Bitcoin was the first and most famous digital currency, but you can choose from more than 1,500, including ether, litecoin and even cryptokitties. For awhile, you saw these currencies only in the darkest corners of the internet, where people used them for all sorts of questionable, even illegal, activities. Drug dealers liked them because they made transactions all but invisible, and trolls at the Kremlin-backed Internet Research Agency used bitcoin to finance their campaign to influence the 2016 election.
Now talking about PayFair ecosystem is intended to allow users to swap their coins, goods or services with one another in a protected manner without the need for a third party came on board.
PayFair.io is a decentralised Escrow platform and is designed to allow its customers a safe, private and decentralised environment to trade, providing a trust-less experience.
Ecosystem
The system of the service includes a buyer and a seller, a trust node, a commission, a guarantor in the person of the service itself and a guarantor node. Each member of the ecosystem has its own functions.
The trust node receives passive income for a successfully completed transaction in the system. It is worth noting that the node receives a reward in the currency in which the transaction was made. This node is also responsible for the security of the entire PayFair service and is a deterrent against sharp fluctuations in the rate of the token of the PFR platform. In order to become a trust node, you must have at least 10,000 PFR tokens on your balance. If the number of tokens exceeds this figure, then the node is guaranteed additional income in the following order – if there are 25,000 PFR on the balance sheet, therefore 2.5 x payment.
Guarantor knot
Unlike the trust node, which is a passive participant in the work of the entire ecosystem, the guarantee node is active and receives a reward for it. Its activity is in the organization of the transaction between the seller and the buyer, for which he takes a commission. The more successful the platform’s guarantor has, the faster its reputation among competitors increases. Such a reputation system will guarantee the clients of the service maximum security, thereby encouraging the guarantee sites to efficiently and reliably carry out their services. To become a guarantor – node, you need to have a minimum PFR balance of 3000 tokens, and of course, to actively participate in the development of the platform.
The PFR tokens themselves are an essential component of the ecosystem of the entire platform. They form trust nodes, ensure the reliability and integrity of the transaction.
Escrow Nodes
Escrow-nodes are rewarded for their active participation in the system. They receive a commission for each successful trade they have participated in of which is paid out in the currency that the trade was completed in.
Escrow-nodes ensure the integrity of a trade between parties (buyer and seller). Escrow (or Guarantor) nodes are secured by PFR tokens, meaning every decision in the ecosystem is ensured by value and is performed by a real person. When this is combined with an Escrow rating system it further supports its ability to rid the platform of bad actors.
Current masternode systems do not allow participants to connect in any meaningful human-to-human way. PayFair’s “Smart Wallet” technology will allow Escrow node holders to easily connect and communicate with other Escrow node holders (unless they wish to stay anonymous.) This new type of networking gives the PFR token a clear advantage over similar coins because Escrow node holders can more easily organise themselves because they know who each other are.
Escrow Nodes are an immutable $250 worth of PFR, operating an Escrow node will require active participation within the platform. This participation comes in the way of resolving disputes between buyers and seller based on the information provided.
Find more useful links below;
website: https://payfair.io/
Telegram channel: https://t.me/payfair
Twitter: https://twitter.com/payfairio
GitHub: https://github.com/payfairio/pf_demo
LinkedIn: https://www.linkedin.com/company/payfairio/
Facebook: https://www.facebook.com/Payfairio/
Whitepaper: https://payfair.io/whitepapers/full_PF.pdf
Reddit: https://www.reddit.com/r/Payfair/
Medium: https://medium.com/@PayFair/
Authors BTT: https://bitcointalk.org/index.php?action=profile;u=2514575
NAME: Babygirl2019