In 2008, Bitcoin became the first peer-to-peer electronic cash system, enabling online payments without the need for an institution. The core technology of Bitcoin is the blockchain—a decentralized, distributed, and public ledger that records all transactions within a network. Since then, various projects leveraging blockchain technology have emerged. One prominent example is Ethereum, a decentralized "world computer." It enables developers to run code on it with the assurance that the code is censorship-proof and will execute as intended. For such blockchain networks to function effectively, built-in incentives and internal currencies are used, commonly referred to as cryptocurrencies. Additionally, entrepreneurs have leveraged blockchain technology to build decentralized applications.

Blockchains will transform the way we exchange value, much like how the internet radically changed how we exchange data. Currently, blockchain technology is mainly focused on payments. However, it won't be long before everything, including house ownership, can be digitized and transferred online as easily as sending money. Many entities will need to own cryptocurrencies to take full advantage of blockchain technology. However, securing and managing crypto assets can be tricky, with mistakes often proving costly. Most tools available today are designed for technically savvy individuals or developers, making it challenging for companies and businesses to efficiently and securely manage their cryptocurrencies—until now.

Meet PayAccept, the Decentralized Finance Innovator

At PayAccept, we aim to ease this burden by adding a user-friendly layer to the blockchain interface, making the technology more accessible. Why can’t we send money as quickly and easily as sending an email? Or offer a loan? There’s no rule that says we can’t. These are the questions that form the foundation of PayAccept's vision and objectives.

DeFi, or decentralized finance, refers to a complete ecosystem of financial applications built on top of a blockchain. The goal is to develop and operate fully decentralized systems without any intermediaries like banks, payment service providers, or investment funds.

DeFi is currently experiencing tremendous growth. As of April 2021, the market cap is nearly 100 billion US Dollars (USD), with a portion locked across a variety of DeFi applications offering lending, borrowing, stablecoins, tokens, and other financial instruments. DeFi is not just one specific product or service but a collective of innovative solutions aimed at disrupting the financial market through blockchain technology.

DeFi Meets Sustainability

DeFi has stepped into the spotlight within the blockchain and fintech communities and is increasingly attracting the attention of conventional financiers and policymakers. However, these parties often lack a deep understanding of what DeFi is and its true potential. As a blockchain industry innovator, we want to contribute to DeFi’s growth trajectory and support a variety of industries.

One industry PayAccept has considerable interest in is the energy market. We believe the energy market will undergo a similar transformation in the coming years, just as decentralized finance did for fintech.

Energy is the Next Step to Power Decentralized Finance

Let’s call it Decentralized Energy (DeEn), and consider it a critical component of DeFi. Together, we can build a more accessible, efficient, and sustainable world. This may sound futuristic, but it’s already happening. Just a year ago, decentralized finance was little more than an idea, and now it’s a widely recognized concept.

PayChain — The Green Sustainable Blockchain

Decentralized Energy will become a core component of the DeFi blockchain we are building. However, blockchain networks can have significant energy consumption due to miners. So how can this be compatible with green sustainability?

PayAccept has created a blockchain that runs entirely on Proof of Stake (PoS) and Proof of Authority (PoA), known as PayNodes. PoS does not require miners, as it uses stakers to validate blocks. PoA is an algorithm that delivers fast transactions through a consensus mechanism based on identity as a stake. PayNode holders act as the backbone, ensuring PayChain is decentralized and ready to power the global energy market.

The European Union (EU) has set goals to become carbon-neutral by 2050, with solar and wind technologies leading the transition. PayAccept is setting the challenge to decentralize the energy market. The big obstacle is that the current energy system is centralized, dominated by major power generators, and not designed to handle millions of households with solar panels feeding the grid daily.

PayAccept aims to be a major player by transacting with the grid and connecting it to the blockchain, becoming a key player in powering the global economy.

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PayAccept’s Vision for the Energy Market

Imagine a world where solar panel owners can convert their energy directly into valuable tokens, stored in PayAccept’s smart contracts and decentralized app (dApp). These tokens can then be used to conduct transactions and trade energy assets. Decentralized Energy shares the same advantages and logic as Decentralized Finance. PayAccept’s blockchain will record the source of energy, how it is produced, and transparently store every kilowatt-hour (kWh). This opens up an immense energy market where customers can trade their energy production and choose where their electricity comes from, quickly and securely.

Get PAYT for kWh

PayAccept will empower the energy market by introducing its own Energy Exchange Platform, open to all companies and consumers. By using PayAccept's blockchain technology, unnecessary intermediaries are eliminated, allowing for affordable green energy and higher yields for producers. This also promotes sustainable energy.

With the accelerating rate of progress towards decentralization and blockchain technologies, it’s not hard to imagine the benefits of combining DeFi with DeEn for a better and brighter future. At PayAccept, we are committed to making that vision a reality.