PexCash Whitepaper (PEXC)

Transcription

1 PexCash Whitepaper (PEXC) P2P crypto/cash money transfer and exchange app using GPS map location

2 Table of Contents 1. Introduction 2. Market 3. Problem & Solution 4. How it works 5. Token details 6. Token distribution 7. Use of funds 8. Roadmap 9. Investor Benefits 10. Team 11. Privacy policy 12. Contact details

3 Introduction In an exponentially progressing world, traditional methods have become extremely inefficient to get things done, whether it s over-formality, long processing time, high fees or tiring verification process, such disadvantages in today s fast growing world -particularly in money transfer field- make methods such as: WIRE transfers, ACH transfers, traditional P2P money transfer services, MTO s or international money transfer services, extremely outdated; hence, PexCash app was created. A decentralized, serverless, secure and instant cash money transfer app that is capable of handling money transactions domestically and internationally, with the lowest possible fees. By utilizing blockchain technology and GPS map location, we ve created a brand new innovation that will revolutionize the P2P money transfer industry. PexCash totally depends on physical meetings between trading parties/persons, the app is mainly created to provide cash-in-hand transfer/exchange solution.

4 Market P2P money transfers are mainly comprised of: online cross-border payments and remittance sending, money transfers processed by online-pure players (e.g. TransferWise), domestic Peer-to-Peer payments and bill splitting services and cross-border payments via traditional service providers (banks, post offices & Western Union, MoneyGram). Transaction Value in the "P2P Money Transfers" segment amounts to US$65,761m in 2018, according to Statista, with a majority of these transactions running through banks and money transfer operators (MTOs). MTO s are facilitators of international payment transactions. The IMF provides a clear definition of what these entities are: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or access to another cross-border banking network. The complexities of different currencies and banking systems means that sending money from one country to another is completely different from a domestic transfer. Transaction Value is expected to show an annual growth rate (CAGR ) of 19.4% resulting in the total amount of US$133,795m in In the "P2P Money Transfers" segment, the number of users is expected to amount to 188.0m by The average transaction value per user in the "P2P Money Transfers" segment amounts to US$362.2 in From a global comparison perspective it is shown that the highest transaction value is reached in the United States (US$15,138m in 2018). Largest country markets for sending money: USA, Saudi Arabia, Switzerland, Germany and China Largest country markets for receiving money: India, China, Philippines, Mexico and France

5 Problem Traditional and mobile app P2P money transfer services haven t undergone any significant upgrading process recently to cope with today s emerging market and new technologies. P2P money transfer services require a lot of verification information, papers to be signed, long waiting lists, long processing time and extremely high fees in comparison to blockchain-based transaction fees, moreover, it s not easily accessible to everyone, in some places, people will have to travel 1-3 hours to receive or send their cash money, there have been too many solutions that virtualizes money yet in most countries people depend on cash money in the first place and there are very few solutions, that really work, when it comes to cash-in-hand transfer systems. Cryptocurrency-to-cash exchange sometimes -and in some places- is very difficult to manage, using online escrow service has a high risk of scam and money loss, using a third party service requires a lot of verification documents and eventually charge relatively high fees for processing your exchange requests. Solution PexCash has developed a P2P money transfer and crypto exchange app that uses GPS map location to connect users and help exchange crypto-cash instantly. Users can send/receive cash anywhere, worldwide, through a blockchain-based, decentralized and serverless app that guarantees a middleman-less transaction between both parties. PexCash applies extremely high security measures where all transactions are held within it s network and are instant, moreover, it guarantees a transparent environment through public transaction trackers. PexCash app nature

6 requires physical meeting between parties eliminating any unpleasant trading/exchange behavior. How It Works PexCash app model is comprised of 2 main transaction types: 1. 2-node transactions 2. 4-node transactions 1. 2-Node Transactions: This type of transaction represents any money transfer between 2 parties to exchange cryptocurrency-to-cash or the opposite. Users interested in exchanging or selling their cryptocurrencies to cash will have to list their selling offers and mark them as live in order to receive exchange requests from other users Node Transactions: This type of transaction represents long distance or cross-border money transfers, it requires 4 parties to run a successful 4-node transaction: cash sender, cash receiver and 2 PEXC token holders.

7 Based on user s GPS map location, PexCash will connect users willing to transfer or exchange as per their transaction attributes: amount, location and mile/km range. A.Listing offers: - User can add their accepted crypto-to-cash offers - Set fee percentage - Set minimum trade amount - Set maximum trade amount - Add cryptocurrency address (where they will receive their funds) - Mark offer as live so that other PexCash users can find it on the map B.Exchange: ( 2-Node Transaction between User and Exchange Acc) - User willing to sell/buy crypto-to-cash shall initiate an exchange request - PexCash connects user with an available nearby exchange acc that fits their criteria - User contacts exchange acc through in-app chat or voice call - User and exchange acc set an agreement on an in-between meeting location - User transfers cryptocurrency to exchange acc in-app wallet address and mark payment as paid - Exchange acc receives a notification of receiving their cryptocurrency and its amount - Exchange acc releases cash to user - User ends the trade by clicking Cash Received - Exchange -on hold- cryptocurrencies are released to the exchange user and allows them to perform an external withdraw request C.Transfer: (4-Node Transaction between Sender, Receiver & 2 Exchange Accs ) - Sender initiates a transfer request with amount and receiver ID - Receiver approves request and mark themselves as ready to receive

