Paycent PYN: Mobile Cryptocurrency Wallet & Payment Card?
As the world continues to usher in the era of cryptocurrencies, there still remain a number of key issues that need to be addressed in regards to the crypto domain. For starters, it was revealed in a statistical study that 46% of people (across some of the biggest cities in the world), were still not sure as to what currencies such as BitCoin, Ethereum actually were.
In addition to this, there still exists a tangible issue of bringing digital assets into the real world via the use of physical interfaces/ devices. Lastly, everyone realises that a complete shift to cryptocurrencies will take some time, and thus there needs to be a way to seamlessly exchange altcoins into fiat currencies and vice versa (for the time being).
About PayCent PYN
In its basic essence, Paycent can be thought of as a “global mobile e-wallet” that has been designed to be fully compatible with a wide array of cryptocurrencies such as Bitcoin, Ether, Litecoin. It offers its customers with high liquidity and allows for seamless conversions between fiat currencies and alt assets (within the same mobile application). As a direct result of this, users are given the power to choose between multiple forms of payment, as and when they like.
Some of the key aspects of this service include:
Paycent provides its customers with a native debit card that is directly linked to their digital e-wallet. As a result of this, customers are free to make transactions via the use of crypto currencies in over 200 countries and 36 million payment points (where Paycent is accepted).
While many crypto based services only allow for specific transactions to occur within their network, Paycent has been designed to be used for the execution of everyday transactions, including payment of utilities, cable and Telco airtime. All of this is done via the use of a mPOS app that helps execute payments instantly.
Another key facet of this platform is its ability to perform monetary conversions (from digital currencies to fiat) in real time. The rates are derived from trusted online exchanges and can be viewed by customers before any transaction is processed by the system.
Why Choose PayCent?
To start things off, Paycent offers users with the option to switch between fiat and cryptocurrencies seamlessly. Some of the other key aspects of this technology that make it stand out include:
Many a times startups end up facing legal issues due a lack of clearances. However, Paycent has secured all of the required regulatory licenses that allow for its operation within the countries that have been mentioned on the website.
In addition to this, the company is also in negotiations with several governments, banks, and companies to create an ecosystem that helps benefit all of the involved parties equally/ fairly.
Native Currency Exchange Platform:
In addition to its private currency, this platform is also aiming to launch its very own exchange to help facilitate the the “real-time trade’ of different alt-assets.
According to the company’s official whitepaper, Paycent is used by over a thousand retailers across the planet.
Paycent PYN Token Sale Details
As mentioned earlier, the Paycent platform will be making use of its own currency to power its network. The sale will be divided into 8 separate phases, and will run for a period of 4 years.
- Phase 1: this sale period is now over. It ran from the 2nd of November, 2017 to the 30th of November.
- Phase 2: this sale period is scheduled to commence in the last week of May (2018). It will make available a total of 35,000,000 PYN to customers.
- Phase 3: this sale period will begin in the 2nd week of November (2018), and offer users with a total of 35,000,000 PYN. There will also be a 23% bonus on all purchases during this phase.
- Phase 4: this sale period will start sometime in May (2019). There will be a total of 35,000,000 PYN that will be made available during this time frame.
- Phase 5: this sale period is set to begin in November (2019). It will release a total of 35,000,000 PYN to customers. There will also be a 19% bonus applicable on all purchases.
- Phase 6: this sale period will commence in May (2020). A total of 35,000,000 PYN will be made available to customers during this phase (along with a bonus of 17% on each purchase).
- Phase 7: this sale period is scheduled for the 2nd week of November (2020). In all, there will be a total of 30,000,000 PYN that will be sold during this phase.
- Phase 8: this is the final sale period which is scheduled to start in May 2021. A total of 22,045,000 will be sold during this phase.
Paycent PYN Token Distribution
- 60% of the entire currency pool will be made available to customers via the general sale periods.
- 19% of the currency will be used for the creation of a reserve pool.
- 10% has been set aside for the project team.
- An additional 10% has been reserved for further platform research.
- The remaining 1% will be used to create a bounty.
In terms of the value of the native tokens, we can see that 1PYN = 0.001667 ETH. To procure these assets, payments can be made via the use of BTC, ETH and LTC.
Who Is Behind This Project?
Paycent is the brainchild of Sumedha Goel, who serves as the company’s President and Founder. She has been in the investment domain for 9 years, and during her career has been involved with many projects within the Middle East. In addition to this, Sumedha is also an avid blogger and is in the process of completing her autobiography. Similarly, Svetlana Umarova is the company’s Vice-President and Co-Founder.
According to her LinkedIn profile, she is a “savvy investor and traveler” who has been involved with various crypto projects over the past 6 years. Lastly, Brian Tan is Paycent’s CEO. He comes with an expertise in “Strategic Partnerships and Company Development”. In terms of his educational background, Brian is a graduate from the University of Southern Queensland, and was an early Bitcoin investor (all the way back in 2013).
For any additional details regarding this currency, users can get in touch with company representatives via email ([email protected]), or by phone.