[Review ICO] What is PAYMON? Why is it a cryptocurrency for daily life in the Fourth Industrial Revolution?
“Paymon- A cryptocurrency for daily life in the Fourth Industrial Revolution”
General information:
Official website: https://paymon.org/
Official website for ICO: https://ico.paymon.org/
Paymon Telegram Group (English): https://t.me/paymoneng
Total supply: 1 000 000 000 PMNT
Ticker (ERC-20 token): PMNT
Token price: 0.015 (Phase 1), Flexible (Phase 2), No info (Phase 3)
Whitepaper: https://ico.paymon.org/assets/ico/docs/White_Paper_version_2_0_eng.pdf
Technical paper: https://ico.paymon.org/assets/ico/docs/Technical_Document_eng.pdf
Paymon Overall Review
Idea:
Paymon aims to create a brand-new blockchain, improving current payment function, a P2P business platform directly connecting businesses and users and a domestic exchange in which users can not only “exchange” messages but also “exchange” cryptocurrencies.
The New Blockchain- Hive:
Paymon are building a brand new DAG-modeled blockchain, improving scalability, reducing transaction fees in current payment system. Specifically, users can make instant and completely free transactions. Due to using DAG model, the wider the network is, the higher the speed is and the fee is still 0.
Hive’s characteristics: Paymon will allow smart contracts’ implementation on its blockchain, which encourage other projects to do the token sale, develop protocols and Dapps on top of that. In the near future, all users can expect an ICO doing the token sale on Hive. Developer team are finishing the Alpha version of Hive, so currently, Paymon are using Ethereum smart contract to distribute tokens to investors. That is the reason why on the website, users can see two types of tokens which are PMNT (Paymon tokens will be converted to Paymon coins after their blockchain Hive is completed) and PMNC ( Paymon coin).
The Business Platform — Profit:
Paymon’s business platform is called Profit. On this platform, businesses and enterprises can directly operate, distribute goods and services with users, meanwhile, users can purchase the goods faster and cheaper. All the payments can be made easily and conveniently.
For example, if users want to buy goods and services, they can log in Paymon apps, click a random product, then have a code and users can easily make payments for it when they are at store.
The Domestic Decentralized Exchange- Paymon App:
Paymon have updated its Messenger App on Google Play. Users now can download the app and give it a try. In fact, this App is built to exchange both messages and cryptocurrencies in a convenient way. Also, it will act as a platform for businesses. The business Platform which is Profit will be added to the app in the near future. That is the reason Paymon call its Apps a Domestic Decentralized Exchange.
Comparison Table among Bitcoin, Ethereum, EOS, IOTA and Paymon
Strong points:
As we can see on the above comparison table, Paymon is expected to dominate the top 4 cryptocurrencies on the market which are Bitcoin, Ethereum, EOS and IOTA. Probably, in the near future, when Paymon develop its blockchain successfully, Hive will be a formidable competitor of the above cryptocurrencies.
To be specific, Paymon solves the current transaction fee problem of Ethereum, dominates over EOS in number of transactions per second, and unlike IOTA, Hive will implement its own smart contract to support ICOs’ token sale.
Due to its blockless model (DAG model), Hive will provide unlimited transactions per second, and free transaction fee.
Technical Characteristics:
While Bitcoin and Ethereum use PoW consensus mechanism which over-consumes electricity resource, EOS uses DPoS (Delegated Proof of Stake) and IOTA uses Cordinator as their consensus mechanisms creating centralization-relating problems, Paymon use its very distinctive consensus, which is Proof of Me (PoM). Proof of Me is the combination of Proof of Work and Me (verification). However, in Hive, users do not need to consume electricity to validate transactions, what is necessary is their verification and validations of the two previous transactions.
Let me take an example. If Alice wants to make a transaction, Bob and Carol (users of Hive network) will randomly pick two different transactions which can prove the existence of Alice’s cryptocurrency in her wallet, then they can validate Alice’s transaction.
