The Paymon Platform: Global Transactions Network to Live the Future With
by Maria Konash · 6 min read
Welcome Paymon, a platform working to enable crypto traders securely exchange assets, and crypto wallet holders make purchases and payments with ease.
Cryptocurrencies, most notably Bitcoin and Ethereum, dominate the scene in our current financial reality. Lots of people are mining and trading them with the intention of building fortunes or, at the very least, a solid money foundation. Since projects involving crypto assets and blockchain tech present fantastic investment opportunities for savvy investors, their number is increasing rapidly.
Scaling issues mean that Bitcoin isn’t really applicable for performing microtransactions. This led to the appearance of other cryptocurrencies, with varying degrees of scalability, profitability and promise.
Today, when there are dozens, even hundreds of cryptocurrencies, global network applications and platforms become very important. And it’s not surprising, as they can support all the operations, transactions and digital wallets associated with the crypto universe.
One of those platforms is Paymon, a sound project, backed by the blockchain technology, with prospects for success and smart ICO strategies. It comprises all the functions and trends of blockchain tech, being, as its developers claim, a unique option for the market: its features and benefits remain unmatched by any other network.
One of Paymon’s crucial goals and objectives is the creation of an international blockchain ecosystem. Project’s founders want to promote an environment in which decentralization, confidentiality, and free access is possible. Once implemented, the platform will ensure that digital wallet holders have efficient communication with businesses and customers, while performing all possible operations.
What Really Paymon is?
Paymon is a global transactions network that facilitates interaction between cryptocurrency holders and blockchain technology users, also providing a perfect environment for industrial services to grow. Being developed back in 2016, the initiative is only a couple of years old.
What makes Paymon different to other alternatives is that it has its particular view on the Blockchain. Paymon provides solutions to most (if not all) problems associated with the use of cryptocurrencies, including high fees for each transaction performed, archaic or unfriendly user interface and architecture, the dreaded scaling issue.
Paymon’s native tokens are claimed to represent a fantastic opportunity for savvy investors, which, together with the platform’s handy blockchain messenger, allowing users text each other and send cryptocurrencies in a safe environment, makes it rather perspective project.
While speaking about Paymon, we have no other choice, but mention project’s constructor, another business platform named Profit. Its purpose is to build and promote interaction between business and cryptocurrency owners with the possibility to buy goods for the cryptocurrency. Being in parallel development of the web platform and optimization of MVP (Minimum Viable Product.), it can already run on iOS, Android, and web browsers.
Paymon’s Hive technology, which acts as its own blockchain, will work together with Profit to enable the creation of smart contracts and perform zero-fee transactions and operations efficiently and safely.
Hive has unlimited speed and, due to atomic swaps*, won’t charge users with commission fees. Tech’s primary advantages include the use of cryptocurrencies and transactions without commission, blockchain without scalability problems and with unlimited speed, the possibility to take advantage of atomic swaps, crypto for crypto exchanges, a secure wallet for the cryptocurrency, payments with digital coins, the messenger service, and many more.
*Also called atomic cross-chain trading, the term refers to the exchange of one cryptocurrency to another, without need for involvement of any third-party app or service.
The Birth of the Paymon Project
Paymon idea was born in 2016 in Russia to revolutionize the way cryptocurrencies and blockchain technology interact. However, the founders’ first intention was to create an app, which would make it possible to gather online wallets from several banks into one system. Unfortunately, bureaucracy together with bank managers ruined the plan, and the group changed its focus from that moment.
Founders decided to give the blockchain technology a try. So, an application with automatic creation and addition of crypto wallet was developed, with the added feature of installing a message exchanging platform, or a messenger.
There are numerous global trading and transaction networks, but only few of them provide the efficiency, quickness, and features that Paymon offers to its clients. Having the goal of making cryptocurrency exchangeable between users, Paymon’s escrow function also allows to make payments to different companies with no hassle.
Founders’ and developers’ hard work made it possible to already have Paymon’s Android app finalized, while iOS’ one will become available by the end of the ICO. The web client still in the development phase. The app allows Bitcoin and Ethereum wallets.
When it comes to encryption, the application uses a self-created protocol. All traffic is encrypted with Diffie-Hellman, AES (Advanced Encryption Standard) algorithms using SHA (Secure Hash Algorithm) hash sums. The RSA-2048 algorithm encodes all correspondence.
The PMNT (Paymon token) is ERC20 standard. It will help create and exchange other cryptocurrencies with the help of Ethereum smart contracts. On the other hand, the PMNC (Paymon coin) is a cryptocurrency that operates on Hive technology and can be used on the Paymon platform.
People will be able to exchange PMNT to PMNC in their Account. At first, investors will receive ERC20 tokens PMNT (Paymon token), then in their accounts, they will be able to convert them to PMNC (Paymon coin).
Paymon’s ICO will be conducted in three stages with total of 1 billion tokens issued. These three rounds will give investors an opportunity to track Paymon’s KPI, and those, who participate in the first round, will be in the most advantageous position. The first round’s soft cap makes $500,000, while the hard cap is $8,250,000. The second stage will start on April, 1.
Interesting to note, that before the soft cap was reached, Paymon founders did not want to let big investors in, because they, taking a significant share of tokens, could control their price. However, as Paymon has a lot of token holders now, they are open to investment by foundations.
Paymon is an innovative offering of promising quality, and despite their MVP is ready to go, the team are taking things slowly to make sure the service they provide is a reliable one. In such a way, so they won’t go crazy in the marketing stages and will instead promote exclusivity when welcoming investors.
Allowing for safe, instant transfers without commissions or fees, as well as the possibility to chat over the messenger service, Paymon provides solution, which could shake up (if not revolutionize) crypto market together with blockchain tech.
Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.