PumaPay - The art of escrow without escrow
PumaPay's open source Pull Payment Protocol is a comprehensive blockchain solution which offers robust payment mechanisms. The Pull Payment Protocol was designed from the ground up specifically to overcome existing hurdles and offers a set of tools developed to facilitate onboarding processes for both businesses and individuals. I first wrote about PumaPay here https://steemit.com/pumapay/@cryptofunk/not-to-be-confused-with-cryptopumas-pumapay
PumaPay is a free, open-source, blockchain based payment protocol featuring the unique architecture of PullPayment: Smart contracts that invert the mechanics of common cryptocurrency operations. Cryptocurrencies were designed to allow only one type of transaction – sending money from side A to side B, also known as ‘push.’ Our PullPayment Protocol enables a ‘pull’ action on the blockchain, allowing side B to connect to side A’s address via a PullContract and ‘pull’ funds into side B account. This is, of course, subject to predefined terms and prior acceptance of the transaction by side A.
You could call this the art of escrow without escrow.
A good use case is recurring payments, other examples are available on their website.
Current payment mechanisms in retailers, hospitality and other service providers are costly and inefficient. Sending crypto payments that are transparent, instantly verified and settled is a major advantage. Additionally having pull payments via a smart contract is going to give flexibility and new ways of billing your clients. Many suppliers will tell you that they have experienced problems getting paid in full and on time. By setting up simple pre defined terms and then pulling the payments when goods/services have been received, it will reduce a lot of friction and frustration in the current payment industry. Having clear payment terms from your legacy banking payment provider is becoming a dark art.
Whitepaper https://pumapay.io/docs/pumapay_whitepaper.pdf
Token Info
Tokensale has ended with $117,019,041 raised
78,042,956,829 Total Token Supply
PMA is an ERC20 token on the Ethereum network
Tokens generated on Monday, May 7, 2018
More info
https://pumapay.io/
https://t.me/PumaPay
#Crypto #Blockchain #PullPayments #instantpayments #fasterpayments #PumaPay #Ethereum
This is not investment advice, always Do Your Own Research (DYOR).
Thanks for this informational post. I will research more on it.
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