[ANN] PayPie - Blockchain-Powered Risk Assessment

[Islapdonkey]

What was your thinking process to choose ERC20 standard? Why not ERC223 on ETC chain for example which is more secure (https://github.com/ethereum/EIPs/issues/223) ?

Actually i wonder it too. Not just paypie, most of the icos using erc20. Has Erc223 has some diffuculty we don't know?

I would love to hear a dev, why they are choosing erc20 instead of erc223

Maybe because ERC20 is more popular. We have better coins than btc but everyone is after btc.Same logic here

I think the problem with newer versions is that exchanges are not accepting them. I had heard about Bittrex is not accepting ERC223 tokens, if your token cannot get into big exchanges then the market will be highly affected.

Are you sure about that? MEW is fully compatible with ERC223 standard (I know because I stored some DEX tokens there). Just quoting Dexaran words: ERC223 tokens are backwards compatible with ERC20 tokens. It means that ERC223 supports every ERC20 functional and contracts or services working with ERC20 tokens will work with ERC223 tokens correctly.

MEW supports ERC23. My E Mobilego token are stored on MEW. The only issue with ERC23 is Exchanges lack of interest/ or maybe laziness to update their platform to support it. It's far more secured but till big companies that rebelling on this exchanges and adopting ERC23, the exchanges will drag their ass on this update.

[1715240901]

1715240901

[pynetx]

What was your thinking process to choose ERC20 standard? Why not ERC223 on ETC chain for example which is more secure (https://github.com/ethereum/EIPs/issues/223) ?

Actually i wonder it too. Not just paypie, most of the icos using erc20. Has Erc223 has some diffuculty we don't know?

I would love to hear a dev, why they are choosing erc20 instead of erc223

Because of the many issues from explorers to exchanges.
Right now, now exchange supports ERC23 coins.
There's one coin named "Senderon" it's ERC23 but dev is having difficulty listing it on exchanges as they are not yet ready to upgrade.

[toolucky98]

in case it will be used by banks and insurance companies this is going to be huge!!  

Sooner or later financial institutions such as banks and insurance companies will embrace PAYPIE's platform as its risk score is accurate and fraud proof.

I agree. It's only a matter of time, all imeginable services will eventually run on blockchain.

If PayPie truly can deliver their promises, then it will be huge indeed.

Well after this nice idea project is ready, we just need to wait and see how good their marketing and advertising team will work, maybe do some partnership or anything else.
Even i have been seen some bad concept project raised huge amount of money because of their good marketing team.

[haxllega]

What was your thinking process to choose ERC20 standard? Why not ERC223 on ETC chain for example which is more secure (https://github.com/ethereum/EIPs/issues/223) ?

it's not just about safety , but mass adoption as well. not as many people use ERC223. and they need to appeal to as many people as possible

This. At this point because so many ICOs used ETH, the Ethereum ecosystem has a bigger chance to survive in the long run that Ethereum Classic. I could bring up the VHS/BetaMax example if you want

I agree there are hundreds of potentially successful project running on the Etherium platform.

[Rigorous]

Hey, I just downloaded the whitepaper again. It looks like the "Pie Coin" and "pegged 1:1" have returned. Can anybody verify this?

[bitsurfer2014]

in case it will be used by banks and insurance companies this is going to be huge!! 

Sooner or later financial institutions such as banks and insurance companies will embrace PAYPIE's platform as its risk score is accurate and fraud proof.

I agree. It's only a matter of time, all imeginable services will eventually run on blockchain.

If PayPie truly can deliver their promises, then it will be huge indeed.

Moreover, PAYPIE's platform and risk scoring IMHO, could prevent financial collapse of banking and lending institutions as they are fed with accurate data of a particular company to minimize lending risks.

[chaoscoinz]

in case it will be used by banks and insurance companies this is going to be huge!! 

Sooner or later financial institutions such as banks and insurance companies will embrace PAYPIE's platform as its risk score is accurate and fraud proof.

I agree. It's only a matter of time, all imeginable services will eventually run on blockchain.

If PayPie truly can deliver their promises, then it will be huge indeed.

