Pay rius. A cryptocurrency payment infrastructure. Whitepaper Version 0.1

Transcription

1 Pay rius A cryptocurrency payment infrastructure. Whitepaper Version 0.1

2 2 Abstract Accepting, verifying and processing multiple cryptocurrency payments is still rocket science for many website and app owners. Yet, cryptocurrency is such a huge market that it can no longer be ignored even by wall street. According to bitinfocharts on their website, people all around the world have created over 28.5 million bitcoin wallets. The total market cap of cryptocurrencies as at 2018 is $300 billion. This is a huge market for anyone who owns an app or website to tap into. Payrius is a comprehensive crypto infrastructure. Payrius help app owners start accepting payments from over 1,000 cryptocurrencies within minutes. Payrius also help keep record of transactions, statistics and product orders in a neat dashboard. The ecosystem will be powered by the Payrius token which will be utilized for several use cases. The payrius infrastructure comprises APIs for integration for developers to build cryptocurrency apps, QR Code processing technology, transaction dashboard, AI and User Facing app. Payrius will be the storefront and gateway for millions of merchants all over the world.

3 3 Background E-commerce is experiencing a paradigm shift towards crypto currency utilizing blockchain technology as a borderless transaction portal. Since 2009, the world of digital transactions has been experiencing a revolution. The birth of cryptocurrencies and blockchains have presented a paradigm shift in the way e-commerce is done all over the world. Cryptocurrencies have presented a possible borderless and non-bureaucratic way of performing transactions which Payrius intends to explore. Blockchains have ensured air-tight security in transactions, anonymity and efficiency. Blockchains maintain permanent and tamper-proof records of all transactions. According to Statista, the retail ecommerce sales worldwide has been increasing steadily for the past 3 decades. In 2014 it was USD 1.33 trillion, it 2017 it became USD 2.3 trillion. It is projected to increase to about USD 4 trillion by Total retail sales worldwide is at about USD 22 trillion, ecommerce is just a fraction of it. In 2017, ecommerce sales made up 10% of retail sales worldwide thereby experiencing an 8.6% growth from the year prior. The number of humans spending money online will grow from 1.4 billion to 2 billion between 2015 to However, all these payments are being made through conventional online payment processing platforms such as Mastercard, Visa, Paypal, Strip and so on. Due to several rules and regulations bordering bank internet transactions in different countries, many payment processing giants are unable to process payments in a number of countries and locations. Paypal for instance does not work in between countries. Stripe works in only a few countries. 80% of the retail sales are not online partly because of these reasons. On the other hand cryptocurrency adoption is currently increasing worldwide. According to Statista Bitcoin gained in popularity when its price jumped from around U.S. dollars in August 2016 to approximately 4, U.S. dollars in August As of December 2017 bitcoin was worth 13,860 U.S. dollars. The market capitalization of Bitcoin also increased dramatically in that time, and reached a level of billion U.S. dollars in Q Since cryptocurrencies dont have the limitations of conventional fiat currencies, it only shows that there is a huge market waiting to be explored by anyone that can make it possible and easy for merchants around the world to accept payments in cryptocurrencies.

4 4 Introduction : Payrius is a suite of tools for enabling, integrating, managing and tracking transactions using cryptocurrency. Payrius targets micro, small and medium scale businesses enabling to have an online presence and thrive in the digital crypto economy. Payrius has the following suite of tools: 1. A customer management system 2. Transaction recording module 3. Crypto payment module 4. APIs for developers to integrate cryptocurrency payments 5. API for cryptocurrency related app development on their site 6. QR Code payment module 7. Android and ios app for merchants 8. Android and ios mobile app for mobile payments by customers One important note about Payrius is that most of Payrius modules have already been built and more are being completed by the day.

