When Satoshi Nakamoto published his white paper, “Bitcoin: a point-to-point electronic cash system” in 2009, he offered Bitcoin as an alternative to the current centralized payment system. This alternative was based on the use of cryptographic tests instead of relying on a centralized part.
Back then, modern history witnessed the worst Financial recession in the world from the banking industry. Thus, Bitcoin emerges as an alternative for an innovative community that felt the need to store its value in a new way. The main problem was that Bitcoin remained as a payment system for a long time, so any form of financial instrument was not available to a single user of Bitcoin.
Thanks to the launch of Ethereum, a platform to create decentralized applications in Blockchain with Intelligent Contracts, new financial applications began to be created. Soon after, a series of so-called crypto banks emerged, thanks to Ethereum’s technology. The problem is that these crypto banks have only used the Blockchain of Ethereum to develop their technology but not their product; For example, when banks sold toxic assets to their customers, customers had no choice but to buy, as banks advised to do so. This was possible because centralization makes it easier for the system to get corrupted when one of the two parties in a relationship controls the information.
Using blockchain as a technology to execute back-end procedures does not prevent this from happening again. Therefore, it can not be said that the current crypto banks are an alternative to traditional banking as Bitcoin for payment networks. PayPro is re-imagining what the bank would look like thanks to Satoshi’s vision of decentralization. To do so, PayPro believes that the portfolio of financial services offered to a customer can not be centralized in any way, otherwise there is no guarantee for the user that a bank will only take care of their interests.
PayPro will not offer any financial services. Instead, PayPro will open the doors of its market so that any decentralized financial application (dApp) can offer its services. PayPro will have no right to decide which dApp should be and which should be out. This is the reason why PayPro has built an incredible decentralized rating system that allows the community to rate dApps. By doing this, it will allow the community to manage the market on its own.
If PayPro accomplishes this, the next time you search for insurance or credit, for example, you can find more than 100 companies that offer the service you are looking for. Therefore, PayPro will make financial providers strive to improve their services so that they can eventually become the ones you choose. In the end, PayPro is creating an ecosystem where competition is promoted, which translates into better quality services for the user. Exactly the opposite of what currently happens with any form of bank, whether traditional banks or decentralized banks (also called neo banks and / or crypto-banks).
PayPro is currently launching an Initial Currency Offer (ICO) to issue its own token with a 10% bonus for the first contributors. The PayPro TGE began on January 22, 2018 and will end on January 28, 2018. The minimum contribution is 0.5 ETH, which is equivalent to 1,100 PIP.
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