Eric: Welcome Ilia to the AMA room!
Ilia: 🙏 Hi all!
Eric: Please introduce yourself to the AMA room community
Ilia: I’m CEO and founder of PlasmaPay.com and #PlasmaDLT. We are working hard on adoption of crypto for the masses since 2018 and how have the most advanced system for fiat on-/off- ramp with operation in more than 160 countries and supporting Visa/Mastercard/SEPA/SWIFT/E-wallets.
Our goals with a #PPAY infrastructure to connect globally fiat to DeFi market and provide people with an advanced products to manage their portfolio and control digital funds on chain.
Eric: Ilia tell us a bit about your background, past career and how you discovered crypto..
Ilia: Here is plasmapay dashboard to work now with BTC, ETH, 3000+ ERC-20 tokens and Plasma chain.
I have a background in corporate finance, stock exchange and fintech, worked before as a new tech analyst in government, corporates and as a fund manager in private investment bank. I was a founder of different startups in the financials and AI space since 2010 to 2016. I came to crypto space in early 2013 and started PlasmaPay project in 2017 with a very skilled team in crypto and security space.
Eric: Since you already told us about PlasmaPay. Can you tell us why you started this product? what was the pain point or inspiration for it?
Ilia: The main problem on the market since i remember myself was a fiat on and off ramp for crypto space. That was a main pain point for adoption crypto for the Masses. The main idea that we came with on the market was to build a bridge between old-money economy and crypto economy. PlasmaPay project includes a huge work not only on technology side and nice UX/UI for the mass users, but also on a very complicated compliance with a different regulators in different countries. So for that PlasmaPay receive two crypto licenses in Europe, that helped us to build a strong relationship with the banks and EMI companies all over the world.
Today, the PlasmaPay is a digital payment dApp built on top of the Plasma Blockchain which offers crypto/fiat wallet’s, fiat on-and off-ramps + access to a variety of DeFi services. PlasmaPay is currently active in 165 countries offering free & flexible banking and non-custodial options for over 100,000 businesses & customers on both mobile and desktop.
Eric: wow, impressive. Fiat > crypto > fiat is still a painful problem to this day.
Ilia: Yes, and we are helping crypto-related projects, companies and defi to solve this problem with our checkout and onboarding solution for new non-technical users.
Eric: I can see a CARD on that screenshot, can you tell us how that works?
Ilia: In PlasmaPay you can add your bank card (from almost any bank in the world) or your bank account, and use it for instant purchase of any cryptocurrency or stablecoins, or withdraw money bank. We have a different integration that you can use for fiat on- and off-ramp on plasmapay.
Eric : very cool. the project has a token, can you tell us more about what it does?
Ilia: we also support fasten payments in Europe and GB, so you can easily purchase crypto with your Revolut or Monzo account.
Eric: 🇪🇺 🚀 $PPAY
Ilia: Yes, we are launching now the full ecosystem for DeFi world with a basic $PPAY token, It will have many utility (card order, commissions for developers and payment for internal services) and defi functions, such as staking, governance, rewarding and liquidity mining. The main goal of PPAY is to become a cross-chain infrastructure to connect Plasma chain with a liquidity on different chains, such as Ethereum, EOS, Tron.
PPAY will be used also as a commission for cross-chain trading of different cryptocurrency and DeFi tokens.
Eric: I personally like how it has so many utilities.
@ilia_mk this project seems to me is a lower cap SWIPE (SXP) but has wider coverage of FIAT on ramps. What are other advantage of Plasmapay over its competitors?
Ilia: PlasmaPay will bring the global coverage of fiat on- and off-ramp to DeFi market. We are building now the DeFi dashboard, that will almost replace the current banking interface with a DeFi interface for masses. People will be able to use PlasmaPay as a normal bank account for payments, investing or just for secure storage of their assets on chain. We have a very inspirational roadmap of future product for plasmapay on our website plasmapay.com and whitepaper docs.plasmapay.com.
Some of that products never existed before, because PlasmaPay has some of the most advanced financial infrastructure on the back end, and we can provide almost any financial product on-chain for our users. Beside the DeFi dashboard, we also have partnership with card acquiring companies, brokers and insurance companies, who will power plasmapay with different financial product, that will be available to any person in the world.
And of course the Plasma chain has a huge roadmap to bring a new decentralized financial products for the masses!
Community AMA
Q: Each decentralized application can use any stablecoins issued on the Plasma. Can you explain what type or which stablecoins will be issued?
A: Plasma chain support 42 stable coins that work in the same way as Tether, with a fiat funds in financial custodies (banks).