5 5 Table of contents Abstract 2 Background 3 Introduction 4 How it works 6 Merchant 6 Buyer 6 Developers 7 Initial coin offering 8 Token Metrics, Value and Economics 8 Token structure 8 Distribution of PRIUS 9 Distribution of funds 9 Security 9 Governance Law Compliance 10 General Data Protection Regulation (GDPR) 10 Who we are 10 Disclaimer 11 C aution regarding forward-looking statements 12

6 6 How it works There are 3 types of accounts that can be created on Payrius platform Merchant Buyer Developer Merchant The merchant creates an account on Payrius by signing up and going through the KYC. The KYC can be done manually or automatically via a third-party such as a government approved agency in their country. The merchant then proceeds to create different products. QRCode and payment links for each product is automatically generated. The merchant can then share the QRCode to his buyers or display it on the checkout page of the merchant s shopping cart. The merchant is able to receive payments from all the different cryptocurrencies supported by payrius. A notification is optionally sent the merchant on every sale. Sometimes, cryptocurrency payments take a few seconds. The payrius platform only marks a transaction as complete when the cryptocurrency payment is received. Merchants can offer discounts. All such discounts will be offered to customers who buy using payrius tokens. The merchant account has this core features A record of all transactions, products, payment methods, buyers and balances in a very neat dashboard. A record of the receiving cryptocurrency accounts payrius generates for each product. This ensures that the merchant does not need to even have a cryptocurrency account anywhere to start using Payrius. The merchant can optionally add their own cryptocurrency addresses and have payments sent directly to the account. Buyer A buyer signs up on the payrius platform and that s all they have to do. This signup happens in the process of making payment for a product. Payrius then tracks all their transactions on the platform. A buyer can choose to make payment via QRCode or by simply clicking the pay now link on the platform. The QRcode can be shared via social media such as whatsapp, facebook or offline billboard and handbill posters.

7 7 Three ways of making payments: The buyers can make payments by uploading the QRCode image to the payrius mobile app on their phone or by simply scanning it using the app. The buyer can also make payment without having the mobile app installed. They can simply use the payment link on the checkout page. Developers Developers can connect to Payrius platform and do the following: Generate API access tokens for the different features they wish to gain access to Make use of the APIs to build different types of cryptocurrency payment applications Some Payrius APIs will be free to access while some will be paid. Developers will make payments using Payrius tokens.

8 8 Initial coin offering We want to extend this amazing opportunity to the general public through an initial coin offering. Given that most parts of the payrius platform has been completed, we see tremendous growth in the near future. In this ICO, Payrius is offering 60% of its tokens to the public out of a total supply of 200,000,000 PRIUS tokens. The Payrius token is ERC-20 standard based on the Ethereum platform. During the ICO sales, the USD value of the Payrius token will be ~$0.3. This will put the market capitalization of Payrius at $36,000,000 USD. Funds raised from the initial coin offering will facilitate the development, marketing and growth of the payrius platform to its full potential. There won t be any soft cap as we will proceed with the project regardless. This is a strong assurance to everyone buying our token and shows that we have the resolve to see the project through irrespective of the eventual outcome of the ICO. However, the team may decide to extend the ICO until softcap is achieved. Token holders hold a unique stake because of the importance of the token in the payrius platform economics. All unsold tokens will be placed in company reserve. Token Metrics, Value and Economics Payrius is a platform powered by the Payrius token which is an ERC-20 Ethereum based token. The token will be used to pay for services within the platform by the merchants and their customers. Payrius will facilitate the asset transfer and security in various different cryptocurrency assets. In the roadmap section, it is stated in more detail how Payrius will progress until completion of the execution of the project. 60% of the tokens will be available to the public during the ICO. There are 200 million total Payrius tokens. The payrius token powers the platform, loyalty programs and discount. This propels the continued use of the token. This provides the mechanism to use other tokens without limiting the use of Payrius tokens. Payrius token holders must use the payrius token in order to gain the benefits Payrius platform has a mechanism that ensures that Payrius token holders are able make and receive payments on the platform without any transaction fees. If another cryptocurrency is used, Payrius platform deducts a small percentage as processing fee from the merchant. This incentivises merchants and customers to use Payrius token.

9 9 Token structure Symbol : PRIUS Token Protocol: ERC-20, Ethereum blockchain Total PRIUS tokens (100%): 200,000,000 (two hundred million) PRIUS Total token for sale (60%) : 120,000 PRIUS Offered token sale rate : ~$0.3 Minimum contribution: $10 Maximum contribution: $100,000 USD (Except partners and accredited investors) Whitelisting : July 30, August 30, 2018 Hardcap: 120,000,000 PRIUS, ~$36,000,000 Acceptance : ETH Lockup period: All team members token will be locked up for one year and vested quarterly Unsold tokens: returned to company reserves Emission rate : no new coins will be minted, created or mined after ICO. Bonus and referrals : Yes, please refer to payrius.com Restricted countries : US, Singapore and any other country where the laws concerning ICOs aren t clear. Distribution of PRIUS Crowdsale : 60% Team : 20% Advisors and Partners : 10% Bounty and Referrals : 5% Reserved for Payrius ecosystem : 5% Distribution of funds Research and Development Marketing : 30% Growth hacking,pr, Partnership, Affiliate program : 50% Legal & Compliance : 5% Operation and Admin : 10% Miscellaneous: 5%

10 10 Other players in the market Currently there are a handful of platforms and solutions that offer one form of cryptocurrency payment solution or the other. Admittedly, the cryptocurrency industry is still very young and there is yet to be a platform that will comprehensively solve the cryptocurrency payment problem faced by millions that are currently being ignored by conventional payment platforms. Coinpayments Agate Aliant payments Cryptopay Coingate Paybear Does not process QR code payments and does not target institutions Still in their ICO stage, not sure what their full product will look like. Accepts only 3 coins - bitcoin, litecoin and ethereum Accepts only bitcoin Accepts only bitcoin Processes only 7 currencies Security Payrius takes security very seriously. Payrius employs several security measures to ensure that the platform and users assets are safe. We make use of SSL and necessary cold storage protocols and measures to ensure maximum security on the platform. Payrius has a plan to continue to implement industrial standard and cutting edge security practices including routine audit, review, and stress test of different aspects of the platform. Governance Law Compliance Payrius takes great measures to ensure that the platform and service comply with government laws and regulations around the world. For instance the VAT option on the platform will be optional. Merchants can choose to enable or enable it depending on if it is advised in their country.

11 11 General Data Protection Regulation (GDPR) Payrius complies fully with the GDPR regulation that will take effect on May 25, This regulation mandates all platforms providing service to EU residents to provide a means through which users can delete all their data completely from the platform. Payrius platform architecture is designed to easily allow users delete all their details after use if they so wish. Who we are We are a strong team of developers, designers, community managers, managers and investors from different countries. Our different team members have successful history of running successful startups, tech companies and investments. Our team has come together to use the blockchain technology to solve a global problem that bothers millions of people and has the potential to be a unicorn. The Payrius idea started in Q after investigation on the current global issues around cryptocurrency payment integration and processing. So many countries with a combined population of over 300 million million people in the world are currently blacklisted by several of the big online payment processors. We want to use cryptocurrency to give them an online ecommerce opportunity. We also wanted a platform that will be open to developers to explore their innovative skills in building diverse cryptopayment applications.

