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Hello everyone,I just started to study information about the project. I would like to know more information about the insurance structure. How will this be realized?
Hi @bpcguy and welcome to our project! Have you joined our Telegram and Discord already? Back to your question: When issuing a loan, insurance coverage works the following way: 1. A part of the credit body concerning no return is secured with KYC Masternodes stake (don't mess with PoS masternode, these are different masternodes) 2. Another part of the loan body in case of no return is guaranteed with Auditor Masternodes stake 3. The total amount of the support entirely depends on the level of the risk of the application. The higher the risk, the more security deposit to be required by the network. Yes, I've already joined them, thanks! That's an interesting. But where are this insurance money come from? Who pays them? @bpcguy, that's quite easy, e.g.: the borrower comes up. KYC masternode checked their ID. Auditor checked their docs for credit purpose. After that KYC and Auditor have to kinda vouch for them. KYC masternode freezes a part of their stake as a guarantee, that the ID is checked well. So do the auditors (more than one) - freeze their parts. If money is not returned, these frozen stakes go to loaners (wallets owners issuing the loan). If money is returned, than these parts are not frozen anymore and can be used for further work. And all participants get their interest. The network will adjust the insurance deposit by inself. In case of 10% of non-returns the system will require 10%+ interest rate of all insurance deposit. E.g.: 2% money from KYC, 8% money from 4 Auditor - so 2% from everyone. However, according to BRAC report ( http://www.brac.net/sites/default/files/BRAC-at-a-glance-december-2012.pdf , page 3 ) and Muhammad Yunus experience repayment rate is 98.76% I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards? The benefit is profit, we are all here by way of profit Which way can we get any profit?? I can't afford to buy a node, but I want to start mining. You can try the airdrop and bounty. They'll give you free tokens! I'm talking about another ways. Maybe, decrease the cost of the node. Did you think about the team? How would they get revenue if they decreased the cost of the node? |
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The team of this coin inspires confidence much more than others such coins, everything is painted in detail and understandably, I will be stay tuned for this thread.  I agree! Welcome to our thread. The team answers all questions  I've been reading WP and I have questions, maybe because I'm still a beginner You should ask questions to admins |
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I can`t understand how you can be useful to business? with Personal loans is less understandable
Strangely, any business is built on credit relations. |
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Hello everyone,I just started to study information about the project. I would like to know more information about the insurance structure. How will this be realized?
Hi @bpcguy and welcome to our project! Have you joined our Telegram and Discord already? Back to your question: When issuing a loan, insurance coverage works the following way: 1. A part of the credit body concerning no return is secured with KYC Masternodes stake (don't mess with PoS masternode, these are different masternodes) 2. Another part of the loan body in case of no return is guaranteed with Auditor Masternodes stake 3. The total amount of the support entirely depends on the level of the risk of the application. The higher the risk, the more security deposit to be required by the network. Yes, I've already joined them, thanks! That's an interesting. But where are this insurance money come from? Who pays them? If you look through the whitepaper, you'll be able to find that info. Part of money will be paid by the KYC masternode by itself. To get a reward you'll have to check the loan details properly and risk by your own money. Ah..thank you for the explanation. Now I got it Do you think will there be a lot of KYC masternodes? Who will risk by their own money? Hey, guys! I think that the profit will be bigger than risks. Also the risk makes KYC masternod owners to check the details on exch loan more properly The risk won't be so big. There will be a couple of masternodes which share risks and profits according to the WP. |
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Hello everyone,I just started to study information about the project. I would like to know more information about the insurance structure. How will this be realized?
Hi @bpcguy and welcome to our project! Have you joined our Telegram and Discord already? Back to your question: When issuing a loan, insurance coverage works the following way: 1. A part of the credit body concerning no return is secured with KYC Masternodes stake (don't mess with PoS masternode, these are different masternodes) 2. Another part of the loan body in case of no return is guaranteed with Auditor Masternodes stake 3. The total amount of the support entirely depends on the level of the risk of the application. The higher the risk, the more security deposit to be required by the network. Yes, I've already joined them, thanks! That's an interesting. But where are this insurance money come from? Who pays them? If you look through the whitepaper, you'll be able to find that info. Part of money will be paid by the KYC masternode by itself. To get a reward you'll have to check the loan details properly and risk by your own money. |
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The project looks interesting. If a few questions clarify me a little, I will gladly join. Do I understand you correctly that you will provide banking services using Blockchain?
Hi capricorn121, thanks for your questions! Let me clear it up for you. We're creating the system that provides services similar to banking ones, but based on other principles: the profit from the loan doesn't go to the bank, but is distributed between the end user who issued the loan/ part of the loan, the KYC partner who verified the identity of the borrower and the Insurance blockchain which insured this transaction. Do you have more questions to ask? I'll be happy to answer them all How will the identity of the borrower be checked? Who will be the KYC partner? That's a good question. The identity of the borrower will be checked according to the common rules of going through KYC. did i correctly understand? all participants will have to do the procedure of KYC. And also specify, now KYC at what stage of implementation? You can become not only a PoS masternode, but also a KYC masternode. PoS masternode benefits from keeping money on the account. KYC masternode does the procedure of KYC for borrowers and gets interest from all loans issued to that borrower. Like in a simple example, KYC masternode can do KYC not by themselves but to function as a gateway between PayDayCoin and for example Civic.com So can you describe how it works? What should I do if I become a KYC masternode? Isn't that written in the whitepaper?? I think I heard this info somewhere.. Unfortunatelly it's not clear for me. I hoped somebody could explain the main principles. |
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The project looks interesting. If a few questions clarify me a little, I will gladly join. Do I understand you correctly that you will provide banking services using Blockchain?
