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.
Blockchains will redesign the way we exchange value similar to the way through which the internet radically changed how we exchange data. Currently, Blockchain technology is mostly focused on handling payments. However, soon almost anything can be digitized and transferred online. In the future, one will be able to trade house ownership as easy as sending money from one person to another. Many entities will need to own cryptocurrencies to take advantage of what Blockchain technology has to offer. However, securing and managing these crypto assets can be quite difficult, with mistakes often becoming terminal. Unfortunately, current tools in the market are designed for technically savvy individuals or developers, it remains quite difficult for companies and businesses to manage their cryptocurrencies efficiently and securely.
At PayAccept, we want to ease this pain by adding a layer of interface to render blockchain technology more accessible, helping companies manage cryptoassets efficiently, and become the sole product companies need to run crypto activities.
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$. Not many of the thousands of ICO companies survived the last two and a half years of a strong crypto bear market and global economic recession. We at PayAccept will target the strongest and proven projects for an invite to the PayAccept platform.
Today, thousands of smart contracts (self-executing contracts that run on a Blockchain) have been deployed on the Ethereum Blockchain, securing over 2.1M (420M$) worth of Ethereum. Companies utilizing Ethereum provide PayAccept with a massive potential user base to provide easy access to a PayAccept web-wallet. We at PayAccept will tap into an over 250B$ market to provide new market entrants with a full wallet management ecosystem for their cryptocurrency holdings as well as a fresh ecosystem for old and established blockchain-based projects.
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.
Essentially, cryptocurrency wallets are elements of the Blockchain economy and its underlying digital infrastructure that were designed for the sole purpose of allowing individuals to easily access, manage, and transact in cryptoassets while remaining in full custody of funds without having to become a full node on a Blockchain network or rely on an intermediary for private key and asset storage.
There are different types of wallets and different types of wallet functionality. For example, there exist paper wallets where private keys are simply written down on a piece of paper and hardware wallets in which private keys are encoded. Though, these types of wallets and tools were designed for use by single individuals managing their own funds. What if the funds in question belong to several individuals or business entities? What happens when funds belong to a legal entity the employees of which change over time? How do we ensure that funds can be managed by relevant parties and remain protected and usable when necessary?
Multisignature smart contracts have been designed to address the above. These smart contracts enable multiple people to manage crypto assets in their wallets in a secure way. Standard wallets require only one private key to send funds vs the several keys required (for transactions over a certain threshold) with multisig smart contracts and wallets.
There exist various iterations and implementations of multisig technology. For example, there exists Gnosis, an open-sourced multisignature wallet that has been used to store over $2 billion worth of cryptocurrency without being breached. It is one of the most popular multisignature wallets and PayAccept can easily interface with it.
Custodial services also exist for cryptocurrency management. Most cryptocurrency trading platforms act as custodians by providing their users with wallets for storing and trading cryptoassets, though, private key management and access are retained by such platforms.
Though, we at PayAccept believe that companies and individuals should retain sole management over their funds and not place the responsibility for managing private keys over to third parties. This is due to the fact that if a third party fails or goes rogue mode, all funds can be lost. Additionally, this is contrarian to the decentralized nature of Blockchain.
Though, on the other hand, essentially being one’s own bank or managing crypto assets across multiple wallets and cryptocurrency exchange platforms entail many responsibilities and difficulties. Basic errors can result in substantial losses.
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:
We are targeting the global mass market and it’s business entities. Many do not have a handle on the necessary tools needed to intertwine regular operations with cryptocurrencies in an efficient manner. Companies frequently design and build custom tools for their own needs, but maintaining them becomes a ‘pain in the ass’. A lot of energy and resources are wasted on custom solutions, meanwhile frequently not all security standards are in place, leaving vulnerability holes for attacks. And for users, the use of all kinds of different payment systems, things can become a bit messy, so many cards, wallets, exchanges, so many solutions, for some users it is almost like looking into a dark forest. Working with cryptocurrencies on a day-to-day basis can and should become much easier. We aim to simplify the daily individual & business relationships with Blockchain technology and cryptocurrencies for the masses through PayAccept while also allowing our users to gain rewards or loyalty points (PAY tokens).
