Tokenpay is a decentralized online banking platform for making payments in an efficient and secure manner. It is one of the highly secure online platforms in the world for performing blockchain transactions. It is a combination of private and a banking exchange. It utilizes several advanced technologies (crypto coin or bitcoin technologies) to ensure privacy, safety, and security of the users. One such technology is POS (Proof – of – stake) automation, which is powered by the blockchain of token pay.
It provides a blue diamond crypto debit card to its users for making secure transactions. The valuable service offered by this platform to its merchants and consumers paves a way for a wide variety of users to adopt the token pay coins at a huge rate.
When a user wants to exchange bitcoin for token pay coin, he needs to be aware of the fact that he will not be getting any refund in the future. Token pay supports the following two different types of wallets:
- Desktop wallets and
- Paper wallets
Its partnership concerns include OS Commerce, Magento, and Woo Commerce and so on.
- Total amount of token pay tokens kept for sale: 25 million
- Total amount of token pay tokens sold during token sale: 14.25 million
- Total amount of tokens allocated for token sale purposes: 14,250,000
- Total amount of tokens allocated for giving rewards: 6,250,000
- Total amount of tokens allocated for the founding team: 2,500,000
- Total amount of tokens allocated for the developing team: 1,250,000
- Total amount of tokens allocated for the advisors, bounties and marketing campaigns: 750,000.
- Percentage of funds allotted for the technological and developing team: 20%
- Percentage of funds allotted for the banks: 30%
- Percentage of funds allotted for marketing purposes: 5%
- Percentage of funds allotted for the support, compliance, operations, and management: 15%
- Percentage of funds allotted for the liquidity exchange: 30%
Unique features of Tokenpay:
- It supports multiple currency types for making transactions.
- It allows the users to access its ATMs all across the globe.
- It gives some bonuses and rewards to its valuable users upon each and every purchase done across this platform.
- It holds several real-time conversion strategies for better operation.
- It holds multi-screen wallets, which are encrypted and used for the safe storage of token pay coins.
- It charges only very low fees to its cardholders for using the token pay cards.
Merits of using token pay:
- It offers highly advanced protocols for security purposes.
- It offers integrated as well as customizable services.
- It makes payments on a daily basis.
- It imposes minimum charges for transactions.
The main features of tokenpay and their tray coin that make them stand out are:
- TokenPay is in negotiations to form a new bank charter, acquire a bank or partner with a 20 year old bank, in an attractive, privacy-driven jurisdiction. In addition to cryptocurrency holder consumer benefits, TokenPay plans to introduce a complete suite of merchant services through the robust TokenPay banking platform. All billing and fees collected will be denominated in the TPAY digital token, which has already been thoroughly tested and developed
- TPAY is an ultra-privacy coin that is functionally superior to Bitcoin in many ways. It contains several unique features such as multi-signatures, ring signatures, dual-key stealth addresses, ZK proofs (zero-knowledge), along with a fully encrypted and decentralized Tor network integration. TPAY is the backbone of TokenPay’s fundamentally core cryptocurrency-friendly banking integration.
- TokenPay is a blockchain project that incorporates Bitcoin cryptographic technology with advanced security and privacy features. Additionally, TokenPay is building out a platform that combines banking and a closed-end private exchange. This enables wider adoption of the coin via consumer and merchant services. Developing a TokenPay coin and the infrastructure to support its everyday seamless use is a crucial step.
Differences between TPAY and Bitcoin:
- TokenPay is a Proof-of-Stake system, whereas the Bitcoin network is powered by inefficient Proof-of-Work mining. This makes transaction way more efficient and less costly as it avoids paying high transfer fees to miners
- TokenPay incorporates additional security and privacy features that are not included in the original Bitcoin blockchain source code.
Proof-of-Stake is Superior to the Proof-of-Work Mining System
Proof-of-work or PoW is a capital-intensive process to earn Bitcoin. Any entity with the right equipment and knowledge of blockchain can “mine” or earn Bitcoins. The process to mine bitcoin consists of acquiring expensive computers or “mining equipment” that uses the processing power of graphics chips and electricity to solve advanced mathematical puzzles.
When puzzles are solved, the computers confirm transactions that allow it to earn Bitcoin as its reward. In 2017, the cost of mining a single Bitcoin reached over USD $1000. As fewer Bitcoins are being made available as rewards the costs will only escalate as mining competition intensifies.
Proof-of-Stake or PoS is a newer form of mining that is referred to as forging. Coins are earned as a function of and by virtue of being held continuously in a digital wallet. PoS is an energy efficient way to earn coins because no specialty mining equipment is needed. All that is required is for the user to have a desktop, laptop or mobile device. The network of processors creates a decentralized mining system. This allows an extension of the blockchain by the user that stakes or holds coins in a wallet. In order to earn additional coins, the user must simply keep the corresponding wallet open.
For instance, if a person has a TokenPay wallet running on desktop, the wallet is allocating a percentage of the available processing power to enable the decentralized network to complete a blockchain. The person is then rewarded in additional TPAY coins for allocating processing power to the system.
TokenPay will only have a total of 25 million coins ever produced. This is unlike a centralized fiat currency system where money supply can be increased by human decision. TokenPay is fostering a strong user driven community by allocating 25% of the total coins produced for Proof-of-Stake rewards. The TPAY rewards are given at a distribution rate of 5% per year. Rewards are pro-rated and distributed on a daily basis. A typical user with 100 TPAY in a TokenPay branded wallet will receive 5 coins per year or 0.0137 TPAY per day.