Moreover, PAYPIE's platform and risk scoring IMHO, could prevent financial collapse of banking and lending institutions as they are fed with accurate data of a particular company to minimize lending risks.

Exactly, and situations like the equifax data breach, will be harder to pull off on the ethereum blockchain, due to it's transparent, yet cryptographic nature, and smart contracts.

[Elkmar]

What was your thinking process to choose ERC20 standard? Why not ERC223 on ETC chain for example which is more secure (https://github.com/ethereum/EIPs/issues/223) ?

Actually i wonder it too. Not just paypie, most of the icos using erc20. Has Erc223 has some diffuculty we don't know?

I would love to hear a dev, why they are choosing erc20 instead of erc223

Because of the many issues from explorers to exchanges.
Right now, now exchange supports ERC23 coins.
There's one coin named "Senderon" it's ERC23 but dev is having difficulty listing it on exchanges as they are not yet ready to upgrade.

Yep, forgot about the fact that it's really easy for exchanges to list ERC20 tokens.

And by the way, ETC is supported by a lot of whales which hope to push it at 100$ at the end of the year.

But there's no reason for such a pump, Ethereum is now widely adopted and used. Just watch the money put in ENS Domains 

[Jay2408]

Hey, I just downloaded the whitepaper again. It looks like the "Pie Coin" and "pegged 1:1" have returned. Can anybody verify this?

Yep... these parts have returned. Strange. Maybe dev or Wapinter can clarify.

[Islapdonkey]

Hey, I just downloaded the whitepaper again. It looks like the "Pie Coin" and "pegged 1:1" have returned. Can anybody verify this?

Yep... these parts have returned. Strange. Maybe dev or Wapinter can clarify.

 My guess, is they finally acknowledged that it was wrong to edit out a core aspect of their business plan, just cos some forum members were confused and had issue with it.
Well, am glad they brought it back cos a possible investor who is dedicated and choose to read the either Paypie thread will be wondering what the forum members are talking about, if they had choose to keep it out. That might negatively impact their decision to invest.

 Anyway, Wapinter clarified that according to the DEV, "Pie Coin is an internal coin completely different from PPP token, it will be used to track the payments on the ledger...only this internal coins will be pegged. This is the coin that token holders will get income from"

[PS92]

After 600 years that accounting does'nt move this is a revolution for companies which want to keep time and keep money.

Don't forget INFORMATION!

[Rigorous]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

[Islapdonkey]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

Am not a paypie employee but my guess is an internal coin is a coin that can't be traded by the public, it's only usage in within the paypie platform. Only paypie employee have control of the coin and the aforementioned coin cannot be transferred out of the platform. My guess is with the SEC involvement, and issues it created this is a way to incentive PPP token holders without dealing with the wrath created from issuing dividends.

[PS92]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

Am not a paypie employee but my guess is an internal coin is a coin that can't be traded by the public, it's only usage in within the paypie platform. Only paypie employee have control of the coin and the aforementioned coin cannot be transferred out of the platform. My guess is with the SEC involvement, and issues it created this is a way to incentive PPP token holders without dealing with the wrath created from issuing dividends.

It is my belief that the PayPie coin CAN be traded by the public (on exchanges), but it is worthless outside of the PayPie system.

[Voltaje]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

Am not a paypie employee but my guess is an internal coin is a coin that can't be traded by the public, it's only usage in within the paypie platform. Only paypie employee have control of the coin and the aforementioned coin cannot be transferred out of the platform. My guess is with the SEC involvement, and issues it created this is a way to incentive PPP token holders without dealing with the wrath created from issuing dividends.

It is my belief that the PayPie coin CAN be traded by the public (on exchanges), but it is worthless outside of the PayPie system.

It means that paypie coin will only be able to be used inside the PayPai platform, you won't find any other uses for I, you could trade it in exchanges because is a speculative coin I guess, but nothing more, that is a good thing, meaning that if a company want more, they simply must buy it from exchanges or the system.

