Since the inception of the cryptocurrency industry in 2009, the fundamental aim has been to establish a financial ecosystem free from centralized control. The overarching objective is to streamline payment processes, eliminating the need for intermediaries and thus enhancing efficiency. Various blockchain-based platforms have embarked on this mission, with Paycoin (PCI) among them.
What is Paycoin?
PCI emerges as a Korean-born cryptocurrency initiative that strives to revolutionize the payment landscape across e-commerce and retail domains. With a bold vision, the project endeavors to establish a highly functional end-to-end crypto payment platform on a global scale. Using Paycoin, users can seamlessly acquire various goods and services within the expansive merchant network. Remarkably, this network encompasses over 70,000 merchants, including renowned names such as 7-eleven, Dominos Pizza, KFC, and numerous others.
The Paycoin project team
Developed under Danal Fintech Corp, Paycoin has become a widely adopted payment token in South Korea. It serves as the inherent cryptocurrency of the PayProtocol project, led by CEO Anthony Cho. Eddy Ryu contributed his expertise as the CTO and played a crucial role in developing Danal's payment and risk management systems. The team is further strengthened by members like John Lee, the COO; David Lee, the CSO; and Young-il Kim, who holds the role of CMO.
How does Paycoin work?
Paycoin offers its services to users, facilitating the acquisition of goods and services through its extensive merchant network. Impressively, the project has garnered the participation of over 2 million registered users, culminating in a substantial payment volume exceeding 10 million USD.
Danal, an all-inclusive payment solution provider, underpins payments conducted within the Paycoin ecosystem. Danal Fintech takes on the role of a virtual asset payment solution provider within the Paycoin blockchain. This approach circumvents the need for traditional intermediaries in payment processes, resulting in reduced transaction fees and expedited payment processing. Noteworthy is Paycoin's global expansion through partnerships with diverse payment merchants. A recent instance includes collaboration with Singaporean payment merchant Triple-A, enabling Paycoin's service extension in that geographical sphere.
Furthermore, the PayProtocol framework was meticulously crafted utilizing Hyperledger Fabric (HLF) technology. Unlike general blockchains, where unspecified users participate in data processing, HLF is a private blockchain where only authorized nodes can join. This helps PayProtocol ensure fast transaction times and increased privacy.
PCI tokenomics
Paycoin's native token is PCI and is accessible solely on four platforms: OKX, Huobi, Bitget, and GDAC. PCI was launched on August 20th, 2021. Developers created a total supply of 1.9 billion PCI, with only 251.53 million currently in circulation.
PCI token use cases
PCI was designed with a clear purpose: to serve as a payment token within the framework of PayProtocol. The primary aim of the protocol is to enable users to make purchases of virtually anything via its app, relying solely on cryptocurrency. This positions PCI as a practical utility token, functioning specifically for payments. In addition, given its nature as a cryptocurrency, PCI can also find application in trading or as a means of retaining value.
PCI token Distribution
Paycoin meticulously allocated its tokens as follows:
- 57.74% channeled for the payment reserve.
- 15% designated for the partnership reserve.
- 11.71% allocated for ecosystem incentives, gradually vesting over 18 months from the network's inception.
- 5% retained by the team, subject to a 12-month vesting period post-launch.
- 5% dedicated to advisors, vesting over 12 months following the network's debut.
- 4.20% allocated to the project's financial operations.
- 1% earmarked for marketing endeavors.
- 0.35% released to the public through Huobi Korea Prime.
