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. Think localbitcoin without the limitations of only Bitcoin to trade with! Trading is live across a wide selection of Crypto to FIAT pairs.
Once an escrow node has received a notification to resolve a dispute, they must review the logs of the trade. Once reviewed, it may be clear who the honest party is based on the information provided. However, should more information or evidence be required; an escrow node has the ability to request this information before making their final decision. 3 identical consecutive decisions are necessary for an outcome to be reached.
One resolved the escrow nodes will be rated by the users. The higher the rating, the more likely they will receive further dispute cases in the future; resulting in higher income for the escrow node holder.
PayFair has a self-regulating system that allows it to work. This system includes the independent trust node and trust nodes. The trust nodes own the PFR token, which is located in the heart of the ecosystem. The PFR token ensures that trades on the platform are insured with PFR tokens at stake. PayFair charges a small fee to keep it running and also distributes a percentage of that fee to trustee nodes each month. In this way, PFR holders earn a profit by holding tokens. PayFair is a new decentralized trust platform and peer-to-peer cryptocurrency exchange for the purchase of popular cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash as well as many other coins , The platform provides security for cryptocurrency transactions between those, who do not know each other. The platform charges low fees and uses its own PayFair Tokens (PFR) as an important part of the ecosystem.
You can search directly on the PayFair homepage for a purchase or sale offer. Either choose one of the five cryptocurrencies in tabs as the default option or click on "more cryptocurrency" to find another one. Once you click on the crypto-currency of your choice, you will see filter options with listings directly below. Options to buy are on the left with options to sell on the right. Once you find a trade offer, you can open trading with the buyer or seller. Take the time to read the Terms of Trade, and if you agree, click "Accept Terms of Trade." The Trust on PayFair only applies to transactions where both parties have accepted the terms of trade, and the Platform warns against Send money before This happens. The person selling the cryptocurrency will transfer your money to the PayFair escrow service. Once the buyer sees a notification that the funds are in trust, you can send your fiat (or cryptocurrency) to the other party. Confirm that the seller has received the fiat (or the cryptocurrency) and upload it if necessary. At this point, the seller can release the funds. The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis used. The token is designed to create trust nodes and provide a secure environment for transactions. that the funds are in trust, you can send your fiat (or cryptocurrency) to the other party. Confirm that the seller has received the fiat (or the cryptocurrency) and upload it if necessary. At this point, the seller can release the funds. The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis used. The token is designed to create trust nodes and provide a secure environment for transactions. that the funds are in trust, you can send your fiat (or cryptocurrency) to the other party. Confirm that the seller has received the fiat (or the cryptocurrency) and upload it if necessary. At this point, the seller can release the funds. The PayFair token (PFR) is an ERC-20 token that uses the Ethereum blockchain as its basis used. The token is designed to create trust nodes and provide a secure environment for transactions.
PFR Tokens and Nodes
PFR tokens are an essential part of the ecosystem. Tokens create Escrow nodes to enable the decentralised escrow system for resolving disputes and Trust nodes to support the price of the token, making it stable and resistant to dramatic changes.
CONCLUSION
This service is a decentralized platform, serving as a third party (guarantor) in the transaction between the buyer and seller. The platform will guarantee maximum security and transparency of all ongoing transactions.
Due to the existence of this service, people who have so far avoided investing in cryptocurrency will finally be able, without fear that they will be deceived, to buy tokens for their own purposes. This will have a positive impact on the entire industry, because the easier and easier to interact, the more people will be in this market.
For more information, kindly visit any of the following links:
https://www.linkedin.com/company/payfairio/
https://www.reddit.com/r/Payfair/
Written by: Forman
Bitcointalk username: mrjepsy01
Bitcointalk profile url: https://bitcointalk.org/index.php?action=profile;u=2435560;sa=summary