[cantdecide]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

Am not a paypie employee but my guess is an internal coin is a coin that can't be traded by the public, it's only usage in within the paypie platform. Only paypie employee have control of the coin and the aforementioned coin cannot be transferred out of the platform. My guess is with the SEC involvement, and issues it created this is a way to incentive PPP token holders without dealing with the wrath created from issuing dividends.

It is my belief that the PayPie coin CAN be traded by the public (on exchanges), but it is worthless outside of the PayPie system.

It means that paypie coin will only be able to be used inside the PayPai platform, you won't find any other uses for I, you could trade it in exchanges because is a speculative coin I guess, but nothing more, that is a good thing, meaning that if a company want more, they simply must buy it from exchanges or the system.

Well that's a point most coins for a direct use will have as long as they are not build to be universal. But that's also a good think that you explained, because it gives a natural demand for it, as in the other direction no other coin can be used here and value will probably rise with time passing.

[Islapdonkey]

Can somebody from PayPie explain the concept of an "internal coin"? Otherwise these questions will continue to be repeated. There is little information about how that Pie Coin actually works.

Am not a paypie employee but my guess is an internal coin is a coin that can't be traded by the public, it's only usage in within the paypie platform. Only paypie employee have control of the coin and the aforementioned coin cannot be transferred out of the platform. My guess is with the SEC involvement, and issues it created this is a way to incentive PPP token holders without dealing with the wrath created from issuing dividends.

It is my belief that the PayPie coin CAN be traded by the public (on exchanges), but it is worthless outside of the PayPie system.

It means that paypie coin will only be able to be used inside the PayPai platform, you won't find any other uses for I, you could trade it in exchanges because is a speculative coin I guess, but nothing more, that is a good thing, meaning that if a company want more, they simply must buy it from exchanges or the system.

Well that's a point most coins for a direct use will have as long as they are not build to be universal. But that's also a good think that you explained, because it gives a natural demand for it, as in the other direction no other coin can be used here and value will probably rise with time passing.

Are you guys even reading the post before answering or are you just aimlessly typing away just to say something. We not talking about Paypie coin which can be use on the platform and also traded on an exchange, instead we are talking about Piecoin which is an internal coin only viable on the Paypie platform. Please stop been lazy and read the post before making a comment.

[Rigorous]

All internal payments will be managed using ERC20 compatible stable “Pie Coins” that are exchangeable for fiat and pegged 1:1 against major currencies to avoid exposure to fluctuations in the prices of cryptocurrencies.

Specifically I am curious how you can peg a crypto token to multiple major currencies at the same time. Pegging a token to a currency is something else than showing an exchange rate.

I quote The Merkle's article "What is a Pegged Cryptocurrency?":

It is vital to understand one cannot simply claim a coin or token is linked to the value of 1 US Dollar without enforcing this fact, though. To be more specific, the cryptocurrency project owners will need to have the specific amount of US Dollars in reserves at all times to guarantee the pegged value of their cryptocurrency.

[Heimer]

After 600 years that accounting does'nt move this is a revolution for companies which want to keep time and keep money.

Don't forget INFORMATION!

What information? Like IT and FINTECH? For example even Excel was huge improvement for accounting, but it's still very prone for errors and mistakes, not to mention about more complicated software...

[Islapdonkey]

All internal payments will be managed using ERC20 compatible stable “Pie Coins” that are exchangeable for fiat and pegged 1:1 against major currencies to avoid exposure to fluctuations in the prices of cryptocurrencies.

Specifically I am curious how you can peg a crypto token to multiple major currencies at the same time. Pegging a token to a currency is something else than showing an exchange rate.

I quote The Merkle's article "What is a Pegged Cryptocurrency?":

It is vital to understand one cannot simply claim a coin or token is linked to the value of 1 US Dollar without enforcing this fact, though. To be more specific, the cryptocurrency project owners will need to have the specific amount of US Dollars in reserves at all times to guarantee the pegged value of their cryptocurrency.

 Hey rigorous remember that anyone can easily create an ERC20 token, i actually made several just for fun. But it's worth nothing, till you create a market for it. Thus the reason i insinuated that the token might only have internal use.

 Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin