Wolfonaire Chatbox : AMA With Plasmapay (October 20, 2020)
Hello! Wolfonaire Family & Crypto Enthusiasts!
We recently hosted an AMA with Plasmapay, on 20th October, 2020 at 1 PM UTC. This Session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speaker : Mr. Ilia Maksimenka| CEO, Plasmapay
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Ilia Maksimenka : I’m Ilia, CEO @ PlasmaPay and financial architecture of Plasma chain. I have a background in corporate finance, stock exchange and fintech, worked before as a new tech analyst in government, corporates and as a fund manager in private investment bank. I was a founder of different startups in the financials and AI space since 2010 to 2016. I came to crypto space in early 2013 and started PlasmaPay project in 2017 with a very skilled team in crypto and security space.
PlasmaPay is a crypto/fiat wallet and payment dapp on Plasma Chain. It’s a most advanced system for fiat on-/off- ramp with operation in more than 165 countries and supporting Visa/Mastercard/SEPA/SWIFT/E-wallets. #PPAY is a main token of PlasmaPay and cross-chain infrastructure for Plasma chain. Our goals with a #PPAY infrastructure to connect globally fiat to DeFi market and provide people with an advanced products to manage their portfolio and control digital funds on chain
Wolf : Awesome👏👏👏! Could you please share with us some special features of your project?
Ilia Maksimenka : Thank you for the question.
We’ve already launched a mainet for Plasma chain that supports now 50000 TPS, no transaction fees for Dapps and Defi, 42 stable coins and a side-chain for Bitcoin.
PlasmaPay has a huge global fiat infrastructure, non-custodial wallets for Plasma, BTC, ETH and 3000+ tokens. Individual, Business and Developers accounts.
Now our goal is to launch a PPAY cross-chain infrastructure with the most advanced DeFi services (staking, rewards, yield farming, governance, borrowing, loans, DEX, synthetic assets). PPAY will become a liquidity bridge between other chains and Plasma Chain. So people can transfer their assets or tokens on Plasma Chain and trade it without GAS and transaction fees. That will be a big solution for scalability and cost optimization for all DeFi protocols on Ethereum network.
In plasmapay.com you can:
- store crypro (BTC, ETH, ERC20, Plasma, CASH)
- exchange crypto
- buy crypto with different local payment methods
- accept payments from cards for you crypto project or ecommerce platform
Wolf : Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Ilia Maksimenka : Yes, we’ve made everything that we were planning since 2018: got financial licenses, safe crypto wallet, global fiat ramps, financial blockchain.
Now we are on the way to add all our services and infrastructure to defi market to solve major problems: gas and adoption.
We have a strong dev team, backed by strategic VC and have a global community. The cocktail of success).
Wolf : Did you find any threats till yet like smartcontract failures.When we think about mass adoption,security should be our first priority?
Ilia Maksimenka : We are working with a few crypto security companies who help us with test, one of them is best on the market: https://medium.com/plasmapay/plasmapay-partners-with-certik-to-provide-next-level-security-to-the-defi-market-6cbd078bfe24
So i’m 1000% sure we will be good 😌
Now Group Question & Answer Session 1 Began
Q1. Are you afraid some day there will be another project with more innovative technology can replace Plasmapay ?
Ilia Maksimenka : Actually there is no competition in crypto space, its very small market with a potential of B% of growth.
Q2. Can you please list the security features that make Plasmapay’s web and mobile app very safe for any type of assets or cards?
Ilia Maksimenka : Thank you for the question.
We don’t hold private keys, use only 2fa and one email for customers
We hold every 3 month of security audit from external company
PlasmaPay has PCI DSS certification to work with card processing (similar to what banks use).
Q3. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Ilia Maksimenka : Please join here for all news and updates: https://t.me/plasmapay_community
We release news every day and very soon will be a big day of listing!
Q4. Now that technology is changing every second, are you afraid that in the future Plasmapay will lag behind new projects with newer technologies? Do you have a plan for this?
Ilia Maksimenka : We have 20 people on dev team who is followong top-50 crypto projects on github and analyse every string of code. We adopt all new technologies very fast and sometimes we are first on the market who build and release innovative tech.
Q5. Are there security risks for purchasing cryptocurrencies with debit card or ApplePay? Can my credit card information be recorded in the system or copied?
Ilia Maksimenka : No, it’s very safe, we don’t store your card information and hold a PCI DSS certification that cover all the risks of card transactions on the system.
Q6. Can you explain your integrations with PayPal, VISA, Swift and other traditional services? How does all of this converge on the PPAY protocol?
Ilia Maksimenka : PlasmaPay support now all the global payment methods for our users: cards, banks, ewallets. We also working on connecting a new methods to cover all the globe in the next year. All this methods will be available for our users and tokenholders of PPAY in plasmapay.com to buy and sell crypto.
