[ANN] PayPie - Blockchain-Powered Risk Assessment

[magisterr]

chaoscoinz
Yes, they said about companies before. I think, they ll start from small companies, and than may be biggest will come.

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[john yuan]

Sounds like paypal sort of somewhat

Lol seems like you didn't care to read even single post on this thread

but thats a overall normal problem. the name is just tooo familiar with paypal and can be misunderstood very easily. but it is a nice try to get on the paypal wave and get some more media awareness by riding it and being something totally different

Marketing wise i don't know if it's such a good idea to take a similar name.
But then again i'm no marketeer

It would be easier to remember PAYPIE as it sounds like a well known entity such as PAYPAL. That's what we call "brand recall" in marketing parlance. But then the two entities are entirely different.

Call me spoilsport but the name is probably something I don't like from this project. It's true that it resembles Paypal and that's a marketing strategy, but in the end I don't feel it delivers the power it aims to have. I'd have rather selected an abstract name. Paypie sounds like a paying cake - maybe too funny for something serious as accounting.

Do you think the name is misleading?
As long as the project is real, the team completed the road map in time; then the name is not the focus.

[kraterion]

I'm with john yuan, as long as they deliver the product, they're transparent and they're honest I don't think the name is a problem at all. Plus, I like the name

[Korsakopf]

"Some have blamed lenders for inappropriately approving loans for subprime applicants, despite signs that people with poor scores were at high risk for not repaying the loan. By not considering whether the person could afford the payments if they were to increase in the future, many of these loans may have put the borrowers at risk of default.
Some banks have reduced their reliance on FICO scoring. For example, Golden West Financial (which merged with Wachovia Bank in 2006) abandoned FICO scores for a more costly analysis of a potential borrower's assets and employment before giving a loan.
According to the experts at MyFico.com, credit scores are enhanced by having multiple credit cards, the use of credit cards, and having installment loans. However, financially secure individuals who do not use multiple credit cards and/or self finance installment type expenses may be inaccurately assessed a lower credit score."


Do you think that PayPie could have been a problem solver in this situation and prevent the subprimes bubble and 2008 crisis ?

Well, we're talking about individuals here, their information would not appear on the blockchain, even if the company which granted them a loan would use triple accounting, there would not be any information about customers written in the ledger, so impossible to know the credit risk imo.

Yes I think PayPie is targeting more SMEs than individuals.

Exactly, this is what i understood from the whitepaper and video. It's a good product for businesses, they invest millions based on financial data they get from companies they invest in. If that information is inaccurate you stand to lose a lot, so accurate information is worth a lot!

[magisterr]

john yuan

Name is also inmportant. Some companies making re-branding.
But you are  right, first of all - they must have working product and going to milestones.

[bitcoin-shark]

"At PayPie our goal is to execute fast and, not only become a market leader but control that position just like Google does it today for the search market. Google gets almost 80% and next company gets only 5-6% of the market. We want to become like Google in our industry."

Nick Chandi
CEO Paypie

Its a very high ambition but sometime you have to dream big to get your goals, if you want to take 80 percent of the market better target some of those corporate people.

Setting low goals is for people who don't believe in their product!

wow they have ambitious projects become like google/lider in their industri is a very high target...

[Elkmar]

Paypie is gettin lots of attention everywhere.Big whales looking to eat all tokens during ico.I hope the find some ways so that small investors can also buy.

Well, it's quite rare now to see whales getting most part of the ICO. Too much funds involved, it's not like some months ago.

A big problem is that many projects are overpaid nowadays but I am sure that paypie is such a nice idea that paypie will not be overbought.

Well that's part of the crypto market. You can make a decent living just by doing the bounties on this website.

A lot of things are overpriced, like internet at the beginning or the stock market in the 80s.

[Trrrt]

I think we will be a lot to want to buy paypie. But I think we can all have paypie if we don't miss the first day of ico, be here in time and even if big investors invest a lot we will all have our token. Don't miss your chance to enter in the project, cause when the platform will be launched the value will be enormous.

[Voltaje]

Paypie is gettin lots of attention everywhere.Big whales looking to eat all tokens during ico.I hope the find some ways so that small investors can also buy.

Well, it's quite rare now to see whales getting most part of the ICO. Too much funds involved, it's not like some months ago.

A big problem is that many projects are overpaid nowadays but I am sure that paypie is such a nice idea that paypie will not be overbought.

Well that's part of the crypto market. You can make a decent living just by doing the bounties on this website.

