Online payment platforms have not kept up with the times, suffer from limited functionality and have no cryptocurrency solutions. PayPal and various other platforms are useful, but none of them provide a full feature set.
UTRUST, a Blockchain payment platform, is seeking to bring the functionality of PayPal and other online payment gateways into the cryptocurrency world. They propose to compete with these platforms and beat them at their own game.
Blockchain payment issues
While the cryptocurrency world has grown, Bitcoin’s use for currency-type transactions has been slow to develop. While the creation of Bitcoin payment gateways has been helpful, and peer-to-peer payments are relatively simple, business to consumer (B2C) transactions have remained difficult.
Issues abound. The value of most cryptocurrencies is highly volatile. This leads to limited use cases among merchants, since the value of the payment they’ve just received may be worth far less just moments later.
Further, the proliferation of cryptocurrencies means that buyers are forced to use multiple platforms with different protocols in order to make payments, greatly limiting the adoption volume among consumers. Finally, transactions are irreversible, making all sales final. Buyer protection is impossible because of the anonymity that’s baked into the digital currency protocol.
The weaknesses in the traditional online payment world and those of the crypto world serve to exacerbate one another. The result is a vacuum of customary buyer and seller services. UTRUST, a forward-thinking project, plans to fill this vacuum by bringing trust to the crypto world through buyer protection and efficient crypto-to-fiat transactions.
For buyers, UTRUST is offering a built-in buyer protection program, designed to remove the risk of transactions for buyers in crypto payments. This program is the first of its kind in the crypto world. Furthermore, by accepting a large number of cryptocurrencies, UTRUST is able to make transactions simple and smooth for buyers, removing the need for multi-wallet use.
For sellers, UTRUST solves the volatility problem once and for all. By immediately shifting the crypto payment into fiat currency, merchants are protected from market volatility. Because the platform is peer-to-peer, fees can be reduced substantially. According to the company’s founder:
"UTRUST is the first cryptocurrency payment solution in the world that provides buyers with a purchase protection. The next-gen version of PayPal is Blockchain-based and designed to make online payments safer, faster and cheaper."
By uniting the best features of the traditional online payment platform with the best and most adopted features of cryptocurrencies, UTRUST is poised to radically change the way online transactions occur.
By removing the risk factor for both buyer and seller, the company will create a platform where trust is maintained for all parties. More information on the specifics of how the solution works can be found here.
The ICO for uTrust tokens will begin on November 2 at 2PM UTC. After massive interest, the company has already completely sold out the private investor and pre-ICO sales, raising $3.5 mln. The public sale represents 70% of the token supply.
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