Q7. Can you list 1 or 2 deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?
Ilia Maksimenka : global fiat on- and off-ramp
public Plasma blockchain with smart contracts
PPAY defi infrastructure (Q4 2020)
card program (Q1 2021)
cross-chain integration and Plasma DEX
Q8. Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
Ilia Maksimenka : After we list the ppay roken on exchange every month we will release a big update or new product on PlasmaPay or Plasma chain, that will stimulate the price.
Additionally for PPAY we will launch liquidity mining for which we reserved 52,5% of issued ppay tokens.
Q9. How will online businesses benefit from PlasmaPay and what benefits will businesses take advantage of to use the payment processing system?
Ilia Maksimenka : Many projects defi list for now, is Plasmapay interested in defi ecosystem? and how does defi compete with other projects? Any online business can open a corporate account on PlasmaPay that replacing the normal bank account for company. You can accept payments from your partners and clients in store, and make payout and payrolls without any limits.
Q10. Many projects defi list for now, is Plasmapay interested in defi ecosystem? and how does defi compete with other projects?
Ilia Maksimenka : Yes, we are very interesting in partnership with defi projects as we can provide for them many benefits:
- fast and free blockchain
- fiat ramps
- integration with defi dashboard
And much more
Now Group Question & Answer Session 2 Began
Q11. The banking system is made up of loans, savings with interest rates, custody, and payment methods. PlasmaPay claims to be Baking 2.0, what improvements does it make from traditional banking?
Ilia Maksimenka : All this banking services will be available without kyc to any person in the world via plasma defi dashboard
Q12. #3 years of PLASMAPAY existence now. What are your biggest achievements so far ?
Ilia Maksimenka : Yes, thank you 🙏 biggest achievement is our crypto license and global network of financial partners.
Q13. Is your aim, to become the number one (leader) in the DeFi Bangking Platform ? and if so what will you say is your biggest strength to achieve it?
Ilia Maksimenka : Yes, we are targeting this goal in next 3–6 months. We integrate all defi services in one hub with cross chain and fiat infrastructure.
Q14. What do you think Plasma Pay can offer to improve the lives of ordinary citizens who are not yet familiar with the world of cryptocurrencies?
Ilia Maksimenka : i think the main advantage for ordinary users access to global financial services and payment infrastructure in a very convenient way, without difficulties and local limits.
Q15. This looks interesting please explain this.How it will be a revolution?
Ilia Maksimenka : our public Plasma chain will aggregate different type of financial assets (fiat, stocks, commodities) and will allow people to trade it, store and move on chain + withdraw funds back on card when they need it.
Q16. Can you tell about Governance on PlasmaPay ecosystem? Who can be a validator? What criteria determine the voting power? What are the earnings of validators?
Ilia Maksimenka : We will launch governance when 50% of ppay tokens will be distributed. With PPAY token, you will be able to vote for fees on defi services and any updates of contract.
Q17. What problem will PLASMAPAY solve in the blockchain industry ?
Ilia Maksimenka : Gas problem and fiat access for defi and dapp projects.
Q18. What problems did you face when trying to implement your product in working businesses ? Is it hard to explain to usual non-crypto people what is PlasmaPay and what are the advantages of using it ?
Ilia Maksimenka : We see that if you provide business with a good UI and UX of product, they will easily understand how to use it and implement it in their business processes.
Q19. Can you please Explain more about ‘flate on-/of-ramp’. And what is beautiful app for the Masses?
Ilia Maksimenka : just got to our app.plasmapay.com and you will see. Very soon we will release a defi dashboard with a nice UI for defi services.
Q20. Wallets are an important thing in cryptocurrency, both for storing or transacting. And PlasmaPay is one cryptocurrency wallet that can be used. For now, what cryptos are supported in the PlasmaPay Wallet? And is it safe?
Ilia Maksimenka : Yes, it’s very safe as we don’t hold your private keys as centralized exchange doing. We support BTC, ETH + 3000 erc20 tokens and Plasma chain with all tokens of this chain.
Q21. People always affraid about the speed of transaction because they worried about their transaction will be failed reckon they using new platform. So how fast and safe transaction on PlasmaPay? How you can convincing us?
Ilia Maksimenka : Plasma chain supports now up to 50.000 TPS, so you will be able to trade on DEX with a speed of CEX.
Q22. How will the staking rates be determined for users who want to Staking the PPAY token, and can users determine the lockout period themselves? Are there any limitations?
Ilia Maksimenka : The rates will be set in real time by contracts.
Q23. Can you tell about Governance on PlasmaPay ecosystem? Who can be a validator? What criteria determine the voting power? What are the earnings of validators?
Ilia Maksimenka : For now everyone can become a validator of network, all you need is to run your node on cloud service and start receive a rewards from the chain.
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