[ANN] PayPie - Blockchain-Powered Risk Assessment

[Frank37]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

[haxllega]

@Team yo also have a German Thread and Whitepaper?

Yes, they have ANN thread in German.
But no German whitepaper!
https://bitcointalk.org/index.php?topic=2127789.0

[levyashin]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

Yes unfortunatelly whitepaper of paypie is very technical. I am an accountant even i hardly understand it. Lots of user (me neither) asked for a eaiser, less technical whitepaper or something but to this time they didn't act on it. But it doesn't mean that they won't do it. Just continue to watch project, there is too much time for ico. Maybe they post something for average joe

[CoinCollector006]

Hello dev team, this is really promising IMHO and will consider an allocation as I learn more about the project and possible valuation. Is this product intended to compete with the oligopoly of S&P, Fitch, and Moodys for credit rating services? Or are you primarily targeting smaller businesses that are outside of the purview of the large rating services? It seems to me to be the latter. Either way there should be room for growth.

Also how are companies incentivized to add their companies financials to the platform? Do they receive tokens in exchange for providing their data? Finally, is there a similar credit score rating contemplated for individuals? What I mean is are you proposing a score that would compete with FICO for rating consumers? If so, this could have promise as well.    

[ParRus]

is ICO or pre-ICO price announce?

Price per token: 1 PPP = 0.0011 ETH
But things like discounts or bonuses have not been announced yet.

Probably there will be some bonuses at presale stage and first weeks (or days) of main ICO stage as usual. Just be patient and wait for official announcements and news 

how many all coins will be released?

According to the Ann that's on the first page. Total Token Pool Size Including Reserve: 165,000,000 PPP

Thank you! I will follow up this perspective project

[mexi.db]

So is this truly decentralized? Everybody in the world can get a credit according to their score, or is it focusing on a specific land? Indeed an interesting project!

This is the point I keep bringing up. It will facilitate a lending offer to occur btw business in different parts of the world cos their liquidity and liabilities can easily be verified on the blockchain.

"PayPie is building a credit risk score algorithm of businesses that can be used globally. It's not tied to any country because the source data for the algorithm us based on IFRS accounting standards. This will allow anyone in the world to look at the financials of a business and participate in the invoice financing  marketplace or make other lending decisions that reward token holders. Technically you can be from Korea or India and be able to lend  money to a business in USA in a stable, secure and transparent environment. Currently business lending is dominated by banks but PayPie is going to change that."

[smoky]

good luck

[magisterr]

is ICO or pre-ICO price announce?

What you mean?
Token Crowdsale Opens on Oct 15, 2017
But now, you can subscribe to early pre-sale

[FIEX]

is ICO or pre-ICO price announce?

Price per token: 1 PPP = 0.0011 ETH
But things like discounts or bonuses have not been announced yet.

Probably there will be some bonuses at presale stage and first weeks (or days) of main ICO stage as usual. Just be patient and wait for official announcements and news 

Yes, it would be weird to have a presale without any bonus. Even some big projects which tried to so finally changed their minds and put a bonus on the presale.

I think there will be a bonus. Or they should really lower the price comparing to the ICO price .
Really hope this will be a succes. Good luck devs!

[kraterion]

of course bonus will be there or, as an investor, why would I join pre sale if I can buy same amount of tokens with the same amount of ether in ICO ?

[Cauchy]

When is the presale due and will it be min capped? thanks

[LifeOfDoge]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

Yes unfortunatelly whitepaper of paypie is very technical. I am an accountant even i hardly understand it. Lots of user (me neither) asked for a eaiser, less technical whitepaper or something but to this time they didn't act on it. But it doesn't mean that they won't do it. Just continue to watch project, there is too much time for ico. Maybe they post something for average joe

On first page you have FAQ where it is more clear than in whitepaper, but If I can advice I would say that something like ELI5 use case would help to attract more people.

[matjas]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

Yes unfortunatelly whitepaper of paypie is very technical. I am an accountant even i hardly understand it. Lots of user (me neither) asked for a eaiser, less technical whitepaper or something but to this time they didn't act on it. But it doesn't mean that they won't do it. Just continue to watch project, there is too much time for ico. Maybe they post something for average joe

I think a lot of people will invest in this project not knowing all the detailed about the platform. Are you planing to use it to help you with your accounting or just for a chance to gain  some profit?
I think most of us are here because we see the potential in earning an extra buck. Thats how investments work.

[mexi.db]

Also how are companies incentivized to add their companies financials to the platform? Do they receive tokens in exchange for providing their data? Finally, is there a similar credit score rating contemplated for individuals?

On the slack, a similar questions were asked and got these responses which were quite insightful.
"Initially we will be attracting established companies to the marketplace by enabling east and fast lending process from anywhere, anytime. Current process with banks is cumbersome, time consuming and very expensive and can eat up to 25-30% of the invoice value in agreement cost, interest and fees. This exposes them to the benefits of blockchain accounting and create wider awareness among them. We already have and will build more relationship with organized groups like accounting and bookkeeping firms who usually advise businesses on what platform to use. The benefits like ending duplicate data entry, automated reconciliation and automatic audits are some of the huge benefits that are simply too hard to ignore because they impact your profits."

