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.
Image courtesy of Crypto Demystified via Flickr
AZ FundChain Offers a Compelling Alternative to Traditional Crowdfunding
Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage. Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority. Part of that analysis should include looking at industries that need improvement. During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles. And, as it turns out, AZ FundChain application offers a compelling alternative.
Problems with Traditional Crowdfunding
President Obama’s JOBS Act essentially laid the ground work for crowdfunding. This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups. It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants. Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital. It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.
But, as the common cliché goes, no good deed goes unpunished. Traditional crowdfunding and money circles certainly have their fair share of problems. The biggest problem is trust. There are essentially very little checks and balances when it comes to how these companies will use the money that is raised. Companies can promise the world but may not deliver…
Why no one should be using banks
If government is the devil, the bank is a demon.
It’s not your money anymore.
The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.
Government will know everything
Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.
Banks ask too many stupid questions
It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.
They can legally suspend your account or even steal your money
Laws are not made to protect people, they are made to protect the…
Neteller to Launch a Crypto Exchange
The way to make sure that the cryptocurrency momentum continues and that cryptocurrency credibility occurs is when big companies begin offering services based around cryptocurrency and other features of blockchain. This was certainly the case when Neteller recently announced it will offer a cryptocurrency exchange service in addition to its digital wallet services. The company announced that the 28 currencies compatible with the fiat wallet were able to buy, sell, and hold cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. It makes sense to begin with Bitcoin and Ethereum as they are seen as the originators of what cryptocurrency and blockchain can do and also the future of how blockchain can be used, despite news that Ripple may be set to topple them all. Neteller’s move into cryptocurrency shows it has its sights set on a bright future of cryptocurrency and making it more accessible. But where do they stand now?
Neteller and Cryptocurrency
Neteller are optimistic about the exchange features of the digital wallet, claiming that they plan to add more cryptocurrencies in the near future. Neteller’s benefit is the ease at which one can begin their cryptocurrency trading journey. Not only do a range of banks offer services to fund the wallets and exchanges, but so do a variety of online payment options. This helps remove the barrier to entry that exists in…
Predict The Bitcoin Trend and Win Every 5 mins!
Streamex Brings Democratized Trading to the Crypto Industry
Why Binance Could Become The First Centralized Company To Achieve Total Decentralization
Altcoins2 weeks ago
Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction
Hot Updates2 weeks ago
Aaron System in Thailand enters into Mongolian Cryptocurrency Exchange market with UBWAVE in Mongolia
Bitcoin2 weeks ago
Stanford Lecturer praises XRP over Bitcoin
Bitcoin1 week ago
Why Bitcoin Price Remains Stable Before the Expected Hike
Blogs2 weeks ago
Three Biggest Things To Know Come Cryptocurrency Tax Season
Altcoins4 days ago
Why XRP is Worth Much Less than What Fans Expect
Blogs1 week ago
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Hot Updates2 weeks ago
A Record-Breaking win at BitStarz – Player wins $1.35 Million!