12 12 Disclaimer 1. Do note that this Whitepaper does not constitute advice nor a recommendation by Payrius, its officers, directors, managers, employees, agents, advisors or consultants, or any other person to any recipient of this Whitepaper on the merits of the participation in the token generation event. 2. There is substantial risk in participating in this token generation event. The risk could lead to a loss of all or a substantial portion of such a contribution. You are advised not to participate in this token generation event unless you are prepared to lose an entire amount all to you for purchasing Payrius tokens. 3. Do not acquire Payrius tokens for speculative or investment purposes with the expectation of making a profit or immediate re-sale. No promises of future performance or value are or will be made with respect to PRIUS, including no promise of inherent value, no promise of continuing payments, and no guarantee that PRIUS will hold any particular value. Unless prospective participants fully understand and accept the nature of Payrius and the potential risks inherent in PRIUS, they should not participate in the TGE. 4. PRIUS are not being structured or sold as securities. PRIUS are sold as a functional good. This Whitepaper is not a prospectus or disclosure document and is not an offer to sell, nor the solicitation of any offer to buy any investment or financial instrument in any jurisdiction and should not be treated or relied upon as one. Written authorisation is required for distribution of any or all parts contained herein. All information here that is forward looking is speculative in nature and may change in response to numerous outside forces, including technological innovations, regulatory factors, and/or currency fluctuations, including but not limited to the market value of cryptocurrencies. This Whitepaper is for information purposes only and is subject to change. Payrius cannot guarantee the accuracy of the statements made or conclusions reached in this document. 5. Payrius does not make and expressly disclaims all representations and warranties (whether express or implied by statute or otherwise) whatsoever, including but not limited to: Disclaimer any representations or warranties relating to merchantability, fitness for a particular purpose, suitability, wage, title or non-infringement; hat the contents of this Whitepaper are accurate and free from any errors; and that such contents do not infringe any third-party rights. Payrius shall have no liability for damages of any kind arising out of the use, reference to or reliance on the contents of

13 13 this Whitepaper, even if advised of the possibility. This Whitepaper may include references to third party data and industry publications. To the extent that it does, Payrius believes that this industry data is accurate and that its estimates and assumptions are reasonable; however, there are no assurances as to the accuracy or completeness of this data. 6. Third party sources generally state the information contained therein has been obtained from sources believed to be reliable; however, there are no assurances as to the accuracy or completeness of included information. Although the data are believed to be reliable, Payrius has not independently verified any of the data from third party sources referred to in this whitepaper or ascertained the underlying assumptions relied upon by such sources. Please note that Payrius is in the process of undertaking a legal and regulatory analysis of the functionality of its PRIUS. Following the conclusion of this analysis, 2 Payrius may decide to amend the intended functionality of its PRIUS in order to ensure compliance with any legal or regulatory requirements to which it is subject. In the event that Payrius decides to amend the intended functionality of its PRIUS, Payrius will update the relevant contents of this Whitepaper and upload the latest version of this to its website. Any PRIUS could be impacted by regulatory action, including potential restrictions on the ownership, use, or possession of such tokens. Regulators or other circumstances may demand that the mechanics of the PRIUS be altered, all or in part. Payrius may revise mechanics to comply with regulatory requirements or other governmental or business obligations. Caution regarding forward-looking statements This Whitepaper contains forward-looking statements or information (collectively forward-looking statements ) that relate to Payrius' current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as may, will, expect, anticipate, aim, estimate, intend, plan, seek, believe, potential, continue, is/are likely to or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Payrius has based these forward-looking statements on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy,

14 14 financial needs, or the results of the TGE or the value or price stability of the PRIUS. In addition to statements relating to the matters set out here, this Whitepaper contains forward-looking statements related to Payrius' proposed operating model. The model speaks to its objectives only, and is not a forecast, projection or prediction of future results of operations. Forward-looking statements are based on certain assumptions and analysis made by Payrius in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although the forward-looking statements contained in this Whitepaper are based upon what Payrius believes are reasonable assumptions, these risks, uncertainties, assumptions, and other factors could cause Payrius' actual results, performance, achievements, and experience to differ materially from its expectations expressed, implied, or perceived in forward-looking statements. Given such risks, prospective participants in a TGE should not place undue reliance on these forward-looking statements. Risks and uncertainties include but are not limited to those identified in the TGE s Terms and Conditions. These are not a definitive list of all factors associated with a making a contribution to Payrius, in connection with events or circumstances after the date of this Whitepaper. Payrius' business is subject to various laws and regulations in the countries where it operates or intends to operate. There is a risk that certain activities of Payrius may be deemed in violation of any such law or regulation. Penalties for any such potential violation would be unknown. Additionally, changes in applicable laws or regulations or evolving interpretations of existing law could, in certain circumstances, result in increased compliance costs or capital expenditures, which could affect Payrius' profitability, or impede Payrius' ability to carry on the business model and the PRIUS model proposed in this Whitepaper.