Finally, is there a similar credit score rating contemplated for individuals? What I mean is are you proposing a score that would compete with FICO for rating consumers? If so, this could have promise as well.    

"Only if person is self employed like a contractor or web developer. We will be able to build a risk score based their income, expenses  and other historical data."

Hello dev team, this is really promising IMHO and will consider an allocation as I learn more about the project and possible valuation. Is this product intended to compete with the oligopoly of S&P, Fitch, and Moodys for credit rating services? Or are you primarily targeting smaller businesses that are outside of the purview of the large rating services? It seems to me to be the latter. Either way there should be room for growth.  

They are actually targeting the big players and offering a lot of incentives to use the paypie platform
"Yes, we are not building an accounting software but an accounting platform that exposes to the many benefits of blockchain to the SMEs. It's a mix of accounting software and credit scoring companies....you can think this way because we use the blockchain to solve their cashflow problem."

you should join the slack to communicate directly with members of the team. https://paypie.herokuapp.com/

[mexi.db]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

Yes unfortunatelly whitepaper of paypie is very technical. I am an accountant even i hardly understand it. Lots of user (me neither) asked for a eaiser, less technical whitepaper or something but to this time they didn't act on it. But it doesn't mean that they won't do it. Just continue to watch project, there is too much time for ico. Maybe they post something for average joe

I think a lot of people will invest in this project not knowing all the detailed about the platform. Are you planing to use it to help you with your accounting or just for a chance to gain  some profit?
I think most of us are here because we see the potential in earning an extra buck. Thats how investments work.

I still think that it is important as an investor to understand what you're investing in. They are working on explaining things in the whitepaper in simpler language.

[nelson4lov]

When is the presale due and will it be min capped? thanks

Hello, Details about the presale (date, Min cap etc) are yet to be finalized. Once It is finalised, The information will be shared here.

In the meantime, You should subscribe to the PayPie Newsletter on the website: https://paypie.com or Join the Slack Channel: https://paypie.herokuapp.com/

[Voltaje]

Also how are companies incentivized to add their companies financials to the platform? Do they receive tokens in exchange for providing their data? Finally, is there a similar credit score rating contemplated for individuals?

On the slack, a similar questions were asked and got these responses which were quite insightful.
"Initially we will be attracting established companies to the marketplace by enabling east and fast lending process from anywhere, anytime. Current process with banks is cumbersome, time consuming and very expensive and can eat up to 25-30% of the invoice value in agreement cost, interest and fees. This exposes them to the benefits of blockchain accounting and create wider awareness among them. We already have and will build more relationship with organized groups like accounting and bookkeeping firms who usually advise businesses on what platform to use. The benefits like ending duplicate data entry, automated reconciliation and automatic audits are some of the huge benefits that are simply too hard to ignore because they impact your profits."

Finally, is there a similar credit score rating contemplated for individuals? What I mean is are you proposing a score that would compete with FICO for rating consumers? If so, this could have promise as well.    

"Only if person is self employed like a contractor or web developer. We will be able to build a risk score based their income, expenses  and other historical data."

Hello dev team, this is really promising IMHO and will consider an allocation as I learn more about the project and possible valuation. Is this product intended to compete with the oligopoly of S&P, Fitch, and Moodys for credit rating services? Or are you primarily targeting smaller businesses that are outside of the purview of the large rating services? It seems to me to be the latter. Either way there should be room for growth.  

They are actually targeting the big players and offering a lot of incentives to use the paypie platform
"Yes, we are not building an accounting software but an accounting platform that exposes to the many benefits of blockchain to the SMEs. It's a mix of accounting software and credit scoring companies....you can think this way because we use the blockchain to solve their cashflow problem."

you should join the slack to communicate directly with members of the team. https://paypie.herokuapp.com/

This is very good answers, and I was already aware of the accounting platform, but not the credit scoring, I thought they had an algorithm to give credit risk predictions, but it appears that it will be integrated fully in the platform, together with a complex ledger to act upon it, so that scoring algorithm is just one part of the product the project is offering to the market, this is getting good by the day .

[Sozialtourist]

I really tried to understand your whitepaper, but I didn't get it  
I am not so familiar with this risk stuff, but if you want to make a good ICO, maybe you should make a little section or video for dummies, like me.
Wish you all the best.

Yes unfortunatelly whitepaper of paypie is very technical. I am an accountant even i hardly understand it. Lots of user (me neither) asked for a eaiser, less technical whitepaper or something but to this time they didn't act on it. But it doesn't mean that they won't do it. Just continue to watch project, there is too much time for ico. Maybe they post something for average joe

I think a lot of people will invest in this project not knowing all the detailed about the platform. Are you planing to use it to help you with your accounting or just for a chance to gain  some profit?
I think most of us are here because we see the potential in earning an extra buck. Thats how investments work.