Secondly, we very well understand that there is a critical need for better user experience when it comes to using cryptocurrencies and converting them into other assets, for example, fiat currencies. We at PayAccept believe that understanding the underlying technologies constituting the blockchain economy and digital infrastructure at an advanced level should not be a requirement for customers and newcomers to the market.
We intend to work with and be adopted by many protocols and systems through API connections and to be presented across the market, on various exchanges, and individual wallets that are digitally and physically available. The future of PAY is not to just be situated and presented on one Blockchain, but to interact with as many of them as possible, boosting PayAccept liquidity and its own unique factors.
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.
In our next steps, we intend to deploy a simple wallet management system and provide cryptocurrency to fiat (USD, EUR, RUB, TRY) and stablecoin conversions as well as atomic swap functionality for cryptocurrencies (currently over 2000 crypto-assets that fall in different classes and categories). For the conversion, we will be using our partner, NEXT.exchange, an established EU based cryptocurrency exchange with its own powerful multifunctional Blockchain (Mainnet) that holds an honest trading philosophy. Our partner will be used to enhance PayAccept liquidity over time.
We will also be working on providing access to financial services based on blockchain protocols deemed useful for companies and users. Such as DeFi (decentralized finance) functionality, debt contracts, and various exchange infrastructures. PayAccept users will be able to take advantage of a multitude of financial services backed by Blockchain technology. Users will ultimately be able to exchange assets with the click of a button, create individual and unique assets, run a wallet service provider through the comfort of a refined interface while interacting with decentralized protocols, and digitals assets with ease.
Who are our competitors?
It is imperative to stay in-sync with the market and remain aware of our competitors and alternatives.
We view the market as being rather splintered at the moment. There are quite a lot of Blockchains with individual applications that provide access to their own cryptocurrencies, many of which have unique applications and uses. It is a challenge for new market entrants and normal users to maintain and manage an individual asset for each application and so on. Many cryptocurrencies become outdated, irrelevant, or do not ‘operate’ properly after some time. We feel that the market and its existing participants (individuals and business entities) are in need of a one-stop place wherein cryptoassets can be managed through an intuitive wallet management system together with fund insurance and responsibility delegation.
In the market there exist renowned hardware wallets, Trezor, Ledger, namely. They are quite expensive and limited in the variety of cryptocurrencies that they can be used to manage. Additionally, they do not come with a seamless exchange function for cryptoassets, neither are they so easily accessible. One needs to have access to a hardware key, plug it in, install software for multisignature functionality, input pin codes, and confirm each transaction made. If the hardware key is lost together with recovery keys — all funds will be lost. Such cryptocurrency storage solutions can be good for companies to keep their assets highly secure, but these solutions are not so portable.
Finally, we have custodial solutions, such as Coinbase or wallets on centralized exchanges. These exchanges and custodians provide great user experiences, but most retain management of user private keys for themselves. Should such exchanges or custodians go bankrupt or fall, user funds will be lost. A great recent example of this is Cryptopia. To this day it’s liquidators are still struggling with reimbursing user funds.
The above is why PayAccept provides users with access to their private keys while keeping transactional records on the Blockchain. We want our customers to be in full control of their crypto assets while using our services. All of our wallets are encrypted, with data stored in a decentralized manner and private keys communicated to users through highly secured communication channels.
Group of Companies
PayAccept and NEXT are a powerful combination.
PayAccept’s founding team already owns and operates a successful cryptocurrency exchange, digital wallet, and powerful blockchain. These products are operated under the brand names NEXT.exchange, NEXT.coin, and NEXT.chain.
However, the main difference between NEXT and PayAccept is that NEXT mainly focuses on the exchange of cryptocurrencies, while PayAccept focuses more on a payment institution where fiat and crypto payments can be made. PayAccept facilitates more while NEXT executes. PayAccept also focuses more on products seen in traditional banking, such as issuing debit / credit cards, payment processing, international bank accounts, foreign exchange together with NEXT, and so on. PayAccept builds on the existing infrastructure that NEXT has developed for years and links it to existing (banking) infrastructures in order to bridge the gap between traditional payment and the digital infrastructure.
