We had an interview with Pablo Ruiz, CEO for PayPro and the following ensued;
Hello Pablo, what is PayPro?
PayPro is a decentralized financial marketplace where anyone can offer financial services to our community.
Our product is made of two components; on the one hand, a universal wallet where users will be able to store most popular cryptocurrencies and all ERC20 tokens. On the other hand, a marketplace where users will be offered with financial services from other Decentralized Applications.
What inspired the PayPro idea?
In years 2007-08 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. 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 to any extent this to happen again. Therefore, it can not be said that current crypto-banks are an alternative to traditional banking as Bitcoin was to payment networks. So at the end, everything that crypto-banks are offering is traditional banks, which its technology is developed on blockchain – no significant difference in essence.
This is exactly what PayPro is changing, to re-imagine how banking could look alike 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 his 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, PayPro will let the community to manage the marketplace by itself.
What are the pros and cons of running a decentralized market place?
As always, the most important challenge that a marketplace may run is how to keep a balance between number of suppliers and number of users.
For this reason, we have decided to release the wallet in first place; as there is already an existing need for storing crypto-assets in just once place, we understand that the wallet itself will offer an answer to an existing need.
Once we have accumulated a considerable number of users, we will start working on the marketplace.
Likewise, running a decentralized marketplace offers unlimited potential to its users; imagine if 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).
What unique advantages does the Ethereum blockchain offer that other blockchains cannot offer your project?
As a marketplace, we have to go where our suppliers are. Even though we believe that there are other platforms for running Smart Contracts that may offer better technologic solutions, Ethereum has been the most successful one so far.
For this reason, we had no other option but to choose Ethereum as it is the platform where more Decentralized Applications are at this moment.
Which exchanges will be trading PIP tokens?
We have already agreed a partnership with Bancor in order to list our token.
Briefly run us through the process of your token sale.
PayPro ICO started on January 8th, 2018 and will end on February 26th, 2018 at 21:00h GMT.
Thanks for making time for this Pablo, we wish you a successful project
Thank you too.
For more details, follow the PayPro ICO here.