Introduction
PayFair is a new a peer-to-peer cryptocurrency exchange for trading a popular cryptocurrencies such as Bitcoin, Ethereum, Bitcoin cash and others. In other to avoid misunderstanding and fraudulent act there is always security for cryptocurrency transactions between those who do not know each other. The platform demand for low fees and uses its own PayFair tokens (PFR) as a key part of the ecosystem. As a peer-to-peer cryptocurrency exchange, the PayFair has make it possible to make a transaction to buy or sell a cryptocurrency of your own choice without having any difficulties with any middleman slowing down the process or taking a cut from the transaction.
Futhermore, PayFair provides an escrow service to enable users to 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.
The payfair project aims to continue expanding the cryptocurrencies that it supports. Current options in the running include REM, PRG, SNTR, and HGT, POWR, KEY, DTH, and others It enables users make the decision by voting on the next crypto they would prefer the platform add.
Solution of PayFair to the problems in the market. Anytime there is disputes among the different parties the escrow nodes on the platform stands to settle it. To settle a dispute, the holders of the escrow node reads the Seller and Buyer conditions and the chat logs from the trade. They look at the evidence provided by both parties involved, such evidence can be a written evidence in the chat log as well as a digital or photographic evidence which includes the picture of a bank transaction, screenshot, bank statement, transaction IDs, or proof of postage.
The Escrow nodes participants are encouraged to check for photoshopped or doctored images and request more information if they need it. Once they have enough evidence, they decide on how to settle the dispute.Three escrow nodes participants must come to the same decision in a row for it to apply.
How it works
This system consist of the independent Trust nodes and Escrow nodes. The PayFair has a self-regulating system that allows it to work hard. The Trust nodes are owners of the PFR token, that sits at the essential part of the ecosystem. The PayFair token ensures trades on the platform are insured using PayFair tokens at stake, it collects a small fee to keep it running and also share a percentage of this token to the Trust nodes every month. In doing this, the holders of PayFair Token earn a profit by holding tokens.
Token Holders Incentives
Escrow-nodes participants: This participants are awarded for their active participation in the system. They receive a commission for each successful trade they have participated in of which it is paid out in the currency that the trade was completed in.
Trust-nodes participants: This participants are awarded for their hard working in the system and they also receive a commission for every successful trade on the platform that is paid out of the currency that each trade was completed in.
Conclusion
In conclusion, the PayFair is a peer-to-peer cryptocurrency exchange that connects those that wish to trade cryptocurrency around the world. Futhermore, this platform offers an escrow service to give them confidence during transactions and provide dispute resolution via the escrow nodes. PayFair has already supported the dozens of cryptocurrencies, with the list growing for increased usability.
For more information about the PayFair platform, kindly click on the links below;
Website: https://payfair.io
Twitter: https://twitter.com/payfairio
Facebook: https://www.facebook.com/Payfairio
Telegram: https://t.me/payfair
Github: http://https//GITHUB.COM/PAYFAIRIO/SMARTCONTRACTS
Bitcoin Ann: https://bitcointalk.org/index.php?topic=2127946.0
Author Details
BTT Username: Oyimeelijah
BTT Profile URL: https://bitcointalk.org/index.php?action=profile;u=1982524
