What is OTPPAY?
OTPPAY thrives to bridge the gap between Crypto to Fiat. Our main focus is to take crypto to the common people during day-to-day life.
— OTPPAY Team
Paxtradings Quick Facts
- OTPPAY thrives to bridge the gap between crypto and fiat
- 1OTP = 0.000125 ETH
- April 4, 2018 — May 3, 2018
- 600,000,000 total available / 1,000,000,000 total supply
- MVP launching for end-users this week
Q&A with OTPPAY Team
Paxtradings: For those who are not familiar with OTPPAY, can you explain what it is and what the team aims to accomplish?
OTPPAY: Omni Token Platform for Payments, AI & ML based protocol to buy, sell, exchange, lend & merchant payments. OTPPAY thrives to bridge the gap between crypto and fiat. Our main focus is to take crypto to the common people in day to day life. Moreover, our protocol will address the Transactions Per Second (TPS) & Cost Per Second (CPS) through value equalization techniques and smart swapping procedures.
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Paxtradings: How does the OTP Token function within the platform and why is it needed?
OTPPAY: The OTP tokens has varied use cases. It’s not structured just for fees.
1. For using any services in OTPPAY users should have a minimal OTP tokens with them.
2. For each and every transaction to take place, directly or indirectly the value of token will be enriched.
3. We use value equalization techniques and researching on smart swapping or atomic swapping for addressing the transaction per second or cost per transaction issues.
4. Our revenue model and token utilization methods will vary from country to country to maintain the sync between crypto to fiat.
Paxtradings: How is OTPPAY different from other payments services on the blockchain? What are the advantages that it holds over competitors entering the blockchain payments space like Visa?
OTPPAY: OTP is fully powered by Artificial Intelligence and Machine learning technique to perform the request matching in different fiat and cryptocurrencies. We may have same business proposal in NFC pay, other than that Otppay Lend, Predictive Analytics. Buy Sell platform, Crypto Credit Rating system are unique.
Paxtradings: What is OTPPAY’s strategy to acquire and grow their base of payments accepting stores, contractors, and restaurants?
OTPPAY: We’re already forming a closed database of merchants with various countries and inviting them to process the test transactions. Once our closed loop testing is completed, we will launch for the masses. We have hands on experience in merchant acquisition and issuing services.
With our expertise in the fiat payment industry we are researching and developing the robust product to bridge the gap between fiat and crypto. Our NFC and QR Pay will take the crypto payments industry instantly. With QR payments, e-commerce payments will be addressed instantly.
Paxtradings: You recently launched your mobile app, how has your MVP been received by your current user base?
OTPPAY: We are going to launch our first UI/UX BETA android app for our investors this week. It’s for our investors to get an first feeling of the users interface. Currently we are working on correct translations and have continuous development among our Android application which will be available for iOS devices later.
Paxtradings: Which exchanges or crypto wallets does the OTPPAY mobile app currently integrate with?
OTPPAY: The mobile application is based on our own ecosystem platform which has its own exchange. Application users have their own personal OTP wallet within the OTP app.
Paxtradings: You’ve been operating in the payments and e-commerce space since 2010. What does developing your latest product on the blockchain do to improve your services?
OTPPAY: OTPPAY OU is from the management of IDB Technologies (www.idbtec.com) , an 8-year-old technology company having a very strong team in core application development in almost all verticals. From 2013, the team has developed many fintech products like www.payzak.com and revolutionary ePOS (PCIDSS Certified) applications which is performing well. In the Blockchain, IDB Technologies is working Identity solution products to address the identity issues for the masses. OTPPAY will be fully developed and managed by our parent technology company which is a major assert.
Paxtradings: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
OTPPAY: We already obtained our platform website: www.otppay.com where investors can freely register. The platform website is where our platform for exchanges, buy/sell, merchant payments and lending will run besides our smartphone platform which is in development. Our roadmap can be found on the main website: www.otppay.io.
For the upcoming quarters, we strive to reach the following goals:
Q1&2 Launching ICO and obtaining cryptocurrency wallet and exchange license.
Q2&3 Launching beta version of OTPPAY application. Framing automated eKYC verification system and issuing debit cards.
Q3&4 Obtaining banking license and forming liquidity pool in the U.S., Europe, and Asia.
Paxtradings: You mention in your roadmap that you plan to issue debit cards in the future. Can you tell us more about that and if/how it will relate to blockchain payments?
OTPPAY: To achieve our main goal (bridging the gap between crypto and fiat currencies), we are providing the state of the art liquidity solution to customers by providing innovative mobile apps along with contactless debit cards which can be used worldwide.
For example: If you travel from Asia to the U.S. and you took cash out of the ATM with you, you will need to convert this to USD .
With our GPS guided application, the mobile apps instruct the server to convert the requested value, from crypto/fiat or fiat/fiat and powers the debit card with requested withdrawal amount.
Paxtradings: As a non-OTPPAY question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
OTPPAY: One of our main goals is continuous development and transparency. Not only our product and ICO will have an bright future, but we honestly believe in the power of cryptocurrencies and blockchain technologies. There will be a lot more ICOs with brilliant technologies joining the market anytime soon and we look forward to have an high global adoption rate for the cryptocurrencies.
The Pre-ICO began on March 5, 2018 and ends on April 3, 2018. There are a total of 60,000,000 OTPPAY tokens (OTP) available during the Pre-ICO, representing 6% of the total OTP supply.
The main ICO will begin on April 4, 2018 and will end on May 3, 2018. There are a total of 600,000,000 OTPPAY tokens (OTP) available during the main ICO, representing 60% of the total OTP supply. A hard cap of 71,250 ETH is set for this period.
1OTP = 0.000125 = 1 OTP token
Current accepted currencies for OTPPAY include ETH.
OTPPAY is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the OTPPAY tokens.
Token Distribution Information
There are a total 1,000,000,000 OTP tokens being created, with 600,000,000 available during the pre and main ICO.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the OTPPAY website for more information and the contribution address.
Use of Crowdsale Proceeds
View the OTPPAY website here.
View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.
- OTPPAY Website, OTPPAY (2017)
2. OTPPAY Whitepaper, OTPPAY (2017)