What is Payfair
Payfair(PFR) is a decentralized escrow platform for making cryptocurrency transactions. An escrow in an arrangement whereby a third party holds and mediates payment of funds or goods between two parties in a transaction. The purpose of an escrow is to enable secure and reliable payment between trustless parties.
Escrows are particularly useful in cases where the buyer may be uncertain of the authenticity of goods being purchased or a seller may require assurance of payment. While traditional escrow services are provided by banks and lawyers and there is also Escrow.com which provides online escrow services at a reasonable fee, there aren't many such reliable services for cryptocurrency payments.
Payfair's business proposition is to facilitate secure, easily accessible and affordable escrow solutions for cryptocurrency payments. The buyer makes his payment, which is secured in an E-escrow account and earmarked for a specific transaction. Once the sellers agrees to particulars of the transaction, a deal is in place. The seller then proceeds to transfer the goods with the assurance that his payment is secured. Once the buyer confirms receipt of goods, payment is immediately released to the seller. Payfair claims transactions on its platform can be processed 5 times faster than traditional smart contracts.
As much security as a smart contract offers on its own, a smart contract largely favors the buyer. The seller is inadequately protected. For instance, a seller has shipped an item and the smart contract keeps the coins held in escrow until both parties agree to release them. Amoral buyers have been known to not release the transaction, despite the fact they have received the item.
Whereas in the payfair system, escrow only releases funds if both parties are happy. Trust nodes perform the function of a traditional escrow. Users can earn PFR tokens by running trust nodes. In the event that both parties to a transaction aren't satisfied, there is a dispute resolution process. Escrow nodes replace miners in the PFR ecosystem. They run the network and record transactions in the ledger.
- Denis Salangin – Founder
- Ilya Konovalov – Marketing
- Evgeniy Pomelov – Community Manager
- Platform – Ethereum (ERC20)
- ICO start date – November 1, 2017
- ICO end date – November 30, 2017
- Hard Cap – 100,000,000
- Ethereum payment only accepted from MyEtherWallet
Payfair is the cryptocurrency version of Paypal minus the exorbitant fees. While escrow service may not be necessary for everyone, there are some circumstances where it may be required. Payfair has only managed to raise just under $10000 thus far. There is not much information on the people behind the project. More transparency could generate greater interest.
ICO Rating – 2.5/5