The overall decentralized payment system as a large but singular entity has added yet another feat to its achievements on the rising number of successful blockchain and crypto startups, as well as the birthing of another protocol. This is in tandem with the blockchain technology’s vision to take over the world’s financial systems in the nearest future. The recent milestone development is the addition of the PumaPay blockchain protocol to the list of players in the virtual currency payments.
What is PumaPay?
PumaPay is a blockchain-powered platform that enables users, to overcome all the existing challenges of transaction payments when using either (or both) of the fiat currency bank credit cards, as well as some of the earliest blockchain protocols- which have been characterized by more inadequacies as of recent. It has become obvious that the way to go for payment methods, is to adopt any design that has the least perceivable problem; and the PumaPay’s methods of operation have qualified it to be mentioned among the very big names.
How does the PumaPay product work?
The PumaPay protocol utilizes a mechanism known as the pull payment protocol. By this, all of the merchants and customers on the blockchain are connected in such a way that the merchant doesn’t have to wait till the customer sends payment tokens to them; they simply send a pull request to the customers who approve it, if it’s right. The customer, on one hand, can also make all type of utility payments by simply making a preset instruction that allows the account pay the merchants according to each created smart contract. Since this is so, the platform would effectively facilitate payment for both online and offline businesses. The use of smart contracts for all transactions ensures that both merchant and customers are satisfied, and consequently increases the level of trust between vendors and clients. Other advantages of this protocol are the low transaction fees, scalability advantages, as well as cost minimization.
What is the technology behind PumaPay?
For the initial operations of PumaPay, the protocol would be built on the Ethereum network that works on the solidity programming language. This is so as to facilitate the easy and functional use of smart contracts for all the transactions on the platform. This would be integrated into other host networks as the PumaPay ecosystem is been built.
The protocol would incorporate the use of software development kits (SDK) to enable merchants to develop and attach their services unto the protocol, while they would receive private keys via a functioning API.
What industry is PumaPay covering?
PumaPay Pull payment protocol targets and is of great relevance to every activity that requires a payment interaction what so ever. These include subscription fee payments, payment of utility bills, fashion, health, education, transport, entertainment- there’s almost no limit to how much significance it has. The token of use on the platform is the PumaPay token (PMT).
Future potentials of PumaPay
The fact that the private token sale, which ended on May 7th was able to reach the hard cap in no time, shows the prospects of the project, and this means investors have come to realize this too. PumaPay could turn out to be the central digital currency in a few years if it is able to gain wide acceptance in the cryptocurrency space. Its peculiarity lies in the fact that it works for all sectors of the economy and is not restricted to one.
Now that the token sale is done, the project development team have moved to implement the next phase, which is the distribution of an ERC 20 token to participants at the crowdfunding.
Visit the website for more information: http://www.pumapay.io
