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

[sheloa]

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

Did your team interview the publications? It would be interesting to read

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[capricorn121]

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

Did your team interview the publications? It would be interesting to read

Apparently marketing doen`t work well for the project. I also want to read the interview. Admins we are waiting for

[nucriptobomb]

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

Did your team interview the publications? It would be interesting to read

Apparently marketing doen`t work well for the project. I also want to read the interview. Admins we are waiting for

Have you seen the bounty and airdrop? Team will provide more marketing later!

[bpcguy]

any aiirdrop now?

I want to take part in the Airdrop too!
Please, admin, start a new one!

[new_conquistador17]

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%

I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards?

The benefit is profit, we are all here by way of profit

Which way can we get any profit?? I can't afford to buy a node, but I want to start mining.

[bpcguy]

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%

I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards?

The benefit is profit, we are all here by way of profit

Which way can we get any profit?? I can't afford to buy a node, but I want to start mining.

You can try the airdrop and bounty. They'll give you free tokens!

[new_conquistador17]

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%

I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards?

The benefit is profit, we are all here by way of profit

Which way can we get any profit?? I can't afford to buy a node, but I want to start mining.

You can try the airdrop and bounty. They'll give you free tokens!

I'm talking about another ways. Maybe, decrease the cost of the node.

[cryptasya]

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've just seen the video. Great job!

[genesiscrypto]

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%

I don`t quite understand what is the benefit for us now in acquiring your tokens? Will we have any special conditions on the platform afterwards?

The benefit is profit, we are all here by way of profit

Which way can we get any profit?? I can't afford to buy a node, but I want to start mining.

You can try the airdrop and bounty. They'll give you free tokens!

I'm talking about another ways. Maybe, decrease the cost of the node.

Did you think about the team? How would they get revenue if they decreased the cost of the node?

[ottomans_enigma]

I think that this is a very nice listing of the stock in the stock market, the more it is listed in the stock market, the more the price increases. I think we need to focus on the quantity more than stock names.

[fromyesterday12]

I think that this is a very nice listing of the stock in the stock market, the more it is listed in the stock market, the more the price increases. I think we need to focus on the quantity more than stock names.

That's a wise idea, thanks!
Team, get us listed on some exchange and fly tothemooon!

[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?

If you look through the whitepaper, you'll be able to find that info.
Part of money will be paid by the KYC masternode by itself. To get a reward you'll have to check the loan details properly and risk by your own money.

Ah..thank you for the explanation.
Now I got it

Do you think will there be a lot of KYC masternodes? Who will risk by their own money?

Hey, guys!
I think that the profit will be bigger than risks. Also the risk makes KYC masternod owners to check the details on exch loan more properly

The risk won't be so big. There will be a couple of masternodes which share risks and profits according to the WP.

 You are joyful  :-\We can`t say that the risks won`t be great. In that project there are a lot  of risks. So they can`t be called small.

hey @Kerandias What risks in particular are you talking about?

[birds_ain]

Can someone explain me the situation with getting a card? How will we receive them? What will the map represent? Will there be problems with blocking?

Hey @crytocyprus We cannot reveal that due to NDA, but we'll definitely announce that as soon as we sign agreements with the major banks. We plan it to be as simple as to get a regular credit card.

[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.

Could you explain the difference between a KYC Masternodes stake and a PoS masternode?

Sure, KYC Masternode is verifying the borrower's docs and guarantee that it's done well, and after get their commission for that. PoS Masternode gets their comission from keeping money in their wallet.

[birds_ain]

Hello. I just came across your project. While I'm trying to figure out the details. Can you already have white paper in other languages?

Hi! There's just an English version as we are focused on other tasks at the moment.

It's  so sad, is there a translation of wp in  bounty?

For Bounty we decided to focus more on our channels in Telegram and Discord. What language you'd like to translate our wp to?

[birds_ain]

I would like to know more about the project. It looks beautiful, but there are many common concepts. We need more details!

You're right! More and more similar projects are growing. How will we be identified among all this? I really want to see how you differ from the same projects?

Hey @Kerandias that's a good question. So, our difference and uniqueness lies in the fact that we are not trying to overstretch ourselves, but to focus on solving a specific problem in partnership with other blockchains (KYC and Insurance blockchains). All similar projects were just trying to take these functions on themselves. Did I manage to answer your question?

