payrlink

PayrLink Introduces Blockchain Based Secure Escrow Solution to Facilitate Safe Transactions

The PayrLink platform provides a completely decentralized, reliable, private and inexpensive escrow and arbitration solution to cryptocurrency users.

May 26, 2021,  Vladivostok, Russia: PayrLink is a decentralized application that provides escrow service for transactions involving cryptocurrency payments. Capable of supporting simple as well as overly complex transactions, the platform ensures the interests of parties involved are protected by concluding the transaction only after they confirm that the mutual obligations are met satisfactorily.

In the event of differences arising between parties to the transaction, the PayrLink Court Platform provides an option to raise an “Appeal to PayrLink”, where relevant experts from the community acting as jurors are tasked to analyze the evidence against terms of contract and vote in favor those who is right. The PayrLink Court Platform includes Sub-courts which are arbitrated contracts specific to the nature of the dispute.

Unlike traditional escrow systems that are mostly designed to handle fiat transactions, the PayrLink solution specializes in crypto transactions. It relies on a secure and transparent smart contract infrastructure to provide a similar escrow service at a fraction of the cost. Further, users creating escrow contracts on PayrLink have to designate the platform as their arbitrator along with the number of jurors and the court that will rule their contract in case of a dispute.

The arbitration system on PayrLink is designed to elucidate unbiased judgment by a team of jurors from across the world. Before participating in the arbitration process, the jurors should stake their PAYR token on the platform and at any time they won’t know the identity of their fellow jurors on the PayrLink Court Platform. By staking, the jurors are committing to impartial voting after a thorough review of evidence. Based on the outcome, the jurors voting in favor of a result will get rewarded for their contribution. Meanwhile, those deliberately voting wrong will be penalized and a portion of PAYR tokens will be deducted from the staked amount.

Each juror’s vote is final once cast, and it will be hidden from the other jurors until the process is complete. This way, the opinion of one person doesn’t influence the decision-making capabilities of the other jurors. In addition, compared to conventional dispute resolution systems that can take weeks to pronounce results, the arbitration process on PayrLink will be completed in a matter of days.

PayrLink is solving one of the most common problems that exist in the crypto sector. Generally, cryptocurrency transactions aren’t reversible, and in the absence of trust between parties involved in crypto-related transactions, a trusted intermediary like escrow is important. PayrLink ensures the fairness of these crypto transactions by acting as a trusted third-party custodian of funds until the deal is satisfactorily concluded.

The PayrLink platform is powered by PAYR utility token, which is used to pay for products, services and on-chain interactions within the ecosystem. It also has a staking feature that allows community members to stake PAYR to play a role in the platform’s functions and earn rewards. E.g., to act as a juror in the arbitration process, participants should be staking their PAYR and the weightage to their votes is directly proportional to their respective staking volumes.

All transactions made through PayrLink are privacy protected by the implementation of Zero-Knowledge Proof which disconnects the on-chain link between the origin and destination addresses.

PayrLink is soon embarking on a token sale. With a total supply of 200,000,000 PAYR, the platform will be making  77,000,000 PAYR available for initial token sales.

PAYR token presale is scheduled to go live on May 26, 2021, to be followed by an airdrop event on a later date.

About PayrLink

PayrLink is a decentralized application powered by Blockchain technology that works as a decentralized third-party arbitrates transactions in a private manner from very simple and highly complex ones.

The result is a private solution and secure escrow service that renders ultimate judgments in a fast, inexpensive, reliable and decentralized way.

Learn more about PayrLink at – https://www.payrlink.com/
PayrLink on Twitter – https://twitter.com/PayrOfficial
PayrLink Medium – https://medium.com/@payrlink_official
Join PayrLink Telegram Community – https://t.me/payrlink

 

Media Contact

Contact Name: Maxsim Boiko Jin
Email: [email protected]

 

 

 

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