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Digital payments are a part of everyday life. However, the means through which we usually carry them out are outdated and poorly suited for keeping up with the frantic rhythm of a modern lifestyle – to say nothing of modern business. Payment cards were designed in a different age and suffer from all the disadvantages of a centralised system: inefficiency, paperwork, excessive rules and expensive fees.

https://pumapay.io/

Cryptocurrencies suffer none of these disadvantages, but they are not, as yet, widely adapted. This is not just a matter of unfamiliarity: existing cryptocurrencies tend to be poorly suited for the needs of merchants, as they do not support the more sophisticated types of transactions and can be complicated to use. PumaPay is meant to provide a purpose-built solution for day-to-day payments, with a cryptocurrency based on an innovative smart contract protocol allowing for quick, efficient and versatile payments.

How will the PumaPay system work?

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The PumaPay PullPayment protocol, already in development, will be at the centre of this new payment infrastructure. It inverts the usual course of cryptocurrency transactions: Instead of one party “pushing” tokens to another, it will allow the receiving side to connect to the payer's PumaPay Account using a PullRequest and “pull” PumaPay tokens (PMA) in accordance with the pre-agreed PullContract.

Merchants will craft those PullContracts to their specifications, using either the original code or tested Authorizers from the PumaPay Protocol software development kit (SDK) to implement their preferred billing mechanisms: For example, they could request monthly subscriptions, payment per hour or variable fees. They could also enable shared payments. All transactions will be free of charge. Users will have the option of introducing Limiters on their accounts, setting quantitative and other restrictions that could block transactions. Businesses that accept PMA tokens will be listed on a special, searchable directory called PumaPay Pride.

How can you win with PumaPay?

Merchants and customers alike would benefit from quicker, safer and easier transactions, as well as by saving on transaction costs. Limiters could prove very useful to people trying to control their spending habits or those of others, such as their children. Since their participation in the system is critical to its success, businesses can count on a number of incentives. Early adopters and launch partners will be rewarded with PMA. All companies will gain additional exposure on a growing market thanks to PumaPay Pride and will have the opportunity to take part in the platform's growth.

https://pumapay.io/

Decentralized Vision, the company behind PumaPay, places a high premium on continued development, through both its own efforts and those of its partners. Its protocol is completely open-source with an easy to use SDK. PumaPay is designed to be easily scalable, allowing it to easily incorporate new services or migrate to new networks (for the moment it is based on Ethereum, but the company is considering alternatives like EOS or Orbs). Third parties are encouraged to develop and integrate additional paid services for the platform, such as underwriting installment payments, certifying custom contracts and adjudicating disputes.

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Successful ICO

The ICO for PumaPay Tokens (PMA) ran from March 22 to 29, 2018, raising $117,019,041 – well above the goal, and about 78% of the hard cap. A total of 78,042,956,829 PMA was generated on May 7.

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The future of payment?

A new revolution in payment methods is long overdue. Decentralized Vision is not the only company to try to meet this need, but it may be the one to succeed. For one thing, its project is at a more advanced stage of development than many others. Much of its software has already been audited, tested and released, and its ICO was a resounding success. Crucially, it has secured the cooperation of a large number of partner businesses, particularly in the personal skills market, and is continuing to recruit others and to engage with its growing community.

In keeping with its emphasis on flexibility in payments, PumaPay also has a very flexible model of future development. As always with such projects, its long-term prospects depend on enough people being willing to support it; but it is important to note that its developers have gone to some lengths to make it easier for third parties to assist in its development. Also important is the inherent adaptability of the design, letting it adjust to unanticipated changes on the market. PumaPay may represent the decentralised, streamlined and secured future of our everyday transactions.

Links

Website: https://pumapay.io/
WhitePaper: https://pumapay.io/docs/pumapay_whitepaper.pdf
Telegram: https://t.me/PumaPay
Facebook: https://facebook.com/1753092898327037
Twitter: https://twitter.com/pumapay
Medium: https://medium.com/@pumapay
ANN: https://bitcointalk.org/index.php?topic=2658299.0
Author: https://bitcointalk.org/index.php?action=profile;u=2201409

Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.