When Satoshi Nakamoto released his white paper, “Bitcoin: A peer-to-peer Electronic Cash System” back in year 2009, he offered Bitcoin as an alternative to the current centralized payment system. This alternative relied on using cryptographic proof instead of trust on a centralized party.
Back then, modern history was witnessing the world’s worst financial recession ever coming from the banking industry. Thus, Bitcoin arouse as an alternative to an innovative community who felt the need to store their value in a new way. The Main problem was that Bitcoin remained as a payment system for long, so any form of financial instrument was not available for a Bitcoin-only user.
Thanks to the release of Ethereum, a platform for building decentralized applications on Blockchain with Smart Contracts, new financial applications started to be created. Soon after that, a series of so called crypto-banks emerged thanks to Ethereum technology.
Problem is, that those crypto-banks have only used Ethereum’s Blockchain to develop their technology but not their product; for instance, when banks where selling toxic assets to their clients, clients had no other option but to buy as banks were advising to do so. This was possible due to the fact that centralization facilitates the system to be corrupted when one of the two parties in a relationship controls the information.
Using blockchain as a technology for running back-end procedures does not prevent this from happen again. Therefore, it can not be said that current crypto-banks are an alternative to traditional banking as Bitcoin was to payment networks.
PayPro is re-imagining how banking could look like thanks to Satoshi’s view on decentralization. In order to do so, PayPro believes that the portfolio of financial services offered to a client can not be centralized in any way, otherwise there is no guarantee for the user that a bank will only look after their interests.
PayPro will not offer any financial service. Instead of that, PayPro will open the doors of its market place so any financial Decentralized-Application (dApp) can offer its services. PayPro will not have any right to decide what dApp should be in and which one should be out. This is why PayPro has built an amazing decentralized rating system that allows the community to rate dApps. By doing this, it will let the community to manage the marketplace by itself.
If PayPro accomplishes this, the next time you look for an insurance or a credit, for instance, you could find 100+ companies offering the service that you are looking for. Thus, PayPro will make financial suppliers to struggle on improving their services so they can finally become the one you choose.
At the end, PayPro is creating an eco-system where competition is promoted, which results in better quality services for the user. Exactly the opposite of what currently happens with any form of bank, either traditional banks or decentralized banks (also called neo-banks and / or crypto-banks).
PayPro is currently launching an Initial Coin Offering (ICO) for issuing its own token with a 10% bonus for early contributors. PayPro’s TGE started on the 22nd of January 2018 and will end on the 28th of January 2018. Minimum contribution is 0.5 ETH which equates to 1,100 PIP.