[ANN] PayPie - Blockchain-Powered Risk Assessment

[belechau]

Congratulations to the team for the achievement, surely many will come, the team is committed and this adds value to the Paypie and gives us even more credibility. following...

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[Voltaje]

Congratulations to the team for the achievement, surely many will come, the team is committed and this adds value to the Paypie and gives us even more credibility. following...

I NEW THE EXPO WILL BRING RESULTS, it was pretty much obvious, congratulations for the future of paypie, you are the first ones, and have the accounting blockchain market to make yours, so GO FOR IT, everyone is hoping for some companies to take notice of your project, they soon will, and we all are going to the moon and beyond .

[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

We still need someone to address, if this explanation is on the right note, or if a different approach is been utilized. thanks.

[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.

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 

Sorry for asking but what are the main differences between both ERC20 and ERC223? I am not really familiar with the all the technical details so I would be happy if someone could sum that up in a few sentences. More security is always nice to have.

ERC23 is improved version of ERC20.

ERC20 is already existing token standard used by ethereum tokens. ERC23 is a new version of token standard.

Problems:

You can't deposit ether in contract that is not specified to accept ether deposits. For example you can't deposit ETC in dao-withdrawal contract. But you can send your ERC20 tokens anywhere so you can deposit BitEtherCoin in dao-withdrawal contract where your BEC will stay forever as dao-withdrawal contract is not designed to work with BEC and there will be no way to access BEC on this contract. ERC23 tokens can't be sent to a random contract similarly to ether. Only contract specified with ERC23 deposits will accept ERC23 tokens.

Transactions:

Transactions between addresses are same in ERC20 and ERC23. When you need to deposit your ERC20 token in contract you should call approval function in token contract to approve a specified (amount*token decimals) to be transferred from your address to target contract. Then you need to call deposit function on target contract to finalize your deposit and transfer your tokens. Note: If you accidentally sent your ERC20 tokens to target contract without calling approval your tokens would be lost!

Interaction between ERC23 and other contracts is much easier. You need just to send your ERC23 tokens to contract address like you send them to another wallet. There is no difference for user to send ERC23 to contract or to address.

100% Backward compatibility:

ERC23 supports all ERC20 functions and can also be transferred via approval method.

Optimization:

In fact transfer of ERC20 tokens between address and contract is a pair of two different transactions while transfer of ERC23 tokens is a single transaction. ERC20 tokens transfer to contract fires Approval event on token contract and then fires Transfer event on contract receiving tokens. ERC23 tokens transfer fires only Transfer event and can prevent extra blockchain bloating as every event is stored in blockchain.

[the_donald]

Do you already have something like an MVP?

You mean a minimum viable product? As far as I know they are currently developing in the background and will launch the PayPie platform with realtime credit risk analysis features in Q1 2018. 50% of the platform is already developed, including the entire end-user accounting part of the software.

that's great. would be nice if the product is released fairly soon after ICO. it always leads to a large increase in token value

[levyashin]

It wouldn't make sense for the Paypie token to be pegged. it would turn off investors. it's good that they clarified that it was an internal coin that will be pegged.

Actually the devs didnt clarified anything yet, its just a speculation here on forum. But since its a hot topic and kinda important aspect of the project, its essential that it gets explained.

I think that it was clearly explained.

"We are not pegging PPP against various currencies. There is an internal coins called "Pie Coin", that 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.

So it was never intended to peg PPP and internal coin Pie coin will be pegged"

I missed that clerification Elkmar, thanks for reminding it.

It was my biggest concern to team try to peg paypie coin, but if that is the issue, there won't be a problem.

[pynetx]

Do you already have something like an MVP?

You mean a minimum viable product? As far as I know they are currently developing in the background and will launch the PayPie platform with realtime credit risk analysis features in Q1 2018. 50% of the platform is already developed, including the entire end-user accounting part of the software.

that's great. would be nice if the product is released fairly soon after ICO. it always leads to a large increase in token value

A bit late but, fully working product is far better than the half-baked at the earliest.
First impression is last impression. It's better to roll a better tested product.

[toolucky98]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

News from the expo! Very nice! How was the common first reaction when someone heard about PAYPie and the merging of accounting and blockchain technology? Was it hard to convince them of the advantages such a platform will bring?

It's great to see that PAYPIE's team are working hard on events like this to market the PLATFORM. This only shows that they committed and serious with regards to PAYPIE's mission.

Really good thing that they got a lot of attentions there, hopefully they will bring wonderful news later.

[ParRus]

glad for you guys that event was a success! now investors will not keep you waiting, it's very important to be in public

[BY_ATOM]

very interesting company. Wish you luck)

[pynetx]

Expo is very good thing happened at the right time. It brings good attention to the project.

[vladdani]

What a nice project. I believe I missed that but if PPP is available on exchanges? Which ones?

[Wapinter]

What a nice project. I believe I missed that but if PPP is available on exchanges? Which ones?

You haven't missed it.ICO is scheduled on 15 October.PPP will be available on some big exchanges but not cheaper than ICO price 

[bitcoin-shark]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

realy great news,show us some more photos,and contact a lot of whales investors...

[KryptoKings]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

realy great news,show us some more photos,and contact a lot of whales investors...

I dont think whales investors are good for any ico as they dump when they see good price.More investors is better than few whales

[Sozialtourist]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

realy great news,show us some more photos,and contact a lot of whales investors...

I dont think whales investors are good for any ico as they dump when they see good price.More investors is better than few whales

Well you can see it that way. On the other hand big investors can also bring a huge amount of money into the project which helps to develop it faster and better.

[Elkmar]

It seems like everything is going great at the event. Keep up the good work guys  

[Rigorous]

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

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

[levyashin]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

realy great news,show us some more photos,and contact a lot of whales investors...

I dont think whales investors are good for any ico as they dump when they see good price.More investors is better than few whales

Not really, whales always win, and if you act with whales, then you will win also.

And if project is a success new whales will acquire dumper whales coins.

If project is going bad, whales will dump and no new whale will be there.


So as long as project is going good, don't need to worry about whales.

[nor9854]

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

realy great news,show us some more photos,and contact a lot of whales investors...

I dont think whales investors are good for any ico as they dump when they see good price.More investors is better than few whales

Not really, whales always win, and if you act with whales, then you will win also.

And if project is a success new whales will acquire dumper whales coins.

If project is going bad, whales will dump and no new whale will be there.


So as long as project is going good, don't need to worry about whales.

I think you can neither invite nor prevent from whales to invest.Usually whales also prefer to invest during pre-ico or presale so they get better price.Also if whales do not invest in ico,they can buy in exchange and again dump when price goes  up from at what price they bought.I think looking at the potential of this ico,institutional investors would be more interested to buy in and that would be good for Paypie small investors also