The core value the world of blockchain is built around is decentralization. It takes the power from monopolists back to the community by eliminating the almighty regulating body. However, the more popular blockchain and cryptocurrencies get the more application fields come up. Crypto aficionados want to pay for goods and services with their favorite coins, have a secure space to keep their assets, exchange them, and use crypto every way that has been possible with old school fiats.
https://www.coinnup.com/
Meanwhile, there are many projects aiming to make these operations possible, each ICO for one or two use cases. If even some of them come to live we will have many tools which are disconnected from each other. This will make us overload our smartphones and PCs with various applications unless we introduced an element of centralization. Coinnup offers a five-in-one solution that is supposed to be an alternative to this quickly approaching chaos.
Unleashing the potential of cryptocurrencies
The Coinnup project is thought as a set of powerful tools that will make the process using cryptocurrencies more down-to-earth. The operations that they want to facilitate target B2B and B2C businesses, their clients, and crypto adherents in general. These operations include payments, exchange, transfers, holding, buying, and selling cryptocurrencies.
Paymaz ecosystem
Coinnup is building an ecosystem they called Paymaz. It will incorporate six (even though they are positioning themselves as a five-in-one platform) core instruments to manage crypto assets and make them accessible from one place. There will be many operations with crypto available such as trading, buying, selling, withdrawing, sending, receiving, and more. The Paymaz ecosystem is meant to be a blockchain connector between a business and its clients, whether it’s B2C or B2B.
https://www.coinnup.com/
The five that are actually six
Paymaz Crypto Exchange
Coinnup promises that their exchange will be capable of handling more than a million orders per second. KYC and withdrawal are thought to be instant. Early adopters will get a fee discount for the next four years.
Paymaz Fiat Central
Buying a wide range of cryptocurrencies for fiats will be enabled through CSS protocol.
Paymaz Debit Card
The Paymaz Debit Card is designed to further improve operations with crypto. It will be issued in physical and in virtual form to allow spending the crypto in a user’s wallet.
Universal wallet
Coinnup are creating a wallet with the capability of holding 50+ cryptocurrencies. They plan to expand the number to 200 within the first year. Users will be enable to trade on the Paymaz exchange directly from the wallet.
Payment gateways for B2B and B2C
The payment system with Coinnup will facilitate crypto payments for both B2B and B2C ranging from Shopify to Alibaba.
POS Network
Brick-and-mortar businesses are thought to be enabled to receive payments in crypto via point of sale (POS) terminals by Coinnup.
Competition
Coinnup is not the first attempt to provide a full-stack solution for operations with crypto. We have seen similar projects undertaken by companies that have a success story in this field behind them and that are building upon a solid base. We cannot say the same about Coinnup. They enter a highly competitive environment where many similar projects are being worked on, but we cannot see what makes them stand out from this crowd apart from a wide range of features with the platform. Coinnup does not provide competitor analysis in any form, so we can neither say whether they are aware of the environment, nor whether they have a vision of how they are going to be competitive.
PMZ token sale summary
Conclusion
Coinnup is an ambitious project that wants to provide solutions for multiple groups such as businesses, end customers, traders, and crypcurrency adherents. The problem with the provided solution is that they would have to convince one group to use it, or else groups relevant to them will not be able to profit from it. For example, the Paymaz card will be a useless piece of plastic if there will only be a very limited number of brick-and-mortar retailers equipped with their POS terminals. We do not believe that convincing these various types of users will be easy. We thought that publications on BuzzFeed, Fintech Association Hong Kong website, and Singapore Fintech Association website featured on their website might have given us more insights into what the financial community thinks about the project, but these links lead to no actual articles.
On the other hand, they claim to have already hit their soft cap during the presale period which indicates the community’s interest. Also, their social profiles have a lot of followers which adds up to this impression. Finally, we wouldn’t have considered Coinnup or a review if the project was not worth watching, so let us see where it arrives.
Links
Website: https://www.coinnup.com/
Whitepaper: https://ico.coinnup.com/assets/pdf/whitepaper_cu.pdf
Telegram: https://t.me/coinnup
Facebook: https://fb.com/coinnup
Twitter: https://twitter.com/coinnup
Medium: https://medium.com/@coinnup
ANN: https://bitcointalk.org/index.php?topic=4000401
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Bountyhive username: denvil
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.