PayPro was born in 2015 as an online
tool for making payments in 25 currencies saving up to 90% on hidden bank fees.
We got regulated by the Financial Conduct Authority, raised two funding rounds
of €750,000 in total and spent a little bit more than a year in the market. We
managed to process € 500,000 per month, which is not bad at all compared to the
early beginnings of Kantox or Transferwise, for instance.
From that experience, we soon learned
that the payments / banking industry was totally outdated. Thus, we soon
realized that we had to make a step forward if we wanted offer a truly
disruptive value proposition if we wanted to change the industry. This is why
we started to listen to the market, talk with industry’s experts and do a lot
of test and fail. And this is how we created PayPro: the first decentralized
bank built.
We strongly believe that PayPro can not have any right of
ownership over the dApp. Otherwise, the essence of what a dApp would be
broken.
Out of 100% of the issued tokens, we are only distributing
40% of them on this ICO. Although we have been asked about the possibility of
burning the remaining tokens, we believe that would bring the platform to be
led by token holders who might not be prioritizing our long-term goals but mere
speculation. As David Jonhston suggests, the ownership of a dApp become less
and less centralized after having distributed its tokens via fund-raising and
collaboration.
Following Jonhston’s scope, the ownership of the dApp is
distributed further as participants with more diverse skills are incentivized
to make valuable contributions. Also, those who value the tokens the most are
being transferred with them through market forces. This ultimately promote even
further the development of the dApp by those individuals who can help the most
in the areas that they have expertise. Therefore, we understand that our duty
is to progressively release the decision power not only when PayPro needs
funds, but also as long as the community gets prepared to it.
Common question; why a dApp and not a DAO?
According to Vitalik Buterin as he posted on his blog on 8th
July 2017 under an article called “DAOs, DACs, DAs and More: An Incomplete
Terminology Guide”, a Decentralized Autonomous Organization (DAO) is a set of
property and a protocol for a set of individuals that autonomously resides on
the internet.
Even though we aim at making PayPro autonomous in the sense
that token holders will have political rights, we can not sort it as a DAO. The
reason of that is that PayPro does not have internal capital.
See the following map from Buterin’s blog to understand the
difference between PayPro’s dApp and other forms of Blockchain-based
applications:
PAYPRO TOKEN
PayPro Token (PYP) will be the lead money in our ecosystem, encouraging exchanges within the commercial center. the structure for selecting options will be set by PayPro as the main promoter and token holder group. we recognize how to make mandatory for our clients to always purchase PayPro tokens can reduce client encounters. As such, we will take advantage of our door progress to allow trading of existing client assets to the PayPro token consequently each time the client needs to pay a fee. Publishing our special Token will allow finance specialists from anywhere in the world to join PayPro. This financial specialist will have early access to Token PayPro at the time of manufacture. As the number of tokens will be limited, we anticipate that the costs will increase as long as the increase in demand. However, later on our Token will be redeemed for any significant trade like BTC or ETH at this time. We hope our Token ends are widely used extensively even beyond our application as a developing group.
SUMMARY
TOKEN SALE
When further development is needed from
a company, a token created by the company can be given in exchange of funds.
The benefits of a token sale are double; from a company perspective, the main
advantage of it is that the company gains quicker access than traditional
founding routes. From an investor perspective, there is a larger number of
reasons why this method can be more interesting than traditional
Investment:
1.
While traditional funding consists on
exchanging shares by money,which in most cases are not tradable, most tokens
can be sold back to the market at any moment in time. By doing this, investors
can allocate their resources in more liquid assets.
2.
There is an increasing number of
individuals largely exposed in cryptocurrencies and hence, there is a need of
generating yield within the ecosystem.
3.
It provides with a safe tool for
investing anywhere in the world without the need of getting too involved in
local law systems and jurisdiction conflicts aroused from it.
Token
Creation
The ERC20 standard is used for all Tokens made in Ethereal. 20,000 ETH will be placed and 40% of all PayPro Token will be issued in the initial sale. Smart Contracts are set so that PayPro Token shipments can happen automatically right after ETH is received. Token allocation is as follows:
Ø 5% will
be distributed to the community from time to time in return for R & D and bounties.
Ø 15% is
allocated to initial investors & supporters and future partnerships.
20%
reserved for the current and most important team, the future team motivation package.
Ø 20%
final will be held by PayPro, under community supervision, to achieve future sustainability through the distribution
of network revenue. Delivery of PayPro Token
(PYP) from Smart Contract will occur as soon
as the ETH is sent.
Milestones
Team And
Advisors
Facebook
: https://www.facebook.com/thepaypro
