Crypto | PayPro(PYP) Whitepaper - モバイルサイズのホワイトペーパー
Crypto | PayPro(PYP) Whitepaper - モバイルサイズのホワイトペーパー
本ページに掲載しているホワイトペーパーは、スマホ／モバイルでの読解の補助を目的に、原文を成形しストックしたものです。 原文はこちらをご覧ください。 https://drive.google.com/file/d/1YGg8kErFsCY_oSI9hDf7hAXS4PMiW86v/view
This White Paper has been issued by THE PAYPROAPP LIMITED (the “Company”) on January 7h, 2018 and should be read in conjunction with the Company’s terms and conditions (the “Terms”).
The purpose of this White Paper is to provide prospective purchasers with the information on the Company’s project to allow the prospective purchasers to make their own decision as to whether or not it wishes to proceed to purchase a PIP token. This White Paper does not constitute an offer or invitation, or any other sale or purchase of shares, securities, or any of the assets of the Company.
The Board of Directors of the Company have taken reasonable care to ensure that, as at the date of this White Paper, the information contained herein is accurate to the best of their knowledge and there are no other facts, the omission of which, would make misleading any statement in this White Paper. No representation, warranty, assurance or undertaking is made as to its continued accuracy after such date. The information contained in this White Paper may be subject to modification, supplementation and amendment at any time and from time to time.
This White Paper describes the Company’s business objectives and the issue by the Company of PIP tokens. It has not been reviewed, verified, approved or authorised by any regulatory or supervisory authority.
The publication of this White Paper and the offering of PIP tokens may be restricted in certain jurisdictions. It is the responsibility of any person in possession of this White Paper and any persons wishing to make an application for PIP tokens (pursuant to the Terms) to inform themselves of, and to observe, any and all laws and regulations that may be applicable to them.
This White Paper does not constitute an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so.
Prospective purchasers of PIP tokens should inform themselves as to the legal requirements and consequences of purchasing, holding and disposing of PIP tokens and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence and/or domicile.
Prospective purchasers of PIP tokens are wholly responsible for ensuring that all aspects of this White Paper and the Terms are acceptable to them. The purchase of PIP tokens may involve special risks that could lead to a loss of all or a substantial portion of the purchase amount. The purchase of PIP tokens is considered speculative in nature and it involves a high degree of risk. The Company does not represent, warrant, undertake or assure that the PIP tokens are defect/virus free or will meet any specific requirements of a prospective purchaser. You should only purchase PIP tokens if you can afford a complete loss. Unless you fully understand and accept the nature of and the potential risks inherent in the purchase of PIP tokens you should not purchase PIP tokens.
The purchase of PIP tokens is only possible after the prospective purchaser has read, understood and accepted the Terms. Each prospective purchaser will be required to acknowledge that it made an independent decision to purchase the PIP tokens and that it is not relying, in any manner whatsoever, on the Company, its Board of Directors or any other person or entity (other than such purchaser’s own advisers). Prospective purchasers are urged to consult their own legal, tax or other advisor before purchasing PIP tokens.
The Company and its Board of Directors do not provide any advice or recommendations with respect to the PIP tokens, nor do they endorse such tokens, nor do they accept any responsibility or liability for any use of this White Paper by any person which is in breach of any local regulatory requirements with regard to the distribution of this White Paper or any applicable rules pertaining to the offer of PIP tokens.
Statements made in this White Paper are based on the law and practice currently in force in Gibraltar and are subject to changes in those laws.
When Bitcoin emerged as an alternative to the current pyramid-shape payment network, it amazed everybody by promising a new decentralized payment network. However, the Blockchain technology was still in its infancy and accordingly in a development phase.
As such blockchain technology was relatively unknown to the wider public. Following the launch of Ethereum, the public's understanding of blockchain grew, and with this the different applications of the blockchain can be applied to. The remarkable feature of the blockchain technology is that it can be applied, to name a few, to property ownership, digital identity, supply chain, insurance or clinical trials. Thanks to this new understanding of the blockchain technology and in particular Smart Contracts I am of the view that this technology will eventually be able to create a digital legal system.
This new paradigm is going to create new needs that require new solutions. At PayPro, we strongly believe that this future is very close and thus, we want to position ourselves in the front line by delivering a solution that will ease the switch from the old to the new paradigm.
