What is PrepayWay?
PrepayWay is a blockchain ecosystem that simplifies and streamlines international collaboration, contracting, and payments for companies across multiple industries. PrepayWay is an all-in-one solution for international contracting, financing, payments, and dispute resolution.
How It Works
PrepayWay solves the problem of navigating foreign agreements by providing valid and enforceable country-specific agreement templates developed by our trusted local lawyers and notaries in different countries. Our simple and user-friendly interface provides detailed explanations of terms and conditions, unusual clauses alerts, and suggestions. Both agreement templates and instructions are provided in multiple languages.
PrepayWay also solves the trust issue. The terms and conditions of reservation agreements are coded in smart contracts, and both the text of the agreement and the smart contract are recorded on the blockchain. After the smart contract is activated with the payment of InBit tokens, it verifies and controls the fulfillment of contractual obligations and automatically releases the earnest money deposit only when the agreement conditions are met.
PrepayWay resolves the issues of cumbersome payment methods and security of earnest money deposits. PrepayWay fees for smart contract activation, earnest money deposits, and real estate agency fees are payable in either fiat (through a network of licensed escrow partners) or digital currency.
How PrepayWay Blockchain Ecosystem Works
The PrepayWay Blockchain Ecosystem has been designed to be self-expanding and effortlessly scalable to support all types of international business operations, ranging from real estate to global commercial trade, with market size of up to 15 trillion.
Detailed Description of the Core Ecosystem Elements
- Legal Contract Templates. PrepayWay provides standardized yet customizable legal and enforceable contract templates prepared by legal experts and translated into multiple languages. Instead of employing lawyers and translators and spending significant amounts of time and money preparing contracts and writing up terms and conditions, trade-related contracts can be easily created and signed on our online platform, recorded on the blockchain, and easily referenced along with other transaction details.
- Smart Contracts. Once signed, the agreement is saved in three formats: a signed and encrypted document, data in the database, and smart contract variables. The terms and conditions of the contract are coded in a smart contract – a self-executing set of codes that contains electronic clauses that trigger processes according to the contract’s terms and conditions.
- Payments. PrepayWay offers integrated payment solutions for transactions in both digital and fiat currencies powered by licensed escrow partners.
- Digital Currency Transaction. The buyer of a product or service deposits the appropriate amount of InBit tokens into the smart contract, where the tokens are held until the other party uploads proof of fulfillment of the contractual conditions. At that point, the smart contract will trigger the release of the tokens to the receiver.
- Fiat Currency Transaction. Once the contract is activated, the buyer of the product or service transfers the contractual amount to the PrepayWay’s partner escrow account.
- Smart Dispute Resolution. PrepayWay offers an intelligent system for alternative dispute resolution (ADR) services for international business disputes. Any smart contract can use the SmartArb mediation and arbitration clause in code form to add a layer of security to any smart contract to ensure that disputes will be resolved quickly and fairly.
PrepayWay Blockchain Ecosystem
Business Model, The PrepayWay Ecosystem’s P2P business model provides the environment and payment methods to facilitate matchmaking between businesses and individuals offering a service and those who wish to use that service, simultaneously generating value by charging a small commission.
Benefits for Participants, Both businesses and private users of the Ecosystem benefit from business process optimization, reduced costs, and a safer business environment.
Efficiency, Blockchain technology reduces the need for intermediaries, thereby reducing costs and speeding up transactions.
Versatility, Transactions in both fiat and digital currency are supported.
Transparency, All transaction data are recorded on the blockchain to ensure accuracy, consistency, and transparency.
Security, Data immutability on the blockchain in combination with self-executing smart contracts minimizes the risk of data tampering and fraud.
Efficient dispute resolution, Professional dispute resolution services developed for smart contracts deliver arbitral judgments judicially enforceable in 159 countries.
InBit Token
The InBit token is a utility token and the lifeblood of the PrepayWay Blockchain Ecosystem. The only mechanism by which a user may obtain access to the Ecosystem’s services, it is required to activate each PrepayWay smart contract and to access Elleeo financing platform and SmartArb dispute resolution services. The number of InBit tokens required to access each of the various.
Ecosystem services is determined by the following factors :
■ the running exchange rate of the InBit token to the currency of the transaction
■ the contract price (either the total price or the deposit amount, depending on the type of contract)
■ a fixed percentage of the contract price charged as a fee for using PrepayWay Blockchain Ecosystem.
Co-founders of PrepayWay
Advisors
Together with our advisors, acknowledged leaders in their fields, we are developing PrepayWay Blockchain Ecosystem based on three main pillars: commercial transactions, legal, and technology.
"The PrepayWay Real Estate combines all of the core elements of the PrepayWay Blockchain Ecosystem to make the real estate reservation process time- and cost-efficient, transparent, and secure."
FOR MORE INFORMATION
WEBSITE : https://prepayway.com/
FACEBOOK : https://www.facebook.com/PrepayWay/
INSTAGRAM : https://www.instagram.com/prepayway/
TWITTER : https://twitter.com/PrepayWay
WHITEPAPER : https://prepayway.com/PrepayWay_Blockchain_Ecosystem_Whitepaper_EN.pdf
TELEGRAM : https://telegram.me/prepaywaychat
WEIBO : https://www.weibo.com/prepayway
MEDIUM : https://medium.com/@prepayway
LINKEDIN : https://www.linkedin.com/company/prepayway/
AUTHORS : Tellysa
BITCOINTALK'S PROFILE : https://bitcointalk.org/index.php?action=profile;u=1898514
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