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 will act as a bridge between the traditional financial world and new disruptive blockchain technology. We expect mass PayAccept adoption by 2025. PayAccept will become an Electronic Money Institution to intensify its pursuit of mass adoption. Through this, PayAccept can successfully attach itself to a Blockchain economy of currently over 250B$ and bridge it with traditional financial markets.
From a business perspective, we want to connect all of the world’s organizations to digital banking powered by Blockchain technology by deploying a beautifully interfaced and easy to use PayAccept mobile application and physical Point of Sale (PoS) devices to which businesses the world over can connect to and process credit card and cryptocurrency payments.
- 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.
PayAccept will also support emerging digital currencies which are defined as top 20 by CoinMarketCap. In this case, Bitcoin, Bitcoin Cash, Ethereum, Dash, NEM, and others to ensure that PayAccept will be at the front. In the end, we want to bring in simple gateways which are on one side bringing in liquidity by connecting to third party exchanges and on the other side, becoming the gateway for traditional (bank) institutes, which are currently on the move to integrate digital wallet systems into their current platforms and operations.
The successful implementation of product groups will set the foundations for a successful EMI. Let’s start with the first foundation:
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 and Services
Payaccept will offer financial services focused on simple functioning and where assets can be managed easily.
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.
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
— crypto commodities (digital gold)
— crypto tokens (colored coins, stablecoins)
— payment tokens
— asset tokens
— utility tokens
— fiat money
— vouchers, gift cards
— stocks, bonds, and derivatives
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.
With PayAccept, we will implement a model wherein individuals can place their crypto assets into a PayAccept savings account and receive substantial interest if they are prepared to provide their savings as a loan to others. Cryptocurrency will act as collateral, this is for insurance, funds can be liquidated if the borrower does not pay monthly settlements. Once a loan is paid back, the borrower can withdraw his funds.
This part will be updated after our tokensale. For more information regarding investments see the Tokenomics section.
Total supply Max 45M
Circulating Supply Available after IEO
5M Team, Marketing, Development, Partners, Advisors and Reserve Fund
5M Bounties, Promotions, and Airdrops
Team vesting period:
Team funds of 5,000,000 PAY are locked until Jan, with a slow release of 1,500,000 every six months.
Budget & Spending
30% Team and Market Management
25% Marketing & Awareness
PAY Utility Token
Lower fees: Enjoy a discount on all transaction fees
Pay ECOsystem: Priority access to new features and information
Global VIP invitation: Participate in PAY’s forum and impact PayAccept strategy
PAYnodes: Use PAY to deploy a PAYnode (more information to be provided)
Crypto-Backed loans: Use PAY to unlock the savings & loan section
Airdrop: Receive free airdrops for listed coins and tokens
Discount: Deploy services on the PAY network with discount
PAY token utility will continue to be expanded as PayAccept grows.
After receiving the EMI license, PAY will convert this token into a share in the company.
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.
The sale and transfer of the PAY tokens will be performed by PayAccept. The proceeds of sale of the PAY tokens will be deployed to fund the herein described cryptocurrency projects, businesses and operations. No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the PAY tokens. Any agreement between the token provider and yourself as a purchaser and in relation to any sale and purchase of PAY tokens (as referred to in the whitepaper or on our website) is to be governed solely by a separate set of documents setting out the terms and conditions of such agreement. In the event of any inconsistencies between the Terms and Conditions and the content of this website or the whitepaper, the Terms and Conditions shall prevail. You are not eligible to purchase any PAY tokens in any coin offering (as referred to on this website or in the whitepaper) if you are a citizen, resident (tax or otherwise) of the USA, China, Singapore, Iran, Syria or North Korea.
No regulatory authority has examined or approved of any of the information set out on this whitepaper or on the website. no such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of any content of this whitepaper does not imply that the applicable laws, regulatory requirements or rules of a specific country have been complied with. The whitepaper or any part or copy thereof must not be taken or transmitted to any country where distribution or dissemination of the whitepaper is prohibited or restricted.
There are risks and uncertainties associated with the PAY token sale that should be taken into account. The company PayAccept and/or the token provider and their respective businesses and operations are not responsible for any loss of value of the issued token which can result in a complete loss of it’s value.
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.