This white paper outlines how we believe we will achieve this.
PayPro will be a financial marketplace where any Decentralized Application (dApp) will be able to offer its services. Thus, dApps will be competing to become your supplier, not the other way around as is customary with banks.
In order to accomplish this goal, we are building a universal wallet that will be capable of storing the most popular crypto-currencies and any ERC-20 token. As soon as the wallet has been released, we will build the marketplace.
Once we have built the wallet, a user will be capable of storing to name a few, but not limited to ETH, BTC or GAS and use the marketplace for investing in a crowdfunding platform. The individual would receive tokens from this investment that would also be able to be stored on PayPro's wallet. As a result of that, all the crypto-assets and liabilities of an individual will be represented in PayPro.
PayPro’s marketplace will be built as a decentralized autonomous organization, also known as DAO. According to David Johnston on “The General Theory of Decentralized Applications, Dapps", a Decentralized Application (dApp) must meet some criteria in order to be considered as such:
- The application must be developed open-source, it has to operate autonomously and the majority of tokens can not be controlled by a single entity. It should be noted that, proposed improvements and market feedback may be adapted in the protocol.
- In order to access the application and to reward any contribution of value from miners or contributors, a cryptographic token is necessary.
- Tokens must be generated as proof of the value generated to the application.
- A decentralized Blockchain must be used to store data and records of operation in order to avoid any central point of failure.
However, our application has two features that makes it different from a dApp and thus must be established as a DAO; PayPro’s marketplace has both internal capital and will also take decisions on its own. Both concepts will be further explained and expanded on within the section on Token Economics.
The PayPro platform has yet to be built. Nevertheless, all the code will be open source and we expect the community to assist with its development.
The ICO will provide the funding to enable us to build the PayPro Platform. We are looking forward to starting working with you on this amazing project.
PayPro was born in 2015 as an online tool for making online payments in 25 currencies saving up to 90% on hidden bank fees. We were regulated by the Financial Conduct Authority in the UK, had two funding rounds of €750,000 in total and spent a little bit more than a year in the market. We were processing up to €500,000, which was similar to the early stages of Kantox or Transferwise.
From that experience, we soon came to the view that the payments / banking industry was totally outdated. Thus, we realized that we had to a offer a truly disruptive value proposition if we were to change the industry. We began observing and listening to the market and industry experts. We then implemented these ideas and tested them; this resulted in the creation of the PayPro platform, the first decentralized financial marketplace.
We understand that the core functionality of PayPro has to be its capacity to store value and spend it. There is no point of storing value if it can not be used. For that reason, we will endeavor to build the financial-marketplace first.
PayPro will accept most forms of crypto- currencies. Using Ethereum Protocol will allow users to store at least the most popular currencies. PayPro Token will be our main currency and will be easily exchanged with any other currency.
So far, we have developed an iOS app that allows the user to store BTC, but this is just a proof of concept made for user experience purposes. You can download it on the AppStore here: https://itunes.apple.com/us/app/paypro/id=1225181484?l=ca&ls=1&mt=8
Market place (prospective launch July 2018)
Users will be able to use their PIP for buying any service in the marketplace. These services may include loans, credits and investments. Once the user has spent its PIPs, a new token relating to the service or investment that the user has engaged will be received and stored on the application as a result of using a Smart Contract. 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.
Suppliers will be able display their services on the marketplace. By using smart contracts, we can ensure that all transactions are made in a secure and efficient way. All suppliers will be rated by the users so the best suppliers can be recommended and the worst can be ruled out. By implementing this rating system we can avoid centralization and thus guarantee that services are client-focused.
We strongly believe that PayPro has to be completely decentralized marketplace. Otherwise, the essence of what a dApp would be broken.
Only 40% of the PIPs will be issued during 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 are speculators and are not prioritizing our long term goals. As David Jonhston suggests on The General Theory of Decentralized Applications, Dapps, the ownership of a dApp becomes less and less centralized after having distributed its tokens via fund- raising and collaboration.
Following Jonhston’s explanation on the above—mentioned article, the ownership of the dApp is distributed further as participants with more diverse skills are incentivized to make valuable contributions. Those who value the tokens the most are being transferred with them through market forces. This ultimately promotes further the development of the dApp by those individuals who can help the most in the areas that they have expertise.
