Payfair is a decentralized escrow and a P2P crypto-exchange platform based on the Ethereum blockchain. Payfair has a goal to transform the PFR token into an essential instrument which traders need to ensure for 100% peace of mind in their transactions. Using escrows, it allows trig parties to hold and mediates payment of funds and goods between parties during transactions. The purpose of an escrow is to allow for secure and reliable payment between trustless parties.
Payfair also uses trust nodes within the ecosystem to maintain stable growth in the token whilst in order to provide secure escrow transactions. Escrow nodes ensure that integrity for every trade on the network. All participants participating in the trust nodes are rewarded with a percentage of the fee taken. The escrows are secured by the PFR token which provides a guarantee that every trade on the platform.
How does Payfair work?
Payfair is a self-regulating system that consists of trust nodes and independent Escrow nodes. The ecosystem uses the PFR token as the heart of the ecosystem. The token ensures that trade between users is insured, secure and fair. A percentage of the fee for the trade goes to a collection which is distributed to all PFR holders. The process happens on a monthly basis. People can earn PFR token by investing in the Ecosystem, through commission, buying, guarantor and becoming a seller. Payfair provides extremely low fees for all transactions in a private, decentralized and safe environment.
Payfair key features
Escrow: escrow services possesses all the benefits of decentralized and the blockchain technology and supports all major cryptocurrencies.
- Trust nodes: the truly decentralized network uses trust nodes and escrow nodes as rewards.
- PFR token: each escrow trade insures using the PFR token.
- Low fees: when compared to other platform, Payfair fees are significantly lower. Other traditional escrow services have much higher fees than Payfair.
- Distributed rewards between nodes: Payfair has automated system that distributes rewards between nodes on the ecosystem.
The PFR token is an ERC20 compatible token. The ICO happened on 1st November and ended on 30 November. A total amount of 100 million token and payments are accepted on the MyEtherWallet.
Payfair is led by Denis Salangin who is the founder. Other members of the team include Ilia Konovalov, marketing, Evgeniy Pomelov, community manager and a team of developers. The team has unmatched experience in promoting products and creating WEB services.