PAYGINE: Transforming Traditional Banking To Cryptocurrency Services

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INTRODUCTION

Since the birth and evolution of blockchain ecosystem, quite a number of development and advancement has occurred in the blockchain and Cryptocurrency ecosystem, this development has brought about the deployment of new blockchain and mainnets ecosystem. E.g. Ethereum smart contract which gave birth to the ERC20 Compatible token, Neochain(NEP5) blockchain, Eos and lots more. This development has birthed alot of cryptocurrencies in circulation for the Cryptocurrency user's where we have about 1100+ different cryptocurrencies in the market for the asset user’s according to coinmarketcap data statistics.

However, cryptocurrency is predicated on cryptographic algorithms that are encrypted to confirm transactions. Cryptocurrency transactions are recorded on an online ledger called the “blockchain.” In the language of cryptocurrency, a “block” is a record of a new transaction. Once each block is completed, it is added to the chain, creating a chain of blocks: hence the term “blockchain.” The blockchain is therefore a secure, public record of each transaction involving cryptocurrency. Many people see blockchain as an alternative to traditional banking. The blockchain, together with the encryption built into the cryptocurrency, allows secure transactions between parties, which are based on the verified values represented on the ledger, rather than merely trusting the other party involved or relying on a middleman (i.e. a bank, who usually takes a fee and puts certain limits what you’re allowed to do with your money) to complete the transaction. Also, Information on the blockchain is publicly available. It is decentralized (meaning it doesn’t rely on a single computer or server to function), and is not controlled by a single bank or company.

Though, cryptocurrencies have many advantages over the traditional banking system. Some of the traditional banking system’s barriers and shortcomings that are overcome by cryptocurrency include: The possibility of governmental and oligarchic influence, Difficulties of companies and entrepreneurs in different countries and regions in reaching mutual settlements, Slow speed of transaction processing, currently not meeting the requirements of online business, Inflation, Lack of transparency and, Higher cost of services compared to cryptocurrencies.

However, despite the obvious advantages of cryptocurrency, traditional banks are leery of this new form of currency, and many often restrict and limit cryptocurrency transactions, refuse to open accounts utilizing cryptocurrencies, and refuse to work with businesses that utilize cryptocurrency, even when all anti-money laundering (AML) and anti-terrorism (CFT) requirements are met. Thus, in the campaign to bringing revolutionary acceptability change to the cryptocurrency ecosystem, PAYGINE Open Financial Platform which will allow both individuals and businesses to maintain wallets that hold a mix of their preferred fiat currencies and cryptocurrencies, with easy conversion between them; to use a bank card to buy whatever they want online or in stores around the globe (and allow sellers to accept such payments); and to transfer their money to or from any other user in the world instantly and securely.

OVERVIEW OF PAYGINE OPEN FINANCIAL PLATFORM

Paygine is a financial platform designed to offer cryptocurrency-related services to both individuals and businesses, allowing for easier, faster, and less expensive currency transactions in a variety of usage scenarios. In short, Paygine is designed to help consumers and businesses use cryptocurrency as simply and conveniently as any other currency, in everyday life. For individuals, Paygine allows people to quickly, easily, and securely: Maintain wallets in both fiat currencies (USD, EUR, RMB, etc.) and cryptocurrencies (BTC, ETH, etc.) with the ability to convert funds between them • Transfer cryptocurrency to and from a bank card • Pay in retail shops and online stores using their cryptocurrency • Carry out worldwide, cross-border transfers of any currency with minimal. Also, Paygine allows retailers to accept cryptocurrency as a payment for goods and services at their place of business or online storefronts, and then automatically convert those payments into the currency of their choice. Either USD,BTC, EUR. Creating such a powerful payment and exchange platform from scratch would require major amounts of both time and money in research, development, and testing.

PAYGINE SOLUTIONS

Paygine financial platform has cone to offer cryptocurrency-related services to both individuals and businesses, allowing for easier, faster, and less expensive currency transactions and to also help consumers and businesses use cryptocurrency as simply and conveniently as any other currency in everyday life which includes the following features and solutions

• E- Wallet: Paygine has developed an electronic wallet which will be perfect payment tool for those who spend or earn money on the Internet by making online purchases or selling goods and services online. Also, With the help of an e-wallet, it is possible to make various kinds of transactions using virtual money, which can then be converted into individual cryptocurrencies or into fiat currencies, and withdrawn to a bank account or card.

• EXCHANGE BETWEEN CRYPTOCURRENCIES AND FIAT CURRENCIES: Paygine has developed its sophisticated exchange which play an essential role in the cryptocurrency economy, by offering a marketplace for trading, liquidity, and price discovery and to allow user to exchange between different cryptocurrencies and to and from fiat currencies, as well as among different fiat currencies.

• ISSUING OF CARDS LINKED TO ACCOUNT IN FIAT OR CRYPTOCURRENCY: Paygine is keen to solve the hurdle of Cryptocurrency user’s having difficulties in paying for their grocery or e-commerce shopping fee with their digital asset by issuing virtual/physical cards in combination with the mechanism of conversion from cryptocurrency to fiat currency. Having experience in implementing similar projects at banks, Paygine will join one of the international payment systems and certify for the issuance of cards, both physical and virtual.

• PAYMENT PROCESSING FOR CRYPTOCURRENCYACCEPTING MERCHANTS: Paygine open financial platform will provide merchant clients not only with industry-leading existing functionality, but also with novel functions that are rarely offered by our competitors. The first category includes rendering invoices that are ready to integrate with the main CMS and mobile platforms, resulting in minimal connection time and a convenient and simple interface

• MONEY TRANSFER SERVICES: Paygine has plan to use the most common and liquid cryptocurrencies as a rail, which will make international transfer much faster and more profitable than traditional methods. In the future, to implement transfers and Paygine plan to use PGC Tokens

• PEER-TO-PEER SERVICE: E-wallets is a technical tool for internal settlements between private individuals within the aggregator platform, allowing for a significant reduction in the costs of transfer between private individuals, as well as adding movement and liquidity to the system while the aggregator platform itself does not physically spend money, but manages the flow of money between private individuals

• DEPOSIT AND WITHDRAWAL: Paygine will provide wide range of ways to deposit into accounts, wallets, and private individuals’ cards on the Paygine platform, as well as developing extensive ways to withdraw funds from them, is crucial when choosing and evaluating the convenience of working with a particular platform.

TOKEN DETAILS

Token Symbol: PGC

Maximum Supply: 151,750,000

PRICE: 1 USD

Blockchain: ETHEREUM

Currency accepted for ICO: BTC, ETH AND FIAT (to be determined)

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