Yes, the whitepaper is quite technical but for me the video on the website helped and there is this thread. Just ask your questions here, that's what it is for. You should know the project you are investing in. And an other thing you could do is to join their slack channel. Maybe they can answer your questions there.

[mexi.db]

How will this project actually get off the ground? You are targeting the SME space, but the SME space isn't actually the space that is most eager to adopt blockchain technology. If you want to provide a 100% accurate risk assessment, you need a 100% transparent picture of the company. And therefore you need 100% of all assets and liabilities being accessible for you. And therefore you need a double layer accounting system with a data feed infrastructure between the double entry and the triple entry layer. And that again is adding complexity in the first place, which many of those companies will not want. Are you actually targeting companies that are about to be newly incepted or established companies that you want to get to transfer their double entry data into triple entry accounting infrastructure?

You might actually be surprised that a lot of SME will appreciate this service. As I aforementioned, if this service becomes the norm, it will break down barriers and encourage universal lending. So a SME in South Africa might not be able to apply for a loan with a bank in Australia. Because the bank has no way to prove their credit worthiness, with Paypie, the bank can easily verify their assets and liabilities. Thus enabling a process that was priorly deemed impossible.
As for does complaining about companies with shady paperwork, well Paypie is not meant for them and honestly, those shady companies shouldn't get funds that could be allocated to another company operating in an honest fashion

But that does not fully answer my question. How are you making sure that all assets and liabilities are correctly captured on the blockchain in order to reliably assess credit worthiness? Does that only work for companies that start their business more or less newly and completely on the blockchain?

Oh! I see what you mean. But I do anticipate that there will be kinks to work out in the beginning. They might enforce that liquidity/liabilities be completely verifiable but this will require governmental assistance to enforce. That's why i believe this platform will gain a stronghold in first world countries where the supplemental needs are already in place, and as other partsof the world embrace growth/ blockchain, their government might consider adopting the platform cos ultimately it helps guarantee that basic citizens and businesss are paying the required amount of tax

First off, PayPie will build direct integrations that fetches "Journal Entry" data, the basic DNA of business finances. Once an SME would like to access marketplace, they will do a quick setup in their preferred accounting system and data will be automatically fetched into PayPie and will be hashed on the blockchain. The concept of Single Ledger is a step further because paypie will be able to better manage the element of verification at the source of the data.
PayPie will have some KYC process in place to ensure SMEs are legit.

[mexi.db]

Also how are companies incentivized to add their companies financials to the platform? Do they receive tokens in exchange for providing their data? Finally, is there a similar credit score rating contemplated for individuals?

On the slack, a similar questions were asked and got these responses which were quite insightful.
"Initially we will be attracting established companies to the marketplace by enabling east and fast lending process from anywhere, anytime. Current process with banks is cumbersome, time consuming and very expensive and can eat up to 25-30% of the invoice value in agreement cost, interest and fees. This exposes them to the benefits of blockchain accounting and create wider awareness among them. We already have and will build more relationship with organized groups like accounting and bookkeeping firms who usually advise businesses on what platform to use. The benefits like ending duplicate data entry, automated reconciliation and automatic audits are some of the huge benefits that are simply too hard to ignore because they impact your profits."

Finally, is there a similar credit score rating contemplated for individuals? What I mean is are you proposing a score that would compete with FICO for rating consumers? If so, this could have promise as well.    

"Only if person is self employed like a contractor or web developer. We will be able to build a risk score based their income, expenses  and other historical data."

Hello dev team, this is really promising IMHO and will consider an allocation as I learn more about the project and possible valuation. Is this product intended to compete with the oligopoly of S&P, Fitch, and Moodys for credit rating services? Or are you primarily targeting smaller businesses that are outside of the purview of the large rating services? It seems to me to be the latter. Either way there should be room for growth.  

They are actually targeting the big players and offering a lot of incentives to use the paypie platform
"Yes, we are not building an accounting software but an accounting platform that exposes to the many benefits of blockchain to the SMEs. It's a mix of accounting software and credit scoring companies....you can think this way because we use the blockchain to solve their cashflow problem."

you should join the slack to communicate directly with members of the team. https://paypie.herokuapp.com/

This is very good answers, and I was already aware of the accounting platform, but not the credit scoring, I thought they had an algorithm to give credit risk predictions, but it appears that it will be integrated fully in the platform, together with a complex ledger to act upon it, so that scoring algorithm is just one part of the product the project is offering to the market, this is getting good by the day .

Yes, PayPie is not building an accounting software but an accounting platform that exposes to the many benefits of blockchain to the SMEs. It's a mix of accounting software and credit scoring companies....you can think this way because we use the blockchain to solve their cashflow problem.