When you build any application (Dapp, DeFi) on Ethereum for example, you can only interact with your own tokens, you can’t work with other onchain currencies, like usdt or usdc. On Plasma Chain you can easily interact with any asset on chain without commission, so you basically can build your own FX application and working with all fiat stable coins on chain. Or it can be your game dapp, that can also support all the transactions and own methods for stable coins on Plasma chain.
Q: What payment processing platform has PlasmaPay partnered with and what’s your current userbase like? What’s the progress made regarding the PPAY token swap event and which exchanges will support it?
A: Thank you for the question. We’ve partnered with a few banks and EMIs companies in Europe and SEA region, next year we will go with our partners to USA, LatAm and Africa and will be able to process all popular payment methods globally.
For PPAY initial stage of seed and private sales we’ve already have a huge demand from the strategic crypto investors. We will announce all the details about our strategic VCs and plans for listing in next 2 weeks, please follow us on our community telegram account and you will get the latest updates and will be the first buyer on the public market: https://t.me/plasmapay_community
Q: What kind of unique features does plasma pay have over its competitors on the market? How do you plan to increase the demand of plasma pay tokens in the future?
A: How we have one of the biggest fiat on and off ramp infrastructure that let us work in more than 165 countries. Next big step will be a dashboard for DeFi, system for instant purchase of any crypto and DeFi tokens with credit card, and our own Card program.
PPAY token will be highly demanded on the market because we power it not only by our utillity functions on plasmapay platfrom, but also with a very competitive profitability from the liquidity mining. 52,5% of token distribution will be allocated for yield farming for next 24 months and it will support the highest ROI on the DeFi market.
Q: 52.5% of the supply is destined to the community. Can you explain what the criteria or form of distribution will be? How will PPAY get into the system?A: This amount will go mostly for liquidity mining program to support the highest ROI of the token on the market, small amount will be controlled by token governance and will be allocated to the new DeFi projects on Plasma Chain.
Q: On moving forward through your roadmap, what are your most important next priorities?
A: Our work with a community and crypto funds started in early 2018 and now we have a very strong followers and significant contacts not only in the crypto market but also in the real financial market. We are one of the oldest companies on the market with a 100.000 customers and we feel very confident that we can achieve all the tasks assigned to the team.
Q: Explain more about your FIAT ON RAMP SOLUTIONS AND FIAT GATEWAY
A: you can buy cryptocurrency or stable coins on plasmapay using different methods, like cards, bank wires, ewallet. We are working on supporting all the popular platforms and payment methods in 2021 all over the world. If you have e-commerce company you can also become our client and accept card and crypto payment via plasmapay checkout solution. The user experience will be very similar to paypal, as we positioned us as a PayPal for crypto.
Q: How to get 80% ROI as Alliance Node on Plasma blockchain? Can you explain some benefits we can get when we order or purchase any Alliance Node on your platform?
A: Hi @jobel4 Thank you for the question. Tokenomic of our main chain is very different from others, the Plasma currency (major blockchain currency) is issued from all fiat transactions as a 0,005% of volume. So there is no other way to get Plasma currency but via mining it. Our Node Alliance program is mostly for the investors and companies, who want support our chain distribution and mine their first Plasma currency to provide it later for community and dapp developers. The main distribution stage of Plasma chain will be in the mid of 2021.
Q: Hello, can you explain what HyperLoop smart contracts consist of? What problems does Plasmachain solve, it does not compromise security?
A: Hi! Hyperloop contract will responsible for cross-chain swap of any assets, so it will lock one asset on their main chain (ethereum) and issue that syntetic asset on Plasma Chain. The main advantages to use your assets on plasma instead of main chains, is that Plasma chain has up to 50.000 TPS and has no transaction fee for dapps. That means that you will not pay a huge commisions for transactions like you do it now in Ethereum network, and also the DEXes can work instantly on Plasma like CEXes. That’s the main value for the global DeFi and Dapp market. Everything will be on-chain with a private keys on your side, so the security here is the same like on Bitcoin or Ethereum chains.
Q: Having fiat options makes me wonder: how do you deal with regulations? Will we need to do KYC in order to use PlasmaPay?
A: We hold two license in Europe, working close to regulators and bank complience. To use any fiat on and off ramps you need to pass the KYC on plasmapay. That’s just a small step to get unlimited access to any volume of crypto assets directly from your bank account.
Q: Why did you choose to build ppay token on Ethereum blockchain?