You Quite answered. I'm sorry that your telegram chat is not very informative. Will you have any activities to attract investors?

Our Telegram will soon have more info and announcements, stay tuned! As for investors, we're quite ready and open for them. Now everyone can join and buy PDX on our website paydaycoin.io. Soon we're planning to enter stock exchange. Which of them would you prefer to buy our coins on?

That'll be really useful! I don't like bitcointalk communications and prefer telegram.

Telegram is currently the best messenger and information source   in the cryptoworld, but in my country  telegram were blocked. It is a pain. So bitcointalk is also a good tool for communication

If your Telegram is still blocked you can use our Discord channel instead https://discord.gg/mpfRekm It has FAQ and support sections, if you struggle with anything we're always ready to help

Discord is  a bit unconvenient for me, because I'm not a gamer. Well, what will have to get used to. Thank you

That's true you getting used to it quite easily. Also you can always use their support when you need to ask something.

[birds_ain]

I was saying that there is no guarantee of the return of the investment. Did I understand correctly?

It all depends on what warranty you talking about.
The only numbers we can warrant are from blockchain math. They hardcoded and unchangeable : 280*0.75 coins reward each 120 seconds evenly distributed across masternodes.  So from this PoV you may feel safe. Earlier you get in, faster you'll mine.  Say with 1 masternode in network you will get 21 000 PDX in return from 20 000 PDX in roughly 100 minutes.

Wow, sounds nice. And where wiil I be able to sold PDX after that?

Now we're figuring out the list of stock exchanges where PDX will be traded, take part in our poll here to add your vote!

[birds_ain]

The loan limit and the stake will depend on the credit score of the borrower. That's pretty simple: the loan limit will be as high and required stake from KYC and Auditor masternodes low as the credit score be good. All loaners indicate what credit score they work with. The higher score you have the more potential loaners you get.

It turns out a kind of auction?

Yes, sort of.
If you have a score X, loan will be issued from those holders, who want to borrow with such score, group with lowest interest will be chosed among them

Why should we choose the group with the lowest interest? Maybe biggest?

The higher the return % of previous loans, the higher its rate and the lower its credit rate for the borrower and vice versa. Is that clear?

[birds_ain]

You wrote In white paper that every participant of the system will have PayDay Card. How will this card be issued?

Hi @sheloa and welcome to our thread. We are going to be partners with several banks issuing such Cards that will be used in ATMs all over the world. By the way what banks your credit cards belong to?

You can give more detailed information about the banks. And what type of cards will be supported?

Of course we could say somethin like "We're negotiating with the major Swiss banks like CoinSuisse bank and BankOfBitcoin now", but while we're actually negotiating: 1. There's NDA 2. Any ann of our dead cool plans without prior mutual confirmation is a scam coins' lot. That's why we'll be more specific when we're totally sure of the outcome, and the NDA lets us reveal that. btw what banks are the most popular in your location?

Thanks for the answer. Yes, you are right to give verified information. We have a popular bank Ceska sporitelna A.S.

Great @sheloa we'll surely consider it too. Europe is a big loans market full of people ready to issue loans to those who need them for a reasonable rate.

Hope so. It would be great. Then you will have even more potential investors

I would like to have the card from one of this banks! Hope they'll provide them soon!

Why do the participants of the system need this cards?

It's a strange question, actually Why do you need your debit card? To spend money! And here youll be able to spend your CRYPTOmoney!

I meant: will it be my "profit money" or I just can deposit my cryptomoney from other wallets and use card for withdrawing them?

I think it has to be only your PDX money. You can find more info in the WP or ask admins here..

Unfortunately, I did not find this information in wp. Apparently it is worth waiting for an answer from the admins

That's right, you'll be able to keep your PDX coins in your PayDay wallet. If you need to spend some of that money, you'll be able to get fiat in your currency from any ATM

[birds_ain]

You have KYC requirements under masternodes, yet you are not disclosing your team members?  How can you gain trust especially you are dealing also with lending platforms that everyone else wants to venture with.

Good question. I would also like to know the composition of the team? For any credit institution, the reputation of the team is important.

That's a good question indeed, but NDA won't let us reveal that. But frankly speaking what will you get from knowing that? There are many successful projects, with no or partial info about the team. Also there are many examples of scam projects, having revealed that info from the very start. We truly believe that it's better to look at what the team is doing for the project and follow their progress, you agree?