Paypei Crypto is a peer-to-peer lending application, specially designed for the crypto markets. And Paypei Crypto helps users get loans and grow their income in order to build wealth. This article will review the crypto-asset, give a general overview of how it works, and what its future may hold.
The current state of the PayPie application is currently available through an alpha release (Nov 2022). The website has gathered 3,649 users with a cumulative value of $2,1 million at time of writing this article. In future releases, approval for loans should become more streamlined with fewer restrictions placed on borrowers who are willing to comply with the terms of higher levels of risk by lenders.
Lenders will be able to keep a portion of interest payments to help fund the application’s ongoing expenses. These funds are will be kept in escrow until the lender releases them. Until they are locked by the borrower if they were unable to repay their loan. Upon the first launch, it is estimated that PayPie will have a total funding of approximately $3 million.
About Paypei Crypto.
Paypei Crypto uses Bitcoin (BTC) as its asset backing and has no minimum deposit amount required for access. This is unique Feature Unlike other crypto-assets such as DigixDAO. In order for borrowers to receive their funds, they must link their Coinbase account(s). And authorize PayPie as an approved account holder. Borrowers will be able to make their money available immediately, or after a 5 day lockup period. Interest rates vary in line with past established trends, as well as how far along in compounding the money is. Interest rates are calculated every hour and are expressed as a percentage of the loan amount. Then its is pooled together from all borrowers for each instant interest payment.
Paypei Crypto’s funding structure is more unique than most other lending applications. The good news for crypto-enthusiasts who have a large chunk of BTC but not enough to support the application. They can’t do this due to its high fees but they can still lend their unused funds. As defined in the PayPie terms and conditions, youcan receive interest on them through public payouts altogether.
The design of the PayPie application is made to be as simple as possible. All Features are allowing users to have a familiar and intuitive user experience (UX). The application has three functions, which all depend on each other for payments and fund management.
Functions of Paypei Crypto
The first function is lending money. On Paypie it requires three key tools for a user to get a loan. You must have an account, a reputation score, and access to your payPie funds so you can afford the loan. The next part borrows from ERC20: using the idea of an Ethereum smart contract. PayPie’s programming team has developed an agreement that defines terms between two kinds of users, lenders and borrowers. In order to proceed both parties must approve the terms.
What this means is if you need a loan, any user willing to take on your risk in order to make agreed-upon financial totals will receive a corresponding payout. The borrower would handle their liability through PayPie’s smart contract. These Smart Contracts use a series of functions to carry out the agreement. As a lender you simply click “release funds”, and get paid as determined by the rules for charging interest. This part is done through PayPie’s Ethereum API.
Additional Features.
The last function of the lending functionality is the release of funds to be used for funding the loan in the first place. This function has no direct relation with the previous ICO or smart contract but instead serves as a building block for future development.
The next function of the payPie system is saving and funding wealth. There are two modes which can be used for both saving and lending: cash management and payments.
Cash management is the first mode PayPie’s application uses. This feature allows any user to make a payment towards your account. Aditionaly, you can pay towards any third party as specified by the sender.
PayPie works with Ethereum smart contracts to make sure every interaction between your accounts is validated automatically by an algorithm instead of a third party that may be corruptible by external forces. This mode will become more useful in later releases once external transfers to other platforms become possible.
The Paypei Crypto App
The second mode is payments, and it uses a structure similar to cash management. Payments in PayPie’s application use your account as the “point of origin” for transactions. However, addresses can be entered manually if an externally transferred transaction is made. Transactions are validated using the Ethereum API, which acts as a decentralized ledger for information. According to the plan, this will also be used for the future functionality of external transfers to other parties.
The final function that PayPie’s application will carry out is external settlements, which will allow other users to transfer to and from your PayPie account. This means that in the future no matter what your account balance on PayPie’s application, you should be able to make payments to others who also have an externally managed PayPie account.
The last part of the application is where a user can review their past and future earnings as a form of “reputation” to others. This allows any user to view and analyze their earnings in the form of a graph of activity. That Too within the system so they can make better financial decisions regarding payment amounts. And limits on withdrawals and deposits, etc.
Conclusion
In addition to real-time transaction settlements, PayPie also has tools to help users manage their accounts better. One such tool is online cash flow tracking, where users can enter their financial details. And see how much money they’re making over time.