A lot of things are overpriced, like internet at the beginning or the stock market in the 80s.

I imagine that some projects are, some deserve to reach its goal, some other not so much, it depends on the idea and how many people you convince to invest in yours, Paypie suffer a little at the beginning to make people understand their project, but now all is more clear, and this idea proves to be valuable, promising, and necessary, plus the attention that is receiving from companies is a sweet bonus.

[VTCarter]

Do ppp token holders get their tokens back after an invoice is paid?

[EgoPaintedGrey]

Do ppp token holders get their tokens back after an invoice is paid?

I would imagine yes, otherwise the system would self-destruct one all the tokens were "burned"

[SzeChun]

Do ppp token holders get their tokens back after an invoice is paid?

I would imagine yes, otherwise the system would self-destruct one all the tokens were "burned"

Of course. token holders do get their tokens back along with the income earned.

[ParRus]

The people behind the project are professionals, they know what they can do with the money there are trying to get
I think the project has a bright future

[kraterion]

PayPie's algorithm can be used to calculate the propability of defaulting of a state? It would interesting, many rating agencies are almost corrupted

[VTCarter]

Do ppp token holders get their tokens back after an invoice is paid?

I would imagine yes, otherwise the system would self-destruct one all the tokens were "burned"

Of course. token holders do get their tokens back along with the income earned.

Thank for answering. Did anyone buy the tokens??? plz share some experience

[Sozialtourist]

Do ppp token holders get their tokens back after an invoice is paid?

I would imagine yes, otherwise the system would self-destruct one all the tokens were "burned"

Of course. token holders do get their tokens back along with the income earned.

Thank for answering. Did anyone buy the tokens??? plz share some experience

The token crowdsale will start on October 15

[Rigorous]

Paypie uses the blockchain, and there is where all the date will be located, the blockchain is the most secure place to save big amounts of data, and it will be easy to implement, I imagine that the specific details will be shared among the clients, because it will be a little different for each company, because of the differences of businesses they may be in

I don't think that's completely correct. The hash of the transaction will be stored in the block chain but the document itself is stored in the distributed web through a technology called IPFS.

Here, I looked it up in the whitepaper.

An accounting transaction is based on the journal entry data that is tokenized, so each transaction has a unique identity visible on the blockchain with rest of the information published at IPFS.

Then my question is: how does PayPie make those documents anonymous?

We will also be able to anonymize financial data from many kinds of businesses

They still have to be stored somewhere in their original form before the process.

[VTCarter]

So many people will be interested in this platform I am sure, as more and more financial services get onto the Blockchain. I did a blog review today so I hope you all like it. I plan to invest a bit here as well, trying to accumulate a few eth in the meantime. 

http://bitbillions.net/2017/09/13/altcoin-review-paypie-revolutionizing-the-financial-service-sector-part-1/

I studied accounting. Have to say Paypie is such a great idea for this field

[Wapinter]

How will PPP holders will be protected if invoice seller default?

Hope the following answers your question :

protecting our token holders from the default is extremely important for us. We achieve this by bringing transparency to our methodology. You will be able to see how the platform actually assesses the credit worthiness of individuals and businesses. You will be making decisions on the underlying financial data that is real time. I believe DTTR rating is of tremendous value over time and will eliminate all the bad apples.
PayPie will have a KYC process in place to ensure SMEs are legit. Think about it, a financial software used by businesses do have access to critical business information like bank account#, CC#, bank balances, short term/long loan balances, credit card balances, customer history etc. which is of tremendous value. As far as we can envision there is no better way to make an informed smart decision and identify sound investment opportunities. If a customer is paying their invoice for the last 8 months, and there is full tracking of it in the system from the origin of the invoice to the money in the bank that get reconciled in the ERP system, you can be pretty confident that 9th invoice has very low chances of going at default if our algorithm detects that all other indicators about business health are excellent.
All this would be on top of the standard financial process that would be in place to prevent loan defaults or steps to take to aid debt recovery. In fact there are debt collection mechanisms that are well established in offline financial industry. For large amounts, it will make sense that borrowers take the credit insurance option from providers like AIG, Euler Hermes etc.

[SzeChun]

Hello Friends
Check out this really cool video that draws the comparisons between PayPie and Populous and does a comprehensive overview of the project. Please share your thoughts


https://youtu.be/DEE_-8Fxpj8

Interesting part is from 6:35 where he is comparing with Populous and continuing with some clear use cases for PayPie.

Thank you dude! The video is really informative and useful