With all of the recent issues with Coinbase’s multiple charges, widespread scamming and lengthy KYC delays I started looking for other ways to purchase crypto for FIAT and physical goods.
I came across localbitcoins, looked great! Fast transactions and quick KYC checks, until I realized who would actually resolve the dispute if someone decided to not deliver on their end of the bargain. So I started looking around for a safer alternative.
This is where I came across PayFair, currently in development and due to release at the end of Q1. Essentially PayFair is a decentralized Escrow platform which ensures the 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. It provides extremely low fees for all transactions in a safe, private and decentralized environment.
Escrow with PayFair
In PayFair’s 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 the 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.
Interestingly the nodes have no hardware requirements with the demo listed on their website being added tonight with more information.
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.
I am personally very excited for its launch. Its tiring as a new investor being limited to purchasing set amounts, waiting weeks for KYC to be approved and opens up the ability to use an Ebay like platform that I can sell all my useless crap on for crypto!
Check it out guys and sorry for the shill, would love to see this a success as I plan to be a user to buy and sell myself.
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