If you are reading this, you must have heard of Bitcoin, Ethereum, Ripple or Litecoin among other cryptocurrencies. After all, the media has pretty much whooped it up with endless predictions and case studies of Bitcoin’s rise and fall. If you are just getting started to roister the crypto craze, there is more to Bitcoin and the rest of the cryptocurrencies than meets the eye. Cue Blockchain, the revolutionary technology that makes most crypto coins tick.Simply put, Blockchain is what most inventors are counting on as it enables the development of a decentralized application that runs autonomously at full-blown scalability like never before. In fact, Bitcoin and the rest of the cryptocurrencies are only applications that are fully dependant on the Blockchain. Apart from Bitcoin, another innovative use of Blockchain is the development of dApp platforms which is quickly gaining ground in the crypto sphere.Basically, dApp ecosystems such as Ethereum make it possible for developers to come up with unimaginable Blockchain based apps. Although Ethereum is certainly leading the front, it has encountered scalability issues that have led to the emergence of new platforms such as Paymon (a little-known Blockchain startup that enables speedy transactions not to mention scalability as well as other endless possibilities).
What is Paymon?
What started off as an idea by young Semyon Gleim (founder and CEO) while in the dormitories of Ekaterinburg Russia back in 2016 has now grown into a fully functional Blockchain startup company that is currently backed by a team of creative and innovate thinkers.Paymon is basically a cryptocurrency exchange and messenger platform that is built on Ethereum’s Blockchain to enable seamless back and forth transactions of crypto assets as well as encrypted messages. There is more. Paymon also boasts of a promising platform that is still under development yet already hosts thousands of users. In fact, the Paymon platform is not only good for its decentralized and secure nature but also integrates Atomic swaps into its built-in cryptocurrency exchange platform
What are Atomic Swaps?
Glad you asked. Well, if you have ever owned any type of cryptocurrency, it goes without saying that you must have obviously had to go to an exchange and change your cryptocurrency for another with the help of an exchange platform. So far this is the most common way of changing one cryptocurrency to another. Unfortunately, crypto coin holders have to pay up exchange fees and deal with delayed transaction periods that sometimes takes hours while also relying on the questionable security and reliability of a third party which in this case is the exchange platform.Fortunately, Paymon is eliminating these and more problems by taking on a different path with an internal decentralized exchange (DEX) platform that enables you to change form one cryptocurrency to another without going through a third party exchange. This is what Atomic Swaps is all about. It is simply a cross-chain trading and exchange protocol that uses Hash Time Locked Contracts to enable one user to seamlessly exchange one cryptocurrency to another. Thanks to the HTLCs, Atomic Swaps can run on a completely trustless platform making Paymon a promising technology for the future of cryptocurrencies in general.
Other Advantages that Paymon comes with
Although Paymon comes with its own PMNC cryptocurrency (which is an ERC20 based token) the main aim of the project is to allow seamless real-world transactions of various cryptocurrencies on its platform. Apart from the Atomic Swaps, Paymon will also establish an exchange that takes up zero commissions on cryptocurrency to fiat currency transactions, while building a scalable Blockchain network for speedy transaction (currently a huge problem faced even by the big crypto projects such as Bitcoin and Ethereum)Furthermore, the Paymon platform is set to continue building on its security to enhance wallet security for its users while at the same time facilitating a user-friendly platform that lets day to day spenders take advantage of cryptocurrencies as legal tender for payments. Plus Paymon is also developing a highly sophisticated Escrow service platform built on smart contracts to enable businesses to render services at a high level of efficiency and automation. In fact, business owners will be able to develop their own dApp systems and even come up with their own tokens on the Paymon platform which is great.
Paymon ICO details
Paymon is set to demonstrate to investors its key performance indicators (KPI) and currently has an ongoing ICO set to be in 3 stages and soon to end in about 3 days. The presale for the Paymon ICO already happened in January of 2018 with the ICO beginning a month after. So far Paymon has managed to raise over $500,000 with the PMNT token being priced at $0.015. In addition to the ICO Paymon has also managed to raise another half of a million USD from FinShi Capital (a Singapore based Venture fund)
Conclusion
The Paymon platform is fairly young and much of a dark horse to most crypto enthusiasts. With more developments from its set roadmap, there is no doubt that the advantages it offers will take the entire crypto sphere by storm. The Paymon platform is achieving the inevitable with its capacity for the seamless trading of fiat and cryptocurrencies thanks to smart contracts. In addition, its implementation of Atomic Swaps promises a lot for crypto enthusiasts eager to use their coins for making real-world day-to-day spending.Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Insider Financial and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.Image courtesy of Kelly Hunter via Flickr
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