Introduction

In 2008, Bitcoin became the first peer-to-peer electronic cash system, allowing online payments without the need for an institution. The underlying technology of Bitcoin is the Blockchain—a decentralized, distributed, and public ledger that records all the transactions within a network. Since then, various projects leveraging blockchain technology have emerged.

One of them is Ethereum, a decentralized, open-source, and distributed computing platform that allows the creation of smart contracts and decentralized applications (dApps). Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation and execution of agreements.

Blockchains will revolutionize the way we exchange value, just as the Internet has radically changed how we exchange data. While Blockchain technology is currently focused on payments, it won't be long before nearly anything can be digitized and transferred online. Soon, trading energy or real-asset ownership will be as simple as sending money from one person to another. Many entities will need to own cryptocurrencies to take advantage of Blockchain technology. However, securing and managing these crypto-assets can be challenging, with mistakes often becoming extremely costly. Current market tools are designed for technically savvy individuals or developers, excluding many who lack the confidence to explore this sector. It remains difficult for companies and businesses to manage their cryptocurrencies efficiently and securely.

At PayAccept, we use blockchain technology to simplify the process for end-users. We also assist companies and financial institutions in acquiring and managing crypto-assets efficiently, without requiring specialized knowledge.

The Crypto Ecosystem

The cryptocurrency ecosystem is booming both technically and fundamentally. The major $20,000 Bitcoin price rally of 2017 attracted traders, investors, speculators, and many developers from across the world, reshaping the economy of tomorrow. Since 2017, over 1,000 companies have held ICOs, raising billions to provide Blockchain-based technological solutions. Today, the majority of entities that hold cryptocurrencies are traders, exchanges, investors, crypto funds, miners, and cryptocurrency-based projects. We believe most companies will need to own cryptocurrencies as an alternative form of currency.

The market’s potential became evident in late 2017 when Blockchain market capitalization reached nearly $800 billion. Many of the thousands of ICO companies did not survive the strong crypto bear market and global economic recession over the last two and a half years.

Today, thousands of smart contracts—self-executing contracts that run on a Blockchain—have been deployed on the Ethereum Blockchain, securing over 2.1M ETH (valued at $5.2 billion). Companies utilizing Ethereum provide PayAccept with a huge potential user base, enabling easy access to the PayAccept web wallet. At PayAccept, we are tapping into a market valued at over $300 billion to offer new market entrants a complete wallet management ecosystem for their cryptocurrency holdings, while providing a fresh ecosystem for established blockchain-based projects.

Which Problem is PayAccept Solving?

Individuals typically enter the Blockchain economy through cryptocurrency trading platforms and wallets. However, to engage in transactions within this digital infrastructure, individuals must have access to a private key—a complex password ensuring cryptocurrency ownership and management integrity.

Cryptocurrency wallets are essential components of the Blockchain economy, designed to allow individuals to access, manage, and transact with crypto-assets easily, while maintaining full custody of their funds. This eliminates the need to become a full node on a Blockchain network or rely on intermediaries for private key and asset storage.

There are different types of wallets with varying functionality, such as paper wallets (where private keys are written down) and hardware wallets (where private keys are stored securely). These wallets are typically designed for individual use, presenting challenges when managing funds for multiple people or business entities. Further challenges arise when funds belong to a legal entity, where employees may change over time.

To address these challenges, multi-signature smart contracts have been developed. These contracts enable multiple people to manage crypto assets securely. Standard wallets require only one private key to send funds, but multi-signature wallets require several keys for transactions exceeding a certain threshold.

Multi-signature technology has many iterations and applications. For instance, Gnosis, an open-source multi-signature wallet, has been used to secure over $2 billion worth of cryptocurrency without being breached. It is one of the most popular multi-signature wallets, and PayAccept can easily compete in this space.

Many cryptocurrency trading platforms act as custodians, providing wallets for storing and trading crypto assets, but they retain private key management. This conflicts with the decentralized nature of Blockchain. At PayAccept, we believe companies and individuals should have sole control over their funds and should not transfer the responsibility of managing private keys to third parties. This reduces the risk of losing funds due to third-party failure or fraud.

We understand that acting as one’s own bank and managing assets across multiple wallets and exchange platforms can be intimidating and overwhelming. Basic errors can lead to substantial losses.

Can PayAccept Provide Solutions to These Challenges?

To address these issues, we developed PayAccept—a simple cryptocurrency management application for people worldwide. With a user-friendly interface that is intuitive and easy to navigate, users can transfer and receive multiple (crypto)currencies, delegate responsibilities within teams when necessary, all while maintaining full custody of their funds and protecting themselves from cyber-attacks.

PayAccept is built with the mass adoption of digital currencies in mind. We focus on several key differentiators:

• Security: We prioritize a protected environment that complies with regulations.

• Flexibility: We enable businesses to efficiently manage cryptocurrencies in their operations without needing to build custom solutions.

Many companies do not have the necessary tools to combine regular operations with cryptocurrencies. Companies often invest in custom applications that lack versatility and security, leaving them vulnerable to attacks. PayAccept aims to simplify everyday interactions with Blockchain technology, offering a platform that provides seamless, secure crypto-asset management.

We also encourage user engagement through rewards and loyalty points (PAYT tokens). PayAccept offers a comprehensive platform that combines excellent user experience, interaction, and wide adoption.

Excellent User Experience and Wide Adoption

At PayAccept, we recognize the critical need for a better user experience when using cryptocurrencies or converting them into fiat currencies or stablecoins. We believe that customers and newcomers should not need in-depth knowledge of technology or digital infrastructure to join the blockchain economy.

We aim to work with and be adopted by many protocols and systems through API connections. PayAccept will be available across various exchanges and wallets, both digitally and physically. Our goal is not to be limited to one Blockchain, but to create a network that interacts with as many as possible, increasing liquidity and market relevance.

What is PayAccept Doing Today and Tomorrow?

According to our roadmap, PayAccept is developing a complete digital infrastructure to promote the mass adoption of crypto assets and provide access to both traditional and blockchain-based financial instruments for individuals, businesses, and the unbanked.

We will deploy a simple wallet management system and offer cryptocurrency-to-fiat conversions, along with atomic swap functionality. PayAccept is also launching a global payment Blockchain with various liquidity pools. This Blockchain will enable fast asset conversions.

PayAccept users will benefit from many blockchain-backed financial services. Users will be able to exchange assets with the click of a button, create unique digital assets, and run wallet service providers through a refined interface that interacts seamlessly with decentralized protocols and digital assets.

PayAccept Application Functionalities

We believe the market and its participants need a unified platform for managing crypto-assets. Our wallet management system includes:

• Trade fiat and cryptocurrencies: PayAccept allows asset exchange between different currencies without the need for intermediaries.

• Bank account integration: Users can link up to 3 bank accounts to their PayAccept Wallet.

• Analytical tools: Users receive insights into their spending and asset usage.

• Fund ownership: Users retain access to their wallet private keys, with funds stored securely using cold storage.

• Mobile Point-of-Sale (PoS): Users can become their own point-of-sale and unlock new revenue streams on the go.

• Vast payment options: PayAccept supports payments in over 1,000 cryptocurrencies, allowing conversions to fiat.

• Global availability: Users can accept cryptocurrency payments worldwide.

• Payment cards: PayAccept will issue payment cards for use in shops or ATMs globally.

• Easy setup for businesses: PayAccept provides payment buttons, checkout services, and invoices for websites.

• Joint business accounts: Virtual multi-asset accounts are available for businesses, secured by Blockchain technology.

• Price volatility shield: PayAccept shields businesses from cryptocurrency price volatility, ensuring they receive the full amount charged.

• DeFi loans: PayAccept will offer decentralized loans, using live payment data to assess creditworthiness.

Competitors

It is vital to stay aware of competitors in the market. The current blockchain ecosystem is fragmented, with many blockchains offering unique applications. Managing multiple assets across different applications can be difficult for new users.

Some hardware wallets like Trezor and Ledger are renowned for security but are expensive, limited in the cryptocurrencies they support, and have cumbersome processes. In contrast, custodial solutions like Coinbase and Binance offer great user experiences but retain control of user funds, posing risks if the exchange fails.

PayAccept provides users full control of their private keys while ensuring transaction records are stored on the Blockchain. All of our wallets are encrypted and data is stored securely and decentralized.

PayAccept Exponential Growth

PayAccept is launching its own Blockchain (Mainnet) platform, which will enable complete decentralization. Running on an instant confirmation blockchain (L2 technology), we can process payments instantly and perform atomic swaps with other blockchains.

In addition to cryptocurrency services, PayAccept will offer traditional banking products such as debit/credit cards, international bank accounts, and payment processing. We are building our own payment terminals infrastructure, becoming independent from existing banking systems and bridging the gap between conventional payments and digital infrastructure.

Vision and Mission

As more banks embrace digital finance and blockchain technology, PayAccept’s mission is to provide a simple interface for managing assets in the blockchain industry, accessible to everyone, including the unbanked. We act as a bridge between traditional finance and blockchain technology. Our goal is to become an Electronic Money Institution (EMI) and promote mass blockchain adoption.

On the Way to Becoming an EMI

PayAccept is working towards becoming an Electronic Money Institute (EMI), which will enable us to handle significant volumes between fiat and cryptocurrencies without relying on traditional banks. As an EMI, PayAccept will offer international bank accounts and store assets in a secure trust.

We aim to connect traditional financial institutions with digital wallet systems, supporting liquidity through third-party exchanges and our own blockchain-based liquidity pools.

Payment Processing and Clearing Technology

PayAccept can become a mainstream payment processing and clearing application, managing transactions from commitment to settlement. We handle post-trade activities such as risk margining, tax handling, and failure management, ensuring transaction settlement even if a party becomes insolvent.

Bridging Conventional and Decentralized Markets

PayAccept will offer simple, efficient financial services, bridging traditional bonds and stocks with crypto assets. Blockchain technology enables secure, transparent, and cost-effective management of decentralized stocks and bonds, eliminating risks from intermediaries.

Products and Services

• Issuing Payment Cards: PayAccept cards will allow real-time crypto-to-fiat conversions and support digital wallets like Google Pay and Apple Pay.

• POS Payment Solution: PayAccept will deploy free POS devices to enable businesses to accept crypto payments.

• Cross-Border Payments: PayAccept enables 24/7, censorship-proof transactions across traditional and crypto assets.

Savings and Loans

PayAccept will introduce savings accounts that allow users to earn interest by providing crypto assets as collateral for loans.

Tokenomics of the PAYT Token

• 45M total supply

• 15M for liquidity offering

• 5M for team, marketing, development, partners, advisors, and reserve

• 5M for bounties, promotions, and airdrops

• 20M for market circulation through staking and PayNodes

PAYT Utility Token

• Lower fees

• Payment token for products and services

• Participation in community strategy discussions

• Staking and node deployment benefits

• Access to crypto-backed loans

• Airdrop participation

• Discounts on PayAccept services

Disclaimer

No part of this whitepaper constitutes a public offer of security or any other financial instrument. PayAccept will perform the sale of PAYT tokens through smart contracts. The sale of PAYT tokens is for funding the described cryptocurrency projects and operations. Terms and conditions will govern any agreement between the token provider and the purchaser. PayAccept is not responsible for the loss of token value. Jurisdiction and legal conflicts will be governed by the laws of the Netherlands.