly into fiat or cryptocurrencies? We’ve got you covered.
  • Joint business accounts: PayAccept users can enable virtual joint multi-asset accounts for business purposes and enjoy the security, transparency, and immutability that Blockchain technology offers.
  • Global availability: PayAccept users can accept cryptocurrency payments from all over the world
  • Easy set up for businesses: PayAccept provides payments buttons, a hosted checkout, and embeddable invoices for your website. PayAccept also works with countless plugins and integrations.
  • Light and dark mode: Automatically adjusting light and dark mode interface.
  • Price volatility shield: PayAccept shields you from the price volatility of Bitcoin and other cryptocurrencies. You get every dollar or euro of what you charge, minus 1%.
  • Safe loans (DeFi functionality): One of our key points for fast growth is accepting non-cash capital immobilization payments. As a payment processor, PayAccept will have an advantage over banks because we collect live information about expecting incoming payments. Our AI-platform will facilitate if a business can have a loan and is able to payback. This provides PayAccept a healthy income whereby a maximum profit can be generated throughout the PayAccept platform.
  • Establish a network of agents: In developing countries where infrastructures are not fully established (such as Africa and South America), we will offer retailers the ability to become agents for PayAccept to handle deposits and withdrawals. Each agent can open an account to facilitate this process.
  • Payment cards: PayAccept will issue payment cards that can be used to pay in shops or withdraw funds from most ATMs around the world when cash is needed.

Building an EMI

PayAccept is going to become an Electronic Money Institute. This step is needed to become a fully recognized institute that can handle a lot of volume between fiat and crypto without being attached to a bank for payment processing. This will ensure long-term PayAccept operation. Also as an EMI, we are able to define and deploy international bank accounts for storing fiat, and on the other side, this gives us the ability to physically backup the stored value of assets in a separate trust. We will start by offering 8 fiat currencies initially, covering all the major currencies such as USD, EUR, GBP, TRY, and CNY.

Capital

Operating an EMI is different from running a normal business. An EMI needs to cover the capital which is inserted into the institute (the capital coverage) but also needs to meet several regulatory requirements. These regulations are in place to ensure a properly functioning EMI and towards satisfying the capital adequacy requirement ratios which are defined in the legal framework.

Regulations / Licensing

Licensing is one of the key aspects of becoming an EMI. The founders already have experience obtaining licenses to operate in the EU and the US. After a successful crowdfunding campaign, we expect to obtain the needed licenses and have a solid foundation in place to offer investment products to the market.

Payment processing and clearing technology

PayAccept identifies a lot of issues faced by parties that accept digital assets. Our system will be able to become a mainstream payment processing and clearance company where we can clear all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (in any form, like cheques, gift cards, electronic payment requests, and crypto) into the actual movement of money from one account to another. PayAccept manages the post-trading, pre-settlement and ensures that transactions are settled in accordance with market rules, even if the buyer or seller becomes insolvent prior to settlement. Processes included in the clearing are reporting/monitoring, risk margining, netting of trades to single positions, tax handling, and failure handling. PayAccept will build a complete set of API’s for the open market for dialing between inter-exchange and settlements of payments, the protocol will be named PAYS, which stand for PAYment System.

Bridging the traditional public market

Later on, PayAccept will process and bridge traditional bonds and stocks with crypto assets. Where derivatives, commodity, money, real-estate, and reinsurance will be added to the portfolio of PayAccept. What to think about a real Apple™ asset in your wallet, which you can just decentralize and take with you, wherever you are. And even if your stockbroker goes bankrupt, well, no issue at all. With PayAccept this is not possible.

Products

Issuing Payment cards

The PayAccept card will be a major network brand debit and credit card, by default enabling it to be accepted at millions of locations and payment terminals worldwide. The cryptocurrency or fiat card balances will be directly funded from a user’s wallet. Users will be able to spend their fiat directly and convert cryptocurrencies to fiat with real-time conversions powered by liquidity providers and exchanges. Users will be able to connect a preferred cryptocurrency to the card for payments, otherwise, as a backup, traditional fiat for payments will always be available given a positive balance. PayAccept cards will be issued with a QR-code and integrated NFC chip that will communicate with PayAccept payment terminals.

PayAccept card functionality:

  • Digital Wallet compatible with Google, Samsung, and Apple Pay;
  • On-demand crypto to fiat conversions;
  • ATM PIN access;
  • Real-time transaction history and notifications;
  • Virtual & Physical cards;

Deploying Payment of Sale points

To make crypto payments possible with merchants, like retail outlets, restaurants, and convenience stores we will deploy a free-when-used Point-of-Sales (POS) device so customers can use the cryptocurrencies they held in their account and make daily purchases. In this way, PayAccept becomes the latest participant in the global blockchain, and consumers benefit because they can use cash, credit card, or a digital wallet to buy and sell what they would like.

Services

Payments

Payaccept will offer a full easy wallet management system, where we will integrate the following types of assets that will be available for cross border, 24/7, censorship proof transactions with minimal transaction costs, and no need for intermediaries. Assets supported within the PayAccept mobile wallet can be easily converted between one another:

Integration of Traditional and Crypto Assets

Cryptoassets
— crypto commodities (digital gold)
— crypto tokens (colored coins, stablecoins)
— payment tokens
— asset tokens
— utility tokens
— cryptocurrencies

Savings and Loans

Traditional savings do not yield substantial interest, in some cases, individuals must even pay a fee to their banks for storing their assets. While in traditional banking a bank would attract savings and give out loans to make interest, nowadays, they place savings on an account with a central bank, which entails extra costs that are forwarded to the customers, while the bank itself proceeds to issue loans. This is not fair.

Financials

This part will be updated after our tokensale. For more information regarding investments see the Tokenomics section.

Tokenomics

Token supply

Total supply Max 45M
Circulating Supply Available after IEO

Allocation

5M Team, Marketing, Development, Partners, Advisors and Reserve Fund
5M Bounties, Promotions, and Airdrops

Budget & Spending

30% Team and Market Management

PAY Utility Token

Lower fees: Enjoy a discount on all transaction fees

Disclaimer

No content of this whitepaper is a public offer of a security or any other financial instrument in relation with any company including the PayAccept team or any of its associated companies including (without excluding any other). This whitepaper or any other associated content does not constitute any advice to buy, sell, or solicit any offer by the provider of the PAY tokens (the “token provider”) to purchase any PAY tokens nor shall it or any part of it. The fact of its presentation does not form the basis nor is to be relied upon in connection with any contract or investment decision.

Disclaimer of liability

To the maximum extent permitted by the applicable laws, regulations and rules, the company and/or the token provider shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance of the pre-sale, initial token sale or the whitepaper or any part thereof by you.

Jurisdiction and law

Any claim or legal conflict arising from the pre-sale, the token sale, this whitepaper or any associated material or link included in this whitepaper or information offered or given access through this document or any associated material shall be governed by the laws of the Netherlands and the courts of the Netherlands and shall have the sole and exclusive jurisdiction.

PayAccept

PayAccept — cryptocurrency payment provider built on Blockchain technology.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store