Strong points:
No need to consume electricity resource
Complete Decentralization
Its own smart contracts
Working MVP (on Android and iOS)
Team
Team is always one of the most important parts of a project. A good idea needs an excellent team to turn the idea into reality. So how experienced and committed Paymon’s team members are?
Team structure: According to the analysis, Paymon team at the time of writing consists of 25 members. 14 are developers and the other 11 are marketing specialists, community managers and so on. Of 14 developers, 6 are working on their blockchain, 2 are on iOS app, 2 are on Android app and 4 are on web version of the app.
Team experience:
CEO and Founder- Semyon Gleim: He used to work with one big Russian Bank, thus understand detailedly about the current payment system. He is also a member of Blockchain Association in Russia, an ICO consultant, more than 5 years working experience relating to IT.
CTO- Vladislav Markushin: An 10-year experienced programmer. An experienced developer on app WebGL and Android. Having 2 years of experience on writing smart contact as well as in blockchain technology. A technical consultant for IT and ICO projects.
Lead Developer- Mksim Skorynin: A programmer with 6 years of experience, one of the earliest participants in the Paymon project. He participated in several projects and mobile games as a leading developer. Android specialist.
Lead Developer- Konstantin Poskryobishev:
The early investor of bitcoin. Back-end developer, a fan of his craft. 5 years of experience in the IT industry. A qualified graduate of the IT Institute. The last 2 years Konstantin is engaged in the technical implementation of Paymon`s own blockchain
These are the information about some of Paymon’s developer team.
In conclusion: Paymon’s team members are active, quite experienced especially in blockchain, smart contracts (for several ICO and IT projects). The problem is that in Russia, people are restricted to use LinkedIn to update profiles, so it could be hard for investors to look for information regarding team members’ experiences, leading to the lack of trust.
Advisor and Endorser:
Andrey Orlov- Advisor: Finshi Capital’s marketing partner- a venture capital fund for potential ICO projects, had two successful startups which are Mobilnik and DigitalFree.
Vyacheslav Sorokin: Finshi Capital’s partner. More than 16 years of experience in business and 3 successful startups at Ural Federal District.
Soslan Sozaev: a cryptocurrency expert in Russia, senior at EY- one of the 4 biggest finance companies in the world.
Advisor and Endorser: Paymon are supported by many well-known people in financial institutions and funds such as Finshi Capital, EY …
Token sale:
Paymon’s token sale is divided into 3 phases:
Phase 1 (February 2nd — March 5th): Finished. The price of the token was 0.015 USD/PMNT. In this phase, Paymon has raised about 700 000 USD. It is not a big number but Paymon has reached its softcap to continue with the project.
Phase 2 (March 30th — May 3rd): The total number of tokens is 250 million PMNT with the goal of 3.5 million USD. This round is divided into two main parts: phase 2.1 and phase 2.2.
In this round, Paymon will divide tokens according to equity contribution. For example, there are 3 investors for 200 million PMNT. A invested 100 000 USD, B contributed 50 000 USD and C invested 50 000 USD. The total number will be divided for 3 people A, B and C with 50%, 25% and 25% respectively.
Updates: The phase 2.1 ended. In that phase, Paymon raised around 481 ETH. So the amount of 200 million tokens is divided for 481 ETH (according to equity division).
Phase 3 (May 10th- June 13th): The total amount for this phase is 200 million tokens. The token sale method for this phase has not decided yet.
Review: This is an interesting token sale model. Investors, after every phase, can easily calculate the tokens they will receive.
Roadmap:
Paymon has had a really detailed and clear roadmap:
According to its roadmap, Paymon Company and project have started since October 2016, 9 months later, Paymon released the Alpha version of its Android app. 4 months later, they released their iOS version.
The other steps are quite clear. Until now, they have followed the roadmap. We can completely expect a project team who make development promises and work hard to turn them into reality.
In conclusion: We have just had an overall review about Paymon. In conclusion, Paymon has a good and promising idea, an enthusiastic, energetic and experienced team with a detailed and clear roadmap (the product will finish at the 4th quarter of 2018). Because the team is quite young and have restricted LinkedIn profile, users and investors who want to take part in the project have to do their own research, and then make careful decisions.
