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Paycent – The Easiest Way to Connect Crypto and Fiat

Holding cryptocurrency is all very well, but these days it hardly seems to be used to pay for anything. Merchant uptake is slower than the momentum needed to reach the mainstream. The merchants still take cash, but transferring between the two is an extra step that we could do without. Paycent may just be the crypto-fiat bridge we are looking for, with a whole host of other benefits too.

[Note: This is a sponsored article.]

What is Paycent?

Paycent is, in essence, a mobile payment system. It functions as a dual e-wallet which can be funded by both cryptocurrencies and fiat within the same app. It also allows conversion from crypto to fiat and vice-versa, in real time and from within the wallet, acting as an internal exchange.

Over a thousand online merchants and counting already accept Paycent as a method of payment. However, the option of having a debit card linked to your wallet opens up 36 million points of sale in over 200 countries. This includes withdrawing local currency from ATMs worldwide.

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How is Paycent different?

Paycent already has an established fiat network and is collaborating with mainstream financial institutions and governmental regulators, to both expand this network and push into the world of cryptocurrencies. 

They already have regulatory licenses in UAE and the Philippines, along with approval in principal in Hong Kong and Singapore. Negotiations are also underway to host the Paycent Realtime Exchange in Dubai, with the oversight of the Central Bank of UAE. 

In addition to this, Paycent is in tier 2 talks to acquire a physical banking presence in the Philippines. Paycent would function as the online channel for the bank, providing financial services to the unbanked.

They are also in advanced talks with Egypt and Jordan to develop and host a unified digital payment infrastructure for their banking and government services.

Why should I invest? 

Investors in the ICO starting on November 2nd will receive PYN tokens. Holders of these tokens will receive rewards paid in ETH. These rewards will initially be paid quarterly and are as follows: 

  • 33% of the aggregate exchange rate profit for crypto to fiat and fiat to crypto, converted using the Paycent dual e-wallet.
  • 33% of the total interest profit on microloans to Paycent lenders.

Users of the Paycent Debit Card will also receive an additional 0.1% of each spend in PYN tokens. Investors of 100 or 500 ETH or more are eligible for special debit cards which increase these loyalty rewards to 0.5% and 1% of each spend.

These ‘cash-back’ reward tokens will create a secondary distribution of PYN tokens, creating an open market for PYN, with price support and increase.

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How can I invest?

Paycent already concluded their pre-ICO, reaching the hard cap of 22,500 ETH in 10 days. Around 857 contributors took part from over 41 countries.

The main ICO is being held in 8 separate phases over the course of four years. There is a minimum investment purchase of 15 PYN and investors can participate using Ethereum, bitcoin, or Litecoin.

The first phase of the ICO begins on November 2, 2017, at 9 am Singapore time (UTC+8) and will last until November 30, 2017, or until the Phase 1 hard cap of 30 million PYN has been reached.

Bonus incentives are being given to encourage participation:

  • First 24 hours: 27% bonus PYN
  • Days 2 – 4: 18% bonus PYN
  • Days 5 – 7: 12% bonus PYN 

Subsequent ICO phases are scheduled as shown below, with existing token holders receiving generous bonuses:

Phase 2 (Last week of May 2018)
Hard cap: 35 million PYN
25% bonus to PYN token holders

Phase 3 (2nd week of November 2018)
Hard cap: 35 million PYN
23% bonus to PYN token holders

Phase 4 (Last week of May 2019)
Hard cap: 35 million PYN
21% bonus to PYN token holders

Phase 5 (2nd week of November 2019)
Hard cap: 35 million PYN
19% bonus to PYN token holders

Phase 6 (Last week of May 2020)
Hard cap: 30 million PYN
17% bonus to PYN token holders

Phase 7 (2nd week of November 2020)
Hard cap: 30 million PYN
15% bonus to PYN token holders

Phase 8 (2nd week of November 2018)
Hard cap: 22,045,000 PYN
13% bonus to PYN token holders

For more information about Paycent please visit paycent.com.

Do you think a ‘bridge’ between cryptocurrencies and fiat currency is something that the crypto community needs? Let us know in the comments below.

Images courtesy of Paycent

The post Paycent – The Easiest Way to Connect Crypto and Fiat appeared first on Bitcoinist.com.

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Confideal – More Than Just the Sum of Its Parts

Confideal boasts a vibrant ecosystem where the core features of the integrated platform, such as smart contracts and arbitration, unite to form an application that is far more than just the sum of its parts.

[Note: This is a sponsored article.]

International trade has existed since ships first sailed upon the seas and caravans crossed mountains, but the increasing pace of technological innovation has led to a massive surge in international trade. Contracts and manufacturing details can be hammered out over video conference calls while documents can be digitally signed and sent across the world without a person having to move from their office desk.

Of course, this increased amount of trade can have potential headaches, especially if a dispute arises, which is where Confideal comes into play. Confideal is an integrated platform based upon the Ethereum blockchain that features an amazing ecosystem of core features that helps facilitate trade while reducing costs.

Three Core Pillars

The three core pillars of Confideal are: smart contracts, built-in arbitration, and CDL tokens. A number of platforms offer a single feature or two that international traders might be interested in, but Confideal is unique in that it has created a complete ecosystem composed of individual functions that come together into a harmonious whole.

Smart contracts have been revolutionary in matters of data management, and they offer a tremendous boon to businesses by creating a document that cannot be altered and is openly transparent. Many businesses have failed to take advantage of smart contracts due to the perceived need for programming knowledge and a dedicated online team, but Confideal allows for the creation of Ethereum-based smart contracts without the need for any coding.

Built into the smart contract is the arbitration feature of Confideal. The entity drawing up the contract selects an arbitrator to be used in case of a dispute arises. An important consideration is that all signatories to the smart contract have to agree to the chosen arbitrator.

Legal professionals and firms apply to Confideal, showing their qualifications and credentials, to become arbitrators on the platform. Arbitration takes one of two routes: both parties can agree to abide by the decision of the arbitrator or an arbitrator can come to a conclusion that can then be used in international courts of law for further enforcement.

The final core facet of Confideal is the CDL token, which is the main internal cryptocurrency for the platform. The token was created according to the ERC20 token standard on the Ethereum blockchain and has several uses on the integrated platform.

Bringing It All Together

Each Confideal’s three core features, when viewed independently of each other, is quite beneficial in regards to international trade. However, the symbiotic manner in which they all work together is breathtaking. The features weave together into an intricate dance that reinforce each other and make the overall ecosystem far stronger than each of the individual components.

Merchants can use CDL tokens to generate smart contracts and act as currency for the payment of the contract, which negates the standard 1% fee. These tokens can also be freely exchanged for other ERC20 tokens.

The smart contract, standing alone, is an amazing innovation for trade, but the inclusion of arbitration takes the smart contract to an entirely new level. Merchants not only have a codified document that spells out the conditions of the deal, not to mention the funds held in escrow and that the contract is unable to be illegally modified, but an automatic means for resolving a disagreement that all parties have already agreed upon has been put into place.

The dance between arbitrators and CDL tokens continues in the fact that token holders have a number of votes, based upon the number of tokens held, that can be cast to rank specific arbitrators. Every ten tokens equals one vote, so token holders have the right to directly influence the arbitration aspect of Confideal. However, this influence is not absolute as the smart contract that details the arbitrator has to be agreed upon by all interested parties. Then there’s the fact that arbitrators have no details on the principals of the smart contract, so there’s no undue influence of favoring a side that has given votes to that particular arbitrator.

Each of the core features of Confideal is of great use to merchants, but it’s the combination of all three elements (smart contracts, tokens, and arbitrators) into a cohesive whole that makes the integrated platform far greater than the sum of its parts. Each facet of Confideal reinforces the others, making them stronger and better than they would be on their own. Tokens can be used as payment and to rank arbitrators whilst arbitration is hardwired into the smart contracts that serve as the foundation of the platform. In the end, merchants and arbitrators are united together into working for smooth and seamless international trade just as the distinct features of Confideal are united together to facilitate such endeavors.

Images courtesy of Pixabay, Pexels, and Pxhere.

The post Confideal – More Than Just the Sum of Its Parts appeared first on Bitcoinist.com.

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