With blockchain technology potentially lowering the costs of transactions and providing greater transparency, OTPPay intends to be a leading online wallet using the blockchain to allow ordinary individuals to use cryptocurrencies whenever they wish. OTPPay stands for Omni Token Platform for Payments, which, besides facilitating payments, will also provide loans.
Blockchain technology is becoming an increasingly disruptive force in finance, given its distributed and decentralized nature. As a distributed and decentralized ledger, all users can see transactions that cannot be modified or reversed by any one party. Because transactions are immutable, they allow parties to transact in a trustless manner that does not require third parties such as brokers or traditional payment processors. Blockchain technology is also extremely secure, giving confidence to its users. Second-generation blockchains such as Ethereum can execute smart contracts, which are contracts that automatically execute when the conditions of two parties to a transaction are fulfilled.
By using blockchain technology, OTPPay will lower the costs for merchants and bring savings to consumers by letting them transact without intermediaries. The dominant payment processors of today charge one to five percent for transactions, which not only reduces profits for merchants but also leads to increased costs for consumers, given that the costs are passed on to them. By contrast, OTPPay will charge .5 percent to support the further development and marketing of the platform.
The reduced costs for merchants will be especially beneficial to those with thin margins and those saddled with costs. With substantial cost savings for merchants, some of this will be passed onto consumers in the form of loyalty programs and other discounts. For the billions of unbanked people in the world today, particularly in developing countries, the ability to bypass the traditional banking system by making payments using mobile devices will provide new opportunities to obtain needed goods and services. Additionally, OTPPay will provide lending services with credit ratings based on the histories of customers.
Though OTPPay will offer debit cards, users can pay for goods and services with a user-friendly app that allows them to scan the QR code of a merchant to make an instant payment. The platform will also allow payments to be made using NFC (near field communication), which allows payments to be made in a contactless manner using a mobile device. The app will allow users to see their ownership of cryptocurrencies and transaction histories, and will allow users to set their own security settings. Importantly, the platform will use advanced algorithms to detect fraud and protect users.
The native token of the platform, OTP, will be used as the basis for all transactions and will be required to use the platform. As the native token of the platform, it will ensure continuous liquidity and frictionless trading with other cryptocurrencies. 1,000,000,000 OTP tokens will be minted in total, with no possibility to create or mint new ones, thus supporting the value of this utility token. Each month, .10 percent of the transaction revenues earned by the platform will be used to buy back tokens that will be permanently burned, reducing the supply over time.
The pre-ICO of OTPPay is taking place from March 5, 2018 to April 3, 2018. The ICO will take place from April 4, 2018 to June 2, 2018. During the pre-ICO, one ETH will purchase 16,000 OTP tokens, and during the ICO one ETH will purchase 8,000. As an innovative project aiming to disrupt finance, OTPPay will be a project to keep an eye on.
*I am receiving OTP tokens for the growth of the community.
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