Payfair Decentralized Escrow Platform.

martilda (22)in #ico • 6 years ago

PAYFAIR is a decentralized Escrow platform that incorporate a user-friendly system powered by blockchain technology and operates on traditional markets and ensures the paramount security of all cryptocurrency transactions made between two parties. PAYFAIR platform has introduced PAYFAIR tokens (PFR), which is an ERC-20 token based on the Ethereum blockchain. The platform provide low fees for all transactions in a safe, private and decentralized system by offering easy shopping for clients that intend to earn huge returns on investment. Payfair have assembled a professional team of budding entrepreneurs and seasoned investors to create an all-encompassing blockchain trading platform.

MODEL

PayFair (PFR) is a decentralized platform used for transactions which may require an escrow. Payfair’s buѕіnеѕѕ proposition is tо fасіlіtаtе secure, easily ассеѕѕіblе аnd аffоrdаblе еѕсrоw ѕоlutіоnѕ for сrурtосurrеnсу рауmеntѕ. Thе buуеr mаkеѕ hіѕ рауmеnt, whісh іѕ ѕесurеd іn an E-еѕсrоw ассоunt and еаrmаrkеd for a ѕресіfіс transaction. Once thе ѕеllеrѕ аgrееѕ tо раrtісulаrѕ оf thе transaction, a dеаl is іn рlасе. Thе seller then рrосееdѕ tо transfer thе gооdѕ wіth the аѕѕurаnсе thаt hіѕ рауmеnt is ѕесurеd. Onсе the buyer соnfіrmѕ rесеірt оf goods, payment is іmmеdіаtеlу released tо the ѕеllеr. Pауfаіr claims transactions on іtѕ platform саn bе рrосеѕѕеd 5 tіmеѕ fаѕtеr thаn trаdіtіоnаl ѕmаrt соntrасtѕ and lаrgеlу favors the buуеr. Thе ѕеllеr is іnаdеԛuаtеlу рrоtесtеd. For іnѕtаnсе, a ѕеllеr has ѕhірреd аn іtеm аnd thе smart соntrасt kеерѕ thе соіnѕ hеld in еѕсrоw untіl bоth parties аgrее tо rеlеаѕе them. Users саn earn PFR tokens bу running truѕt nоdеѕ.

MISSION

To create trust-less guarantees between contractors, sellers, and buyers.

Ensure a mutually beneficial relationship between all participants within the platform.

Create an independent system without outside or developer interference.

Raise the social interest in cryptocurrencies and provide easier to use FIAT Gateway for new investors.

PROCEDURES INVOLVED

The self-regulation system consists of independent escrow records and trust nodes (i.e., PFR token owners). The heart of the Payfair ecosystem is the PFR token. This ensures that transactions between Payfair users are insured with their PFR tokens. Interest commissions from transactions are distributed every month among all trust points (PFR holders).

This system includes independent Trust nodes and Escrow nodes. Trust nodes perform the function of a traditional escrow. They are owners of the PFR token, which sits at the heart of the ecosystem. The PFR token ensures trades on the platform are insured using PFR tokens at stake. PayFair collects a small fee to keep it running and also distributes a percentage of this fee to the Trust nodes every month. In this way, holders of PFR earn a profit by holding tokens. The Escrow nodes replace miners in the PFR ecosystem. They run the network and record transactions in the ledger.

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.

FEATURES

Escrow independence is achieved through anonymity, thus does not depend on contractors.
Decentralized escrow meaning those who run the nodes are not linked to any third party but are engaged independently.
An escrow rating system will ensure a high level of customer service and reliance when disputes occur.
A buyer, seller, and contractor rating system to ensure those who provide a reliable and/or smooth transaction are highlighted.
Full open-source API.
The most popular cryptocurrencies will be offered as a means of payment between contractors with more crypto offerings added as the wider market matures.
Self-learning neural system for automatic transaction processing.

TOKEN INFORMATION

The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis. The PFR tokens are an essential component of the entire platform ecosystem and are used to create trust nodes and safe environment during the transactions.

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