A: The main mission of PPAY is to connect DEFi ecosystem on Ethereum to Plasma Chain. Ethereum now has the major players and the biggest liquidity on the market, so our goals is to provide a bridge between two chains, so users can easily move their liquidity cross chain. Any DeFi applications will be able to have their mirror contracts on Plasma chain with connected liquidity between chains.
Q: Crypto projects were closed in many countries due to improper regulation and licenses. How does plasma pay project solve these problems?
A: We have a very strong legal and compliance team internally from the banking industry. They help us to meet all the regulatory requirements in all countries where we are operating. Another corporate secret that we also utilize the partner’s licenses to work in some regions.
Q: Hello, As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
A: First of all, we go on the market with a tiny market cap of token and circulation supply. Our PPAY token will have all the major DeFi functionality which will not be inferior in function to the main players such as uni, sushi, comp.
We have a huge part of allocation for liquidity mining, which makes the community stake their tokens and provide us DEX liquidity. And finally, the bridge between chains is the very unique proposition on the market and will be very demanded both from users and DeFi protocols sides.
Q: What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
A: We have a very detailed road map in our whitepaper here: https://docs.plasmapay.com/about/ppay-token
Our team is worked on DeFi component since 2018 before that hype, because we believe that banking 2.0 should be on-chain, that solves all the current problem of banking industry. Our main goal is addoption of crypto and defi for the masses. We will be happy if we can achive up to 1M users on plasmapay till the end of 2021.
This will be a huge contribution of the project to the adoption of new financial products and possibly encourage all banks in the world to move in this direction as well.
Q: Recently #Kucoin exchange has been hacked so Security is a major concern, What form of security is offered on #plasmapay Are you confident its safe, and have you carried out multiple audits with third parties?A: We support only non-custodial wallets and don’t store your private keys. That’s the main security part that protects us from the problems of CEXes. For the security audit of chain and PPAY token, we are working with major players on the market, like Certik for example. It will also available for public audits on white hackers. For plasmapay we are working with the biggest white-hat hackers community hackernoon, that helps us to test system and fix vulnerabilities
Q: Can you list 1 or 3 killer features of #PlasmaPay that makes it ahead of its competitors?What is the competitive advantage your platform has that you feel most confident about ?
A:
— biggest infrastructure for fiat on- / off-ramp
— access to plasma chain stable coins and dapp development infrastructure on chain
— business accounts which help businesses to adopt crypto as payment methods
Based on our PPAY and PlasmaPay roadmap, next year we will have:
— the most advanced dashboard for DeFi and financial services on-chain
— PPAY DeFi ecosystem for cross-chain trading and liquidity mining
— global card program for crypto holders.
Q: As we know most of payment gateaway have their own card. As I know like SXP card, Binance card or Visa card
Do plasma pay have plan this feature inn Future?A: Yes, that’s our secret project that now incubated inside the company with a major player on the card market. We will announce it later in October.
Q: What’s the PLASMA BLOCKCHAIN, how does it compare against ETH, Polkadot and other DeFi chains, what’s it competitive advantage for Developers #plasmapay $PPAY
A: The main advantage of Plasma chain against other chains:
- direct access to classical fiat market and financial assets via our financial network of custodians, banks and brokers.
- no transaction fees for dapps with up to 50.000 TPS
- advanced system to adopt crypto as a payment method for online business
- oAuth protocol that helps dapps to work with mass users without extensions
Q: How can DeFi improve the payment system using Blockchain Technology? What is your opinion about the DeFi invasion?
A: Defi in payment is not existing yet, PlasmaPay and Plasma Chain will be a pioneer in this space. Crypto = Programable money, that means you can program any payment processes in your application or game economy. Companies have already started the adoption of blockchain based payments for their businesses. Last year we’ve built a supply-chain payment system for a Rolls-Royce, the major player in the aviation industry.
Q: Do I need KYC to join PlasmaPay’s fiat services? How many local currencies does PlasmaPay currently support?
A: Yes, you need a KYC. PlasmaPay supports now 42 local fiat currency and converts them into stable coins on Plasma Chain.
Q: What kind of Oracles does Plasma use, what’s the unique thing in Plasma that makes it the number 1 hub for DeFi
A: Now we support oracle system for global FX market and Bitcoin blockchain. With Hyperloop contract we will be able to support oracles for the all major chains and their synthetic assets on Plasma chain.
Closing Remarks
Eric: What a great comprehensive AMA about Plasmapay.com
IF you want to know more. Please join @plasmapay_community
Thanks @ilia_mk for the time and i will be sure to track this project personally!
Ilia: Thank you all for interesting questions! fill free to ask me more on our telegram community @plasmapay_community