PayPro is going to create two type of tokens; PIP and zPIP.
PIP as a currency
PayPro Token (PIP) will be the flagship currency in our ecosystem, facilitating transactions within the marketplace. The main purpose of PIPs is that they will be used for usage;
William Mougayar is an Ethereum Foundation advisor and advisor to Consensus 2016, CoinDesk's flagship conference. He has proposed a set of questions to avoid obscurity around a Token and thus determine its functionality every question answered as “YES” provides with 1 point out of 20:
1.Is the token tied to a product usage, i.e. does it give the user exclusive access to it, or provide interaction rights to the product?
YES. PIPs are the only currency accepted within the marketplace.
2.Does the token grant a governance action, like voting on a consensus related or other decision-making factor?
3.Does the token enable the user to contribute to a value-adding action for the network or market that is being built?
YES. The token enables the supplier (meaning dApp suppliers) to contribute to the marketplace.
4.Does the token grant an ownership of sorts, whether it is real or a proxy to a value?
5.Does the token result in a monetizable reward based on an action by the user (active work)?
YES. Suppliers receive PIPs when their services are sold to users.
6.Does the token grant the user a value based on sharing or disclosing some data about them (passive work)?
7.Is buying something part of the business model?
YES. The purpose of the marketplace is to offer financial services to users.
8.Is selling something part of the business model?
YES. Suppliers will be offering and selling their services to users.
9.Can users create a new product or service?
YES. Suppliers can add new dApps to the marketplace.
10.Is the token required to run a smart contract or to fund an oracle? (an oracle is a source of information or data that other a smart contract can use)
YES. PIPs are the only crypto-currency accepted and hence, Smart Contracts must run on PIPs.
11.Is the token required as a security deposit to secure some aspect of the blockchain’s operation?
12.Is the token (or a derivative of it, like a stable coin or gas unit) used to pay for some usage?
YES. All services offered on the marketplace are paid in PIP.
13.Is the token required to join a network or other related entity?
YES. Otherwise neither suppliers nor users can not use the marketplace.
14.Does the token enable a real connection between users?
YES. Suppliers and users could not be put in connection via Smart Contracts without PIPs.
15.Is the token given away or offered at a discount, as an incentive to encourage product trial or usage?
YES. First tokens to be sold will be at a 35% bonus, so buyers will receive an extra 35% coins.
16.Is the token your principal payment unit, essentially functioning as an internal currency?
YES. All transactions can only be made using PIPs.
- 17.Is the token (or derivative of it) the principal accounting unit for all internal transactions?
YES. All transactions are accounted in PIPs.
18.Does your blockchain autonomously distribute profits to token holders?
19.Does your blockchain autonomously distribute other benefits to token holders?
20.Is there a related benefit to your users, resulting from built-in currency inflation?
YES. The number of PIP issued is limited.
Total points: 15 / 20
PayPro is going to issue a second token named zPIP. Its main purpose is to create a decentralized system whereby the community can value the quality of the services offered by dApps on the marketplace. The more zPIP a dApp has, the better its service.
zPIP can only be acquired by ways of effort. Every time a user will have used a the services of a supplier he will be asked to rate the experience. As rating can only be positive, a pool will allocate zPIP to the supplier depending on the number of points given by the user. Also, the pool will reward the user with zPIP.
A dApp can use zPIPs in two different ways; First, the community will prefer high value dApps and hence, more clients can hopefully be generated as a result of the zPIPs it holds. Second, zPIP can be exchanged for PIP. The price of zPIP will be set at a fixed rate of 1 USD.
PayPro heavily relies on its rating system in order to keep its main competitive advantage, which is to offer a user-focused marketplace. Therefore, the marketplace needs both the users and the dApps to use zPIP.
dApps will attempt to gain zPIP as this will improve their positioning in the marketplace and will generate more income of users. Furthermore, dApps can find on zPIP a secondary source of income by exchanging them for PIP.
Users will be encouraged to rate dApps as they will receive zPIP for doing so. As zPIP can be exchanged for PIP, users can monetize their work.
PayPro is going to issue two type of tokens; PIP and zPIP. PIP is the only currency accepted within the marketplace. zPIP will be used as a rating system within the marketplace.
