PayFair
PAYFAIR is a decentralized Escrow platform which ensures the paramount security of all Cryptocurrency transactions made between two parties. It's enabled with PayFair tokens (PFR), which is an ERC-20 token based on the Ethereum blockchain. We provide extremely low fees for all transactions in a safe, private and decentralized environment.
PFR tokens are an essential part of the ecosystem. Tokens create Trust nodes to ensure a safe environment for the transaction to take place.
In the beginning of 2017, founder Denis Salangin decided to make the world of blockchain technologies safer, more convenient, transparent and independent. To achieve this, he formed a development team to make a project. Having analyzed the situation behind blockchain technologies, we gathered all the theoretical and practical knowledge, pointed out our target goals and created a process for developing payfair.io.
Our team doesn’t include influential people or leaders of opinions. We don't think it's the most important thing. We managed to unite high-class specialists and create a friendly environment. It motivates us to make the project successful.
Payfair team:
- Denis Salangin — a founder of payfair.io. Our leading manager has great experience in project management (organizing work, assigning tasks) and wonderful understanding of principles of decentralized systems based on blockchain.
- Evgeniy Pomelov — Community Manager | Managing current communities on Telegram, Facebook, Twitter, etc
- Dmitriy Plishkin - Digital Marketing | Contextual and media promotion, online PR
- Slava Butorin — Senior Developer | Languages: node.js / react / php
- Aleksey Suvorov — Senior Developer | Languages: php / vue.js / python / nginx / lua / highload
- Roman Likhachev - Junior Developer | Languages: php / angular.js
- Aleksey Zhulikov - Junior Developer | Languages: php / python
Escrow with PayFair
In our system, let's assume: we have a group chat. Person A and Person B are trading. Both ask Person C to send them an escrow identifier, Person C generates one (through his wallet) and pastes it in the chat,
Person C also gets a unique hash password to control the outcome of the transaction. Once both parties are happy, Person C releases the money. If either of the parties are unhappy, the transaction is held in escrow during the dispute process. It will be held there until a resolution has been determined. Person A binds the transaction (coin-cli generate payment [amount] [recipient’s address] [escrow ID]) to the escrow identifier who gives them the payment hash which can be seen at the blockchain explorer. Person B sends the item to Person A.
Trust nodes
You need to have PFR tokens in order to be able to set up a Trust node. All members that enter a Trust node within our system will be rewarded for providing a safer system for everyone. The trust node becomes a useful part of the overall network and performs the important job of maintaining, updating, and securing the PayFair ecosystem.
- 80% Taken from Non-Escrow transaction fees are distributed back to Trustnode holders monthly.
- 40% Taken from Escrow transaction fees are distributed back to Trustnode holders monthly.
Escrow nodes
Community and Connection: Current masternode systems do not allow participants to connect in any meaningful human-to-human way, so as to build community. Payfairs “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 organize themselves because they know who each other are.
Difference between trust nodes and escrow nodes
- Trust-nodes support the price of the token, they make it stable and resistant to dramatic changes. The main peculiarity of a trust node is that they are awarded for their participation in the system. Trust nodes receive commission fees for every successful trade or deal on the platform.
- Escrow-nodes ensure the integrity of a trade between parties (buyer and seller) Escrow (or Guarantor) nodes are secured by PFR tokens, every decision in the ecosystem is ensured by value, hence the platform gets rid of bad actors.