Hi capricorn121, thanks for your questions! Let me clear it up for you. We're creating the system that provides services similar to banking ones, but based on other principles: the profit from the loan doesn't go to the bank, but is distributed between the end user who issued the loan/ part of the loan, the KYC partner who verified the identity of the borrower and the Insurance blockchain which insured this transaction. Do you have more questions to ask? I'll be happy to answer them all How will the identity of the borrower be checked? Who will be the KYC partner? That's a good question. The identity of the borrower will be checked according to the common rules of going through KYC. did i correctly understand? all participants will have to do the procedure of KYC. And also specify, now KYC at what stage of implementation? You can become not only a PoS masternode, but also a KYC masternode. PoS masternode benefits from keeping money on the account. KYC masternode does the procedure of KYC for borrowers and gets interest from all loans issued to that borrower. Like in a simple example, KYC masternode can do KYC not by themselves but to function as a gateway between PayDayCoin and for example Civic.com So can you describe how it works? What should I do if I become a KYC masternode? |
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joined and registered! wish luck all the participants!
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Wow! That's a progress! The token was listed before the ICO! COOL!!
C'mon We haven't listed on any exchanges yet. Only masternodes listings Oh, it's like an ICO listing website. That's nice too, it'll help to cover more users to buy tokens! |
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Apparently, the current coin market is full of shitcoins and scamcoins, majority of which is poorly developed and packed with bugs. Their networks are unstable and do wrong when it comes to fundamental security and infrastructure flaws. Looking scammy has never been easier, especially if you release buggy code. We don't want that for PayDay Coin since we tend to have quite ambitious plans. We had started running a network and found some bugs. As a consequence, it was shut down temporarily in order to get those bugs fixed. Now our network stays solid, polished and ready to use. We started network 10 minutes before bitcoin mooning on April 12th. Now PayDayCoin is happy to welcome all friends, foes, aliens, allies and cryptolovers.
I've read all the thread...Thanks for such an update. team, great job!! So what bugs did you fixed?? |
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Is there any new information about the account RUB ?
Why do you need RUB? Nothing new so far. The founders of the ama said that now the product is more focused on European countries. Most likely, the RUB account will be added after the release of the full product It's good that the product is focused on Europe. Risks are much lower in Europe than in Russia. I am still interested in the question about Asia market Based on the information in the White Paper, Saifu can't provide their services only in China. Other Asian countries are allowed to participate It isn't good to publish some updates, especially some restriction in the middle of the ICO. They said any participant can take tart in ICO Greetings! You are right, but perhaps this is due to the innovations of regulators, as well as clarifications of the legal aspects of ICO in these countries. It's difficult to cover all the moments at once, we ask you to be indulgent, we try to do everything in the best possible way! Thank you! Stay tuned! Thanks for the explanation, I understand everything, but there is a small wish for the marketing team.Let's have more announcements and information in SM. Then there will be no need to ask stupid questions I'm happy with how marketing works. Have you seen the new post on Twitter? |
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Isn't Infinite token supply is bad at all?
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That's incredible!I waited! the Saifu team began to make tweets more actively. I now read information about Ben Banerjee.There will be information about the other advisors
I noticed it too. Looks like they hired a decent marketologist I liked the way they posted in social media, but for bounty hunters it's better to have more posts. Hmm, i think know how to improve their marketing. Maybe they should start ads in FB and Instagram. I saw a lot of ad with the similar projects in my fb in last 2 weeks. And I can't say they are better than Saifu  It's prohibited to place ads of the cryptocurrencies in FB and twitter, isn't it? I saw a lot of posts with some "cryptocards" in Instagram too so I thinks there is some ways to avoid the prohibitions. |
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The website looks good. The idea is solid I think. Is there anywhere I can find more information on the team?
They've just update their website. Try to use this link: http://www.saifu.ai/about.htmlOh, new team members, cool! That will add more reliability to the project. What? on the update site? great! Finally, new members will stop asking stupid questions about the team  I disagree with you. These questions are not stupid. We all want to know more about the team and advisors |
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So will I be able to pay for my study with your token?
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Should UBER start afraid? |
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Great idea, I hope you'll get it done!
It's true! I like the idea and want to invest couple of satoshi. What is the price now? |
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Project looks nice. Wish you luck, team!
Yes, I agree with you. I think the team is always pleased to hear the words of gratitude. Saifu's best |
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Guys, how often do you make posts on Twitter? Does it make sense to follow your project there? I understand that the latest news can be found in the telegram?
Yes, they post all the info in telegram, use it as the main news channel. They really should post in Twitter and Facebook more often. I'm waiting for guys who will be crying "where's the marketing?" Real guys don't cry! But I'm not the only one surprised by this marketing strategy Please tell me what telegram link is? |
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