Thursday, October 18, 2018

PayFair: Decentralized Escrow Service for everyone

PayFair is a new decentralized escrow platform and a peer-to-peer cryptocurrency exchange for buying popular cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash as well as many other coins. The platform delivers security for cryptocurrency transactions between those who do not know each other. The platform charges low fees and uses it’s own PayFair tokens (PFR) as a key part of the ecosystem.

As a peer-to-peer cryptocurrency exchange, PayFair makes it possible to make a transaction to buy or sell a cryptocurrency of your choice without having to worry about a middleman slowing down the process or taking a cut from the transaction. Additionally, PayFair provides an escrow service so users can complete a transaction with confidence, even if they have never met or talked to the other person involved before, as most transactions on PayFair occur between strangers. Payfair claims transactions on its platform can be processed 5 times faster than traditional smart contracts.

How Does It Work?

PayFair has a self-regulating system that allows it to function. This system includes independent Trust nodes and Escrow nodes. Trust nodes perform the function of a traditional escrow. They are owners of the PFR token, which sits at the heart of the ecosystem. The PFR token ensures trades on the platform are insured using PFR tokens at stake. PayFair collects a small fee to keep it running and also distributes a percentage of this fee to the Trust nodes every month. In this way, holders of PFR earn a profit by holding tokens. The Escrow nodes replace miners in the PFR ecosystem. They run the network and record transactions in the ledger.

Whereas in the payfair system, escrow only releases funds if both parties are happy. In the event that both parties to a transaction aren't satisfied, there is a dispute resolution process.

Key Features

  1. Decentralization is ensured by blockchain technology. Trust nodes and escrow nodes are rewarded.
  2. Each trade, which uses escrow is ensured by PFR tokens. Escrow-node is responsible for each trade, which he or she participated

  3. Counterparties make a safe trade due to independent escrow nodes. Fees are significantly lower comparing to traditional escrow services. Using cryptocurrencies makes trades safer and more anonymous.

  4. Automatization of the system to the most possible degree and distribution of fees between the nodes. Open-source code.

Payfair Token (PFR)

The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis. The PFR tokens are an essential component of the entire platform ecosystem. The PFR tokens are used to create trust nodes and safe environment during the transactions.

Payfair is the cryptocurrency version of Paypal minus the exorbitant fees. PayFair wants to become an escrow platform to act as a guarantor in cryptocurrency transactions. There are not yet, official big platforms of that kind that use their own tokens to for the security of transaction, however there are many checked and secure individual escrows that successfully do their jobs. Such platform can of course improve the process, providing they succeed in delivering a proper and quality service. They want to provide low fees for all transactions in a safe, private and decentralized environment. The PFR tokens are used to create trust nodes and safe environment during the transactions. The team has enough members to properly develop the platform, all having at least few years of experience. The site is designed well and whitepapers and the descriptions easily explain the main idea.

More information https://payfair.io/


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