OTPPay: Making Cryptocurrencies Mainstream

OTPPay will allow the mainstream to use cryptocurrencies.

With blockchain technology potentially lowering the costs of transactions and providing greater transparency, OTPPay intends to be a leading online wallet allowing 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 especially be 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, divided in two stages, 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.

To find more information about OTPPay:

Website: https://otppay.io/

Whitepaper: https://otppay.io/Assets/otppay-whitepaper/OTPPAY_White_paper_v1.1.pdf

Credits: Blockchain for Finance and IoT

Credits is a next-generation blockchain for finance and IoT.

Setting out to address the problems encountered by popular blockchain protocols, such as bitcoin and Ethereum, Credits has emerged to allow for scalability and its implementation into resource-intensive industries such as finance and the Internet of Things (IoT) that require speed and low transaction costs. Similar to Ethereum, the Credits platform is able to execute smart contracts and has its own cryptocurrency.

In order to meet the increased demands of the business world, Credits is designed to process up to one million transactions per second, with the goal of reaching 10 million in time. The average transaction time is three seconds and the cost of each transaction is a fraction of one percent. These features distinguish the Credits blockchain and will allow it to be used for finance and IoT.

Credits aims to resolve many of the fundamental challenges faced by current blockchain platforms. Among the issues the Credits platform aims to solve is the latency issue currently plaguing both bitcoin and Ethereum. Latency is defined as the actual response time compared to the expected response time. Transactions take more than ten minutes on average for both of these networks, whereas credit card transactions generally are done in seconds. For blockchain to truly revolutionize finance, faster transactions with faster confirmations are needed. Additionally, the lack of sufficient bandwidth capacity currently prevents bitcoin and to a lesser degree Ethereum from being used for everyday or microtransactions. The Ethereum network in particular accumulates tens of GB of data each week. By contrast, Credits aims to avoid the unmanageable buildup of data while retaining the benefits of blockchain technology.

For any blockchain protocol to meet the needs of finance and IoT, it will need to be exceptionally secure, which Credits accomplishes in some novel ways. For example, Credits uses homomorphic encryption, which uses encrypted queries at all steps of the iteration process. In addition, a hash search is done every time a new transaction pool is added to the registry in order to identify untrusted nodes. The Credits platform also uses federative decision-making to verify legitimate transactions and minimizing illegitimate ones. To prevent centralization, each node can be a primary or trusted node only once in a designated period of time. Finally, the number of nodes in the network can be continually increased to counter centralization.

To increase capacity, Credits will compress network data by up to 90 percent, allowing for faster loading of data. It also uses its own consensus protocol to make transactions faster. This protocol uses proof-of-work principles by calculating the mathematical function of all registry transactions. As part of its incentive structure, the owner of  the main network node is compensated with 50 percent of transaction fees, with the remaining 50 percent distributed to trusted nodes.

The Credits ICO will run from February 15, 2018 to February 28, 2018. During the ICO, the Credits token, CS, will sell at 5,000 for one ETH. A minimum contribution of 0.01 ETH is required, and those who contribute 10 or more ETH will need to go through a Know Your Customer (KYC) procedure that requires identification. A total of 1,000,000,000 CS tokens will be generated, and they will be the currency of the Credits platform. The soft cap for the ICO is $15 million and the hard cap is $20 million.

Given that Credits is designed to accommodate the needs of finance and IoT — the latter increasingly important for blockchain platforms to handle — the potential returns for investors are enormous. With over $3 million raised during the pre-sale, investors have shown plenty of enthusiasm for this novel project. If the roadmap is fulfilled, Credits will be among the leading blockchains used globally in the next few years.

*I am receiving Credits tokens for the growth of the community.

Disclaimer: Investing in cryptocurrencies carries significant risk. None of the material on this website should be construed as investment advice. While bitcoin is a cryptocurrency that has proven itself as useful over time, Credits has a lot to prove to the industry as a nascent project. 

For more information about Credits:

Website: https://credits.com/en

Whitepaper: https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf

Credits ANN thread: https://bitcointalk.org/index.php?topic=2401248

Credits Twitter: https://twitter.com/CreditsCom

Credits Facebook: https://www.facebook.com/creditscom/

Credits Telegram: https://t.me/creditscom

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