OTPPay, or Omni Token Platform for Payments, will potentially revolutionize finance and empower the unbanked by allowing anyone to pay for goods and services in cryptocurrencies using a mobile app. The OTPPay service will lower the costs for businesses and consumers, providing new economic and financial opportunities for users.
The disruptive and transformative power of this platform cannot be overstated, given that it can potentially render traditional financial institutions obsolete. Using the blockchain and smart contracts, transactions are instant, immutable, inexpensive, and trustless. A user can simply download the OTPPay app and, by scanning a QR code or using NFC (near-field communication), instantly pay a merchant using the same app for a good or service. By bypassing payment processors and using the blockchain, transaction fees using the platform will be just .5 percent, in contrast to the one to five percent payment processors currently charge. This lowered cost of transactions will be a boon to merchants and consumers, who will likely be given discounts to build their loyalty.
The OTPPay platform will allow users to buy and trade various tokens and cryptocurrencies, and all transactions will require the ownership of OTP, the native token of the platform. OTP tokens will ensure there is continuous liquidity in the platform and will allow for frictionless transactions with other users. The platform will also provide a lending service and credit scores derived from algorithms to meet the basic financial needs of users.
As an ERC20 token that runs on top of the Ethereum blockchain, OTP tokens can be stored in popular Ethereum wallets and traded at exchanges. No more than 1,000,000,000 OTP tokens will be created, and each month the platform will use .10 percent of revenues generated from transactions to buy back tokens and burn them, gradually reducing the overall supply.
The crowdsale will enable investors to contribute to the project and receive tokens in return. The first phase of the crowdsale, the pre-ICO, takes place from March 5 to April 3, 2018. During the pre-ICO, 16,000 OTP tokens can be bought with one ETH. The second phase of the crowdsale is the ICO, which will take place from April 4 to June 2, 2018. During the ICO, 8,000 OTP tokens can be bought for one ETH. Thus, early investors will get a better deal on the tokens. Investors interested in a potentially disruptive project that may render traditional payment processors obsolete may wish to join this crowdsale after doing their own due diligence.
*I am receiving OTP tokens for the growth of the community.
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