Everyone is talking about PayPie but is it a legitimate coin or a scam?
I’ve been taking a closer look at PayPie which recently had it’s ICO to see what it’s all about.
What the pioneers are promising is a system that uses blockchain technology for efficient accounting and credit risk assessments. The big question is; are PayPie tokens worth investing in?
Maybe the company’s plan will thrive after the launch and result in profits for investors willing to take the risk now.
Let’s lay bare all facts about PayPie, and then you will be the judge.
Ownership PayPie is a subsidiary of Slick Pie Canada.
The CEO is Nick Chandi, and he co-founded the project with Jag Barpagga.
Currently, these founders are working on synchronizing SlickPie and PayPie.
The company’s plan The PayPie aims to revolutionize the world of business financials.
How they plan to do that is by introducing blockchain technology to the world of accounting.
This is expected to provide reliable and accurate credit risk easements for small and medium-sized enterprises.
The platform will consist of journal entries that are time stamped on the blockchain. Just like in bitcoin, the blockchain technology here will preserve the integrity of the records.
SMEs will be able to get accurate financial projections by analyzing the precise data stored on PayPie.
As mentioned, economic data will be safe and secure, but that is not all. PayPie plans to provide accurate credit risk assessment by eliminating inconsistencies and discrepancies in the entries recorded.
Financial data will become more transparent, trustworthy and reliable.
Advantages Of PayPie
Below are some other advantages that this platform is likely to offer to businesses:
• Reduced risk and costs due to fraudulence
• Improvement in productivity
• Broadened credit opportunities for investors and companies
• Timeliness in generating credit scores
• Streamlined operations; a company will be able to operate with one ledger
• Stored data will be tamperproof and free of manipulations
• What Niche will PayPie fill?
Businesses in the finance sector will no longer have to rely on banks for financial data; PayPie will do a broader credit score investigation.
Potential clients will be insurance companies, auditing firms, banks and many more.
Similarly, we can expect that if more businesses sign up for this system, the more valuable its crypto coin will become.
How will it work? The blockchain system the company plans to launch will replace outdated and inaccurate old analysis tools.
They will have a credit score algorithm that relies on over 150 data points. Among others, these include retained earnings, gross sales rates, working capital and payment history among others.
The company plans to make a decentralized accounting system for accurate and honest credit score calculations.
The Ethereum blockchain upon which other reliable cryptocurrencies are built will enable assessment of real-time financial data vis-à-vis financial markets.
SMEs can expect to get quicker credit endorsements, while lenders can expect to reduce credit risks.
They will be able to provide credit to SMEs based on their PayPie-analyzed credit scores.
Think the company’s idea could be a cash cow after the launch?
You are in time; the project is still in white paper stage until March 2018.
Currently, 82,500,000 tokens have been issued by the company for crowd selling.
The shares are based on the Ethereum standard, and owners will be able to use them to buy credit score data, risk calculations, and invoices from the platform. A significant number of tokens will be reserved for the network development, marketing, and future acquisitions.
PayPie’s idea is innovative and without a shadow of a doubt, time stamping of ledger entries will revolutionize the accounting industry. However implementation, it is never as easy as it seems on a whitepaper. The financial sector can be very inflexible a times; PayPie’s blockchain accounting is likely to be met with a lot of regulatory and compliance concerns.
The company will have a challenging task of persuading financial enterprises to adopt this new accounting system. Then again there are a lot of factors that influence a credit score. The white paper does not mention how PayPie will factor in location, economic environment, and management in the credit score assessments.
Despite the fact their future roadmap is not so clear, there is a niche for this innovative project.