PayPro ICO Review
PayPro wants to create a financial marketplace with various services being provided by Decentralized Applications. Their plan consists of two stages. Firstly, they want to create a cryptocurrency wallet, which will store popular coins and most of the ERC-20 tokens. Secondly, they will focus on developing the sole platform and marketplace for dApps to offer their services and compete against each other for users.
The platform will be created as a DAO, which is a digital decentralized autonomous organization. It differs from a regular dApp, as PayPros marketplace has both internal capital and will also take decisions on its own. The DAO in general aims to create new decentralized business models and they will enable numerous dApps and project to connect themselves to their marketplace.
Stage 1: Wallet
In order for the marketplace to work conveniently, they need to create an integrated wallet, which will be able to store all popular cryptocurrencies and ERC-20 tokens. As soon as the wallet is developed and released, they will focus on the main task, which is creating the sole financial marketplace. It is worth noting, that they have already developed a simple iOS wallet for BTC.
The marketplace will consist of numerous smaller dApps, which will provide users with needed services. Decentralized Application is an application that can operate autonomously and the majority of tokens can not be controlled by a
single entity. These tokens are used to access the application. The data is stored within a blockchain to provide transparency and reliability.
Stage 2: Marketplace
The platform itself will act as a base for other projects to connect and offer their services. It may include services such as loans, credits and various investments for example. User will use PayPro tokens to order such services and the token related to the particular service will appear in the wallet, thanks to the smart contract.
They explain a possible usage in their whitepapers quite nicely: "For instance, if a user wants to invest in a crowdfunding platform, he can browse for crowdfunding platforms, select a campaign, pay in PIPs and store the token received on PayPro Wallet." Therefore, the PayPro platform will in a way act as an ultimate manager for various dApps.
In order to avoid centralization of few Applications monopolizing the market, there will be a rating system. All service suppliers will be rated by their users. It will encourage them to provide services at the highest quality or else the users will change to other dApp if this particular one receives too many negative comments.
Moreover, to encourage the competition between dApps and to improve the rating system, there will be an additional side-token, called zPIP. It can only be obtained by providing a high quality service, as every time a user will use a particular dApp he will be asked to rate the experience. If he rates the service positively, the dApp will get zPIP tokens. Therefore, the more zPIP a dApp has, the better is its service.
PayPro Token (PIP) is a currency used within the platform for ordering all of the services. They can be easily exchanged for other cryptocurrencies or tokens within the Wallet Application. After ordering a service, they will be changed into tokens of this particular dApp.
The Pre-Sale of the PIP token has taken place on the 8th of January, while the main sale will take place from the 15th of January to 4th of February. The initial exchange rate is set at 1ETH=2000PIP. There are also special bonuses and additional tokens for early buyers.
The team behind PayPro project is relatively small, however they seem like proper people to deliver such platform. Also with the ICO money, they will be able to hire anyone needed to help the project. For now, they consists of people with a great experience in a financial field, as well as programming and blockchain technologies. The marketing side of the project is also in good hands, as the person responsible for this has already managed successful token sales and ICOs like Bancor for example.
With the popularization of dApps, which offer various services, creation of one marketplace, which connects all of them seems like a good idea. By the descriptions and demo pictures, the platform seems to be quite easy in use, which can be a great advantage for people not familiar too much with all of these dApps, blockchain and various tokens. Ultimately, with a connected wallet, a person wouldn't need anything else to benefit from these decentralized services. The people behind this project look skillful and professional enough to deliver the promised platform, therefore the future lays in dApps and potential users.
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