Distribution of tokens
PIP available for purchase via our Initial Coin Offering. Once the market has acquired sufficient tokens, we hope these tokens will start trading on exchange platform so any individual can have access to them and thus buy services on the marketplace.
zPIP will be allocated to users and dApps from our Pool. The pool will initially hold a number of zPIP that will be allocated as a reward for rating users and as a reward for getting high ratings to dApps.
Both users and dApps can exchange on the pool zPIP for PIP, but PIP can not exchanged for zPIP. Otherwise the system would be corrupted.
- 1. User exchanges any crypto-currency, such as Ether or Bitcoin, for PIP on an exchange.
- 2. User searches for suppliers of the service that he is looking for on the marketplace. dApps with the best ratings will be better positioned on the marketplace.
- 3. User chooses a dApp.
- 4. User buys the service that he was looking pays for the service using the PayPro tokens.
- 5. User receives the service.
- 6. User is asked by PayPro to rate the service provided by the dApp.
- 7. User rates the dApp.
- 8. PayPro’s Pool rewards the user with zPIP for his contribution.
- 9. User become loyal as more zPIP is accumulated.
- 10.User exchanges zPIP for PIP.
- 11.If the user stops transacting, zPIP will be progressively taken back to the pool.
- 1. dApp post a service on the marketplace.
- 2. A user decides to buy a service from the dApp.
- 3. dApp receives PIP from the user for the service the dApp is going to provide.
- 4. User rates the dApp.
- 5. The Pool allocates a number of zPIP to the dApp according to the rating.
- 6. The more zPIP the dApp received, the better positioning.
- 7. Whenever the dApp decides, it can exchange zPIP for PIP.
- 8. dApp decides to improve the service out of the feedback received.
- 9. If the dApp stops transacting, zPIP will be progressively taken back to the pool.
Workflow: PayPro Pool
- 1. Pool holds zPIP and PIP.
- 2. Pool receives PIP from a user buying a service from a dApp.
- 3. Pool receives PIP from a dApp selling a service to a user.
- 4. Pool receives a rating order from the user.
- 5. Pool allocates a number of zPIP to the dApp in accordance with the rating.
- 6. dApp receives zPIP.
- 7. Either the dApp or the user decides to exchange zPIP for PIP and sends a sell order to the Pool.
- 8. Pool accepted the order at fixed price of 1 zPIP = 1 USD.
- 9. Pool sends PIP in exchange of zPIP.
Complete workflow overview
Rewards to users are always fixed and hence there is no room for further consideration, the calculation of zPIP rewarded to dApps plays a critical role in order to build a well structured ranking of suppliers. We will use the law of Zipf to try and establish the best structured rating and reward system. Zipf's so-called law, formulated in the 1940s by George Kingsley Zipf, a linguist at Harvard University, is an empirical law according to which in a certain language the frequency of occurrence of different words follows a distribution that can be approximated by
where Pn represents the frequency of the nth most frequent word and the exponent a is a positive real number, in general slightly higher than 1.1 This means that the second element will repeat approximately at a frequency of 1/2 of that of the first , the third element with a frequency of 1/3 and so on. A non- empirical, but more precise, law derived from the works of Claude Shannon was discovered by Benoît Mandelbrot. The law of Zipf is fulfilled for most languages, including for non-natural languages such as Esperanto.
We have chosen this model for the following reasons;
- It delivers a fair rating to dApps who have contributed to the marketplace by offering a transparent and value-added service that has already been proved in real life.
- It rewards with large amounts of zPIP to those dApps who have contributed mostly with great services.
- It also rewards dApps with low ratings so they still feel encouraged to improve and keep working on the marketplace.
Users will be encouraged to rate dApps by rewarding them with zPIP. As zPIP can be exchanged for PIP, users can monetize their work. Therefore, the accumulation of zPIP as a way of generating income to the user, will be used as a loyalty mechanism.
What is a Token Sale?
When further development is needed by a company, a token created by the company can be sold in exchange of funds.
The benefits of a token sale are two fold; from a company perspective, the main advantage of it is that the company gains quicker access to funds than via traditional founding routes. From an purchaser perspective, there is a larger number of reasons why this method can be more interesting than traditional investment;
- While traditional funding consists of exchanging money for shares, which in most cases are not tradable, most tokens can be sold back to the market at any moment in time. By doing this, purchasers can allocate their resources in more liquid assets.