8 - PexCash connects both sender and receiver to nearby exchange users (X1 and X2) - Sender meets their nearby exchange (X1) and pay them in cash - Exchange (X1) sends the amount to Exchange (X2) in PEXC token - Exchange (X2) releases cash payment to receiver - Receiver confirms cash pick up - Fees are distributed between X1, X2 and PexCash For security purposes, users will have to approve the app to use their device microphone to record during both transaction types so that in case of disputes, a moderator will refer back to the recorded audio to decide for/against included parties, users are also forced to contact via in-app chat or voice call, any shared contact info will result in an account ban. App includes: 1. User rating and review system 2. Verified/unverified user badges 3. Dispute system 4. Cancel order functionality, a fee is charged from the account that cancels for orders cancelled after a certain period of time To offer money transfer service, user will be required to: 1. Verify their account 2. Have minimum PEXC balance equivalent to the maximum amount they are willing to transfer To offer exchange services, user will be required to : 1. Verify their account 2. Have minimum PEXC balance equivalent to the maximum amount they are willing to exchange

9 Name: Pexcash Ticker: PEXC Supply: 2,000,000 PEXC Token Sale: 1,400,000 PEXC Token Details Pre-sale: 300,000 PEXC Discount: 50% Price: ETH Goal: 600 ETH Tier 1: 500,000 PEXC Discount: 25% Price: ETH Goal: 1500 ETH Tier 3: 600,000 PEXC Discount: 0% Price: ETH Goal: 2400 ETH Soft cap: 600 ETH Hard cap: 3900 ETH Total cap: 4500 ETH Token Distribution: within hours from token purchase

10 Token Distribution Tokens will be distributed as follows: 1. Token Sale = 70% (Pre-sale, Phase 1 & Phase 2) 2. Team = 19% (Reserved for team members) 3. Future Partners = 10% (In order to have successful partnerships, we have to be prepared and have a plan for that and this is part of our plan) 4. Airdrop/bounty = 1% (A form of reward for people helping with PexCash marketing and brand awareness)

11 Use of Funds We will use funds raised through our ICO for the following: 1. 1 social media marketing specialist 2. Social media marketing budget 3. SEO & ASO budget 4. 1 PR specialist 5. 2 back-end developers 6. 1 front-end developer 7. 1 blockchain developer 8. Graphic designer 9. Content writer and copy-righting specialist 10.IP phone subscriptions and helpdesk setup 11.Hosting expenses 12.Legal counsel 13.CRM team 14.App listing expenses 15.App administration and operation team 16.Exchanges listing expenses

12 Roadmap

13 Investor Benefits As we ve previously explained through our whitepaper, P2P market is one of the biggest markets worldwide yet, it s still operating using outdated traditional methods until today, progressing slowly due to the need for intense verification and paperwork; hence, our project becomes a winner in the industry, an innovative solution that if we want to give it a real-life example, we would call it P2P money uber, it s an Uber-like app but for P2P money transfers, the app nature is driven by users and their engagement is what completes the process which means they will be marketing the app themselves, that will result in huge profits in return. PexCash is a perfect investment opportunity for any ICO investor, our well-equipped team is capable of taking this project to a mainstream level where PexCash app becomes a worldwide essential daily life need giving its token a real-life value. The low & limited supply is intended to keep our token in an ongoing up trend most of the times, moreover, the app nature encourages token independency from current cryptocurrency market leaders, this makes PEXC token a very low risk investment opportunity and helps eliminating most of the common cryptocurrency high volatility issues. Team We are a group comprised of full stack developer with fair design skills, CFO financial advisor /crypto investors and project manager who ve worked in multiple successful ICO s and mobile applications before, we barely outsource services as we are capable of doing the majority of development work on our own.

14 Alhussain Alsedfy Full Stack Developer Ahmed Yassin CFO/Financial Advisor Hazel Mariano Project Manager Privacy Policy Personal data types we collect: Contact forms & Cookies If you fill any form field on our site you may opt-in to saving your name, address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you have an account and you log in to this site, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. How long we retain your data For users that register on our website (if any), we store the personal information they provide in their user profile as well as their Ethereum address. All users can see, request edit, or request delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information. What rights you have over your data

15 If you have an account on this site, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes. Where we send your data We don't send your data anywhere but our servers How we protect your data: Every page loaded in our site goes through 4 redirect steps and SSL certificate to ensure high data security, database is also hosted in Linux-based server which guarantees an insignificant risk percentage, we apply grade A website security, you may test our security grade using any third party security test app to make sure yourself. Cloudflare ddos mode is always activated to check browser quality before visiting. What third parties we receive data from: Etherscan, MetaMask and Ethereum Network Mainnet What automated decision making and/or profiling we do with user data: No automated profiling at the moment Risk disclosure We may be subject to common risk disclosure for start-ups and crownfundings as we use some of the funds raised from sold tokens in the project's development: Risk of default failure of the investment project or business, typically start-ups in the case of equity crowd-funding, or default in repayment of loans under P2P lending which are commonly unsecured, which may lead to a total loss for investors. Risk of platform failure/ insolvency a crowd-funding platform may temporarily or permanently shut down, may be hacked, and could become insolvent. This may lead to a total loss of investment, in addition to loss of information. Cyber security crowd-funding is vulnerable to the risk of cyber-attacks in view of the online nature of crowd-funding. Such cyber-attacks may come in varied forms, such as overloading a platform s infrastructure, confusing accounts and/or identity theft.

16 Contact Details Website: Facebook: Twitter: Reddit: Telegram: Slack: