Coin Review! PAYFAIR!

What is PayFair?

PayFair (PFR) is a decentralized platform used for transactions which may require an escrow. When purchasing an item from a party which you do not entirely trust, it may be necessary to utilize such a feature. While one of the things people enjoy about cryptocurrency is the fairness involved for merchants who can not be issued a fraudulent chargeback, sometimes those claims are warranted. If you send a payment to someone that is not trustworthy, then they may very well steal your money. In cryptocurrency there is currently no way to retrieve this money once it is sent, hence the need for an escrow.

The PayFair ecosystem is intended to allow users to swap their coins, goods or services with one another in a protected manner without the need for a third party. If you take a look at the PayFair website where transactions are recorded you can see that most of the participants are looking to get funds in their own government issued currencies using Paypal, Perfect Money, bank transfers or even cash. While at present their ecosystem seems to be limited to financial transactions, in the future it would likely not be difficult to include physical items which could be verified via a tracking number and photographs as evidence of delivery. This functionality will likely progress naturally as the user base increases.

If you’re interested in an income producing asset, then you’ll be interested to learn that investors have the ability to run either a trust or an escrow node. Both of these will enable users to earn income by contributing to the network. A trust node operates similarly to a masternode on other networks. Users lock up a certain numbers of coins to process trades between parties, and are then paid for them. An escrow node requires a little more work in that holders will become the intermediary party responsible for examining evidence in case of a trade dispute. These contributors are then paid for their work.

When utilizing any form of online payment, some type of trust system is needed for success. Many users are already utilizing escrow services, but they are often clunky, expensive, or it’s just plain difficult to find a reputable one. While there are some ecommerce style sites such as Bitify which have a built in escrow, they often carry a minimum fee that makes them unusable for lower value items. The PayFair system allows for much lower fees than a privately run escrow service could allow. As trading via digital currencies progresses, more and more people will want to partake in similar services such as this to be certain that they will be paid for their work or their merchandise. The PayFair system, while still in its infancy, is easy to use, and offers great incentives for the token holders they will require to run their network. I think they have a good shot at real success!