Paymon is a crypto project born of a market gap in the digital currency industry. It seeks to improve the basic blockchain model to make it more accessible and flexible so as to allow for more widespread use than is currently the case.
Cryptocurrency technology set in motion an undeniable revolution in the world of finance and a host of other industries. Its inherent blockchain innovation made it possible, for the first time, to carry out transactions without the need for a central intermediary. But some limitations within the model have led to the use of these currencies as stores of value but not exchange media.
Scalability issues on most of the popular crypto blockchains make it impractical to use them for everyday transactions as users have to wait for extended periods for confirmation and approval. This, in turn, has made them costly and therefore not ideal especially for small transactions.
A Novel Blockchain Model
Paymon proposes a custom blockchain model with a difference. The Hive blockchain technology used on the platform combines a number of crypto innovations to make way for limitless scalability and facilitate a feeless transaction structure. In this regard, it is armed with the tools necessary to address the scaling issue, create modern architecture with higher flexibility and also allow for compliance with current regulatory frameworks.
This technology is applied to the custom business platform, Profit, which offers a universal commercial solution on the blockchain. Profit has an improved smart contract feature and makes it easy for business owners to move commercial operations to the blockchain and enjoy performing transactions without any fee payment.
Hive makes use of atomic swaps, a technology that allows for swaps between different digital currencies without the need for an exchange platform. It also uses a rating system known as Proof-of-Me algorithm and the Directed Acyclic Graph (DAG). This combination of innovations gives the model unlimited speed and scalability.
A Hybrid Application for Users’ Convenience
Paymon has already created a mobile device app whose beta version is already available for Android and iOS devices. The app is in its own league in the sense that it functions as a blockchain messenger with digital wallet capabilities. At the moment, it allows for the storage and transfer of bitcoin and ether but will with time include other digital currencies as well.
It sports an intuitive user interface as one of the key objectives of the Paymon project is to make crypto facilities accessible to anyone and everyone. Once a user downloads the app and goes through the registration process, a digital wallet is automatically created. Additionally, the app has all the functions of a standard messaging app to facilitate communication.
An ICO with a Focus on Accountability
Paymon has elected to hold a three-round ICO in order to generate the funds needed to give the project traction. The objective is to distribute as many Paymon PMNT tokens as possible but breaking it down into three stages is aimed at giving investors the opportunity to track their KPI. This level of accountability is rare in the ICO world and is a positive sign for the project’s likelihood of success.
The ICO aims to distribute a total of 1 billion PMNT tokens, 400 million for the first round, 250 million for the second and 200 million for the third. The rest, 150M will be held in reserve. These tokens can later be exchanged for PMNC or Paymon coin the digital currency that operates on Hive and that will function on the platform at a ratio of 1:1.
Paymon – The Dark Horse on the ICO market
The fact that Paymon already has an MVP ready for market consumption marks a big difference between this and other ICO projects. The project is also keener on achieving its intended its objective other than just gaining popularity. To this end, instead of spending half a million dollars on marketing, they would rather invest more into creating a product.
Another key differentiator for the project is that, as the team explains, they wish to limit the number of big investors. This is to avoid having one or two centralized entities getting a majority of the token share and thus controlling token prices. But they are not locking them out altogether since they already reached the soft cap and have numerous token holders already. They will, however, accept only two or three big investors into the project.
Paymon is clearly a cryptocurrency project with a difference. Unlike many other ICO proposals that only have a white paper and no working product for their concept, the Paymon project already has a working app available for download on Google Play and the App Store. This gives investors the opportunity to experience first-hand the viability of the proposal and inspires trust in the model.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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