- There is an increasing number of individuals purchasing crypto- currencies and hence, there is a need of generating yield within the ecosystem.
Why an ICO?
We truly believe PayPro will trigger a global change. We also believe that it has to be conceived for the global community for a number of reasons:
First of all, as a decentralized application its conception must come from the community. Even though our organization is going to be its main promoter, we also expect support from the community in terms of funding.
Second of all, we are facing a great challenge in a number fields such as technology development, payment networks, strategy, compliance, and hence, considerable funding is needed to accomplish our goals.
Last of all, PayPro Token (PIP) will be the core of our network. PIPs are going to be the main crypto-currency of our network and will also be used to deal with our partners as well as to charge all services available within the network.
- November 2017 | Proof of concept release: an iOS app capable of holding and spending BTC is released into the market.
- February 2017 | Project Management: we will spend 1 – 2 months on planning the development.
- March 2018 | Kick-off: all the necessary hires and collaborations will have been done and the development will start.
- May 2018 |Ethereum integration: Ethereum wallet integrated so users can store all major tokens in our wallet.
- July 2018 | Marketplace Launch: we will launch a dApp Marketplace where all suppliers will be capable to integrate and offer their services.
ERC20 standard is used for all Tokens created on Ethereum. 40% worth of all PayPro Tokens will be issued in the initial sale. The Smart Contract is set so the delivery of PayPro’s Tokens can automatically happen right after the ETH are received.
The allocation of tokens will be as follows:
- 5% would be distributed out to the community over time as rewards for R&D and bounties.
- 15% is allocated to early purchasers & backers and future partnerships.
- 20% is reserved for the current team and most importantly, the future team members’ motivation packages.
- The final 20% will be held by PayPro, under scrutiny of the community, to reach future sustainability through network revenue distributions.
The delivery of PayPro Tokens (PIP) from the Smart Contract will occur immediately after the ETH is sent.
Token sale period
The token sale will start on January 8th, 2018 at 21:00h GMT and will finish on February 04th, February 26th, 2018 at 21:00h GMT or before then if the target value of 5,000 ETH is reached.
A number of tokens will be sold one week before the main sale date. This period will be named as the “Pre-sale” period. By participating in the pre-sale, purchasers will enjoy special bonus, in the form of additional tokens.
The conditions to join the Pre-sale are:
- By invitation only; if you want to be invited, please contact any of our team members.
- Minimum commitment of 2 ETH to qualify.
- The first 600 purchasers will receive a bonus of 35%.
If a purchaser can not invest in the token pre-sale, he still can enjoy a bonus via the following methods:
- During the first 24 hours, 20% bonus tokens.
- During the first week, 15% bonus tokens.
- During the second week, 10% bonus tokens.
Development 40% The largest part of this investment will be allocated to hiring back-end developers (LAMP).
Even though there is going to be a long journey until the product is released, we are aware of how difficult is to earn the first users and hence, we are saving a large part of the funds raised to invest in growth.
This amount will be invested in Google Adwords, Facebook Ads and in an Affiliate Program. It also includes hiring a top-tier Chief Marketing Officer who will be in charge of designing and executing the marketing strategy.
Other expenses 30%
Including all payments needed to keep the organization working, such as management salaries, rent, utilities, servers or computers.
Tokens offered through ICO - 40%
The funds raised will be used to finance the development of the platform for the next 4 years.
Sustainability reserve - 20%
The sustainability reserve, which, while falling under the community’s scrutiny, will be held by PayPro order t o s e e k t o a c h i e v e fi n a n c i a l sustainability in the future through distribution of the network’s total spend and marketplace revenues.
Community, R&D & bounties - 5%
To incentivize the community, as well as brand evangelism, we plan
to reward community, academic research as well as bug bounties over the next 4 years.
Early purchasers, current & future advisors, partnerships - 15%
To give liquidity to early purchasers & backers, as well as for future partnerships and strategic advisors, we will allocate 15% of total tokens offered. Early purchasers, current & future advisors, as well as future partnerships will have a 10% token allocation.
Founders, team & future employee motivation packages - 20%
We believe that a company is only as strong as its team. Therefore all current & future team members will receive motivation packages in the form of vested tokens. These will all be vested according to the employee’s position/ scope.