[ANN][POS][MASTERNODE]⚡️PayDay-Unique global loan mechanism based on blockchain⚡

[cryptasya]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

[birds_ain]

If PayDay is a credit system, then what will happen in the case of non-repayment of the loan. Is this provided?

First of all, there might be a collectors or so. As you may see in WhitePaper, we will be using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt. Untill they repay. Our experience says that most payments are repaid upon notifications.
Another thing is AI and bigdata. PayDay will be track and analyse user behavior in order to check wether he fraud or real man, and what probability of repayment from this specific loaner.
Next thing are Auditor masternodes. Let's say some business tries to get loan. Owner says : we are blacksmith, and we need some more iron to create more horseshoes and get more profits from it. Auditors comes to action here. They check if this business really exists. If they have a contracts. If they have a sales for a years before. If loaner is business owner, as he states and so on.

To continue conversation and give some more arguments, I have a question to you, @cryptocyprus, do you personally own or use bitcoins or ethers?

[Ofcifreak]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

[cryptasya]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project!

[bpcguy]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project!

I think they should concentrate on improving their product - decentralased loan mechanism which is cool too

[cryptasya]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project!

I think they should concentrate on improving their product - decentralased loan mechanism which is cool too

I totally agree with that! This idea is amaziing! I haven't seen anything like that earlier.

[bpcguy]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project!

I think they should concentrate on improving their product - decentralased loan mechanism which is cool too

I totally agree with that! This idea is amaziing! I haven't seen anything like that earlier.

Hmm, I'm sure they have some competitors. If the market is empty, nobody wants this kind of services

[cryptasya]

Any updates, admin?
I tried to reach the telegram chat, but it seems there is some problems for all the european users, and it doesn't work

That's a main reason why all of us should use decentralized systems on blockchain

We should create a decentralized telegram! Or maybe the payday team willl take that as idea for another project!

I think they should concentrate on improving their product - decentralased loan mechanism which is cool too

I totally agree with that! This idea is amaziing! I haven't seen anything like that earlier.

Hmm, I'm sure they have some competitors. If the market is empty, nobody wants this kind of services

Maybe team will provide some comparison with other blockchain loan providers. It'll be really useful.

[crytocyprus]

If PayDay is a credit system, then what will happen in the case of non-repayment of the loan. Is this provided?

First of all, there might be a collectors or so. As you may see in WhitePaper, we will be using Advertising Systems, say Google DoubleClick, Facebook, Twitter to remind non-payers about their debt. Untill they repay. Our experience says that most payments are repaid upon notifications.
Another thing is AI and bigdata. PayDay will be track and analyse user behavior in order to check wether he fraud or real man, and what probability of repayment from this specific loaner.
Next thing are Auditor masternodes. Let's say some business tries to get loan. Owner says : we are blacksmith, and we need some more iron to create more horseshoes and get more profits from it. Auditors comes to action here. They check if this business really exists. If they have a contracts. If they have a sales for a years before. If loaner is business owner, as he states and so on.

To continue conversation and give some more arguments, I have a question to you, @cryptocyprus, do you personally own or use bitcoins or ethers?

Thanks, I got the main idea. And how will the frod check work? I didn't understand the whole process.

[crytocyprus]

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.

Yes, if we talk about fiat. I meant cryptoworld. After all for many participants it is problematic to withdraw fiat or pay salaries to employees even now.

Actually a lot of businesses start from the loan. What the difference between the bank or personal loan? Nowadays we have a wide possibilities to get funding all over the Internet.

[fromyesterday12]

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.

Yes, if we talk about fiat. I meant cryptoworld. After all for many participants it is problematic to withdraw fiat or pay salaries to employees even now.

Actually a lot of businesses start from the loan. What the difference between the bank or personal loan? Nowadays we have a wide possibilities to get funding all over the Internet.

Huge businesses won't take loans from simple people, they'll prefer lower risks and one big loan provider with a great reputation

[birds_ain]

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%

[birds_ain]

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?

hey @genesiscrypto for that you need to check the borrower's docs and verify their identity, after you'll be able to get your commission from their loans. To become a KYC Masternode you have to buy PDX coins and keep them in your wallet to start with. You can buy PDX coins on our website paydaycoin.io

[crytocyprus]

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.

Yes, if we talk about fiat. I meant cryptoworld. After all for many participants it is problematic to withdraw fiat or pay salaries to employees even now.

Actually a lot of businesses start from the loan. What the difference between the bank or personal loan? Nowadays we have a wide possibilities to get funding all over the Internet.

Huge businesses won't take loans from simple people, they'll prefer lower risks and one big loan provider with a great reputation

I can't agree with you. The loan from "simple people", as you called it, is croudfunding. And that way of funding is developing right now and will become more and more popular. Projects like PayDay will gather a lot of clients and huge community.

[birds_ain]

Hey guys, check our introduction video on youtube! It may channel you into PayDay's initial concept and some forthcoming events. Enjoy!

https://youtu.be/FpFnk5xpPvA

[fromyesterday12]

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.

Yes, if we talk about fiat. I meant cryptoworld. After all for many participants it is problematic to withdraw fiat or pay salaries to employees even now.

Actually a lot of businesses start from the loan. What the difference between the bank or personal loan? Nowadays we have a wide possibilities to get funding all over the Internet.

Huge businesses won't take loans from simple people, they'll prefer lower risks and one big loan provider with a great reputation

I can't agree with you. The loan from "simple people", as you called it, is croudfunding. And that way of funding is developing right now and will become more and more popular. Projects like PayDay will gather a lot of clients and huge community.

I'm a conservative person in this field. I am not sure that the decentralized loans are able to seize the birrest part of the market. It will stay geek-based technology and all the services based on blockchain.

[fromyesterday12]

Hey guys, check our introduction video on youtube! It may channel you into PayDay's initial concept and some forthcoming events. Enjoy!

https://youtu.be/FpFnk5xpPvA

Nice! Thanks for the update!

[crytocyprus]

Hey guys, check our introduction video on youtube! It may channel you into PayDay's initial concept and some forthcoming events. Enjoy!

https://youtu.be/FpFnk5xpPvA

I enjoyed the video! The simple explanation of how your project works.

[sarahdiana350]

Tell me, how can I participate in this project without investing in personal funds?

[birds_ain]

We made it to Masternodes.pro! Find us among "Coming soon" coins!
https://masternodes.pro/funding

https://i.imgur.com/WkbVp7l.jpg

Excellent. Do more often such small ads and interesting news

That's a good update!!

@nucriptobomb Thanks for being with us! The best is yet to come