I have taken it upon myself to read the Utrust whitepaper, all 37 pages, just to save you the hassle. I have compiled the take away points, hopefully upon completion of this entry I will have opened your eyes to the crypto-contender of PayPal.
Transactional payment API that combines the speed and safety of crypto payments with the consumer protection of traditional payment systems and the fraud-free benefits of crypto payments (no stolen cards, chargebacks or hacked accounts).
Utrust has developed a revolutionary payment platform that allows buyers to pay merchants (sellers) with cryptocurrencies, but the merchants will never see the crypto, instead they receive money in the form of fiat (£/$,etc). Utrust provides the safest mediation available in the crypto payment space, ensuring consumer-protection to buyers- Utrust ensures the merchant doesn't have to worry over cryptocurrency volatility.
Cryptocurrency payments are the future of payments, Utrust knows this and wants to be the Paypal of crypto, we all know using paypal is far superior when buying online, as buyers we understand that if there is any problem with our purchases and the seller fails to respond adequately, we can contact paypal and reliably settle the issue, this usually results in refunds since PayPal is the mediator. Currently there are no mediators in crypto-payments bar utrust, this makes paying risky for both the merchant and buyer, for example if one was to use Ethereum to pay for something, but they choose to use an extremeley low gas fee, we know that the transaction status will be seen as pending until the transaction has been approved, this means to the merchant it appears the payment has been made but approval is the only thing we must wait for, the merchant may see that and decide to send the product whilst the payment has yet to be confirmed, this could easily deceive the merchant since the buyer can cancel his/her transaction by making another transaction with a custom nonce essentially cancelling their initial transaction. Utrust would prevent such fraud.
"We believe cryptocurrencies are evolving to become much more than speculation and are here to stay in the minds and wallets of consumers".
"We believe that one of the key roles of cryptocurrencies in the digital age is to facilitate transactions and serve as a frictionless and secure payment method with broad acceptance".
If we take a look at their CEO we can get a good insight into what the future success of Utrust may be:
Sanja Kon, this woman is a powerhouse, she recently became the face of Utrust, pushing Nuno Correia, Co-Founder & Chairman of the Board a little to the side. Sanja has worked on big names such as Vodafone, eBay, Virgin, Paypal & now Utrust.
We all know blockchain is driving the change of traditional businesses, eventually these industries (banking, insurance, equity trading, venture capital, logistics and governance) will have to adopt the technology.
"With the cryptocurrency market predicted to reach a sizable 5 trillion in the year 2025 according to major market analysts"
"A platform you can use for paying goods and services, free from constraints of legacy payment processors built around credit cards and offer more than other crypto-centered platforms today".
Their whitepaper makes their aims very clear, they have outlined them for the 3 major stakeholders: the buyer, the merchant and the initial token contributors.
The Buyers Aims: Reduce the risk of scams & fraud when making crypto payments, provide full payment protection by acting as mediators of all transactions. (The amount to be paid by the buyer will be held until transaction has been validated by the platform mediator.)
The Merchants Aims: Provide a way to expand their client base & sale revenue by targeting cryptocurrency holders (inevtiably this number will increase). Merchants will receive the crypto payments back in the form of fiat. Utrust will prevent the risks merchants may face such as Chargebacks, stolen credit card usage and fraud.
Token Contributors Aims: Utrust's token $UTK will not only be accepted as payments on the Utrust platform but will also offer the advantage of fee waivering. Price appreciation of UTK will be seen as the usage of the platforms grows, this is because for every purchase made, a small percentage of the transaction fee is removed from the market via their burning mechanism, this essentially means there is less UTK available- as all things work: less supply, greater demand, price appreciates. ("The amount of UTK was projected to be reduced from the initial 1 billion to a minimum cap of 100 million, at a rate no faster than 50 million a year".)
" A contributor that decides to hold UTK for the long run, though it may be subjected to exchange market fluctuations, will enjoy a protective layer that links the UTK to a sustainable platform. This so called intrinsic deflationary mechanism makes UTRUST not only the safest payment platform, but a valuable utility token."
The fluctuation protection they provide is something to be very excited for! If you've ever bought anything online with bitcoin you've probably been instructed prior to sending the amount of the product, 'slightly more than the stated price' to 1. Pay for the transaction fees and 2. ensure you cover the (fiat fixed price) payment whilst taking into consideration market flucations. With Utrust the buyer's payment's are converted to fiat JIT- just in time at the best markte rate.
Utrust will provide the lowest seller fees seen on the market, fixed at 1%, this is done by ensuring the lowest possible exchange fees for the buyer sending the payment.
How can we pay with Utrust? Utrust offers a wallet that is available on both the iOS and play store, simply set up an account and send whatever crypto you would like to the Utrust wallet, once you find a merchant that offers the Utrust payment option, you can select that and then send your crypto via the scan of a QR code and that's it. Once the payment has been confirmed, the funds are converted into the Merchant's currency of choice and held in escrow until its released to the seller. Merchant's are notified of incoming purchases which will be shown as pending releases. The more trusted the seller (indicated by a high performance rate), the faster the funds are released to them. (New adopters with no prior history must wait several days for funds to be released). This trust-based system reinforces the merchant's benefits of utilising the Utrust payment option.
What happens if something goes wrong? Disputes. Disputes are seen in traditional markets when the merchant doesn't provide the product or provides a faulty product. Buyers can open a dispute similarly with the Utrust API, the seller and buyer will then enter a self-resolution chat, hopefully they can both come to an agreement, however if left unresolved for 7days the arbitrators (Utrust) will step in. A Utrust operator will join the chat and decide the outcome of the case. If the merchant loses the dispute, their trust performance decreases, meaning subsequent transactions will be accompanied by longer holding periods. (Refunds to buyers are issued in UTK)
Remember the UTK token is now and will be for the forseeable future an ERC-20 token, meaning it relies on the Ethereum blockchain.
Utrust and Partners? Utrust has been on fire this year, partnering with many (big) names, to name a few: S.L.Benfica, PRW Jewlery, Phone House, iperfumes.com, Bleu Jour, Whow, Alternative Airlines, Woocommerce, Morefrom, Uphold, Alive & Kicking (CBD woohoo!). This list is by NO MEANS exhaustive but will increase.
Right now Utrust's marketcap sits at $88,167,639 ($88+ Million), this number is tiny when you compare it to other crypto projects, never mind PayPal (market cap: $200+Billion). Utrust has only been around for 3 years but I am confident it will grow. (Not financial advise..)
They recently announced big things for Q4 which is technically this month, so I am excited to see the big reveal! Because it was only last week that they announced uniswap liquidity providers would be rewarded with UTK! Medium article on that: https://medium.com/utrust/its-here-the-utk-uniswap-rewards-program-3dcc860ef3b4
If you'd like to acquire some UTK, it's available on a plethora of exchanges such as : (I'd love to binance eventually on here!)
Uniswap ( Contract: 0x70a72833d6bf7f508c8224ce59ea1ef3d0ea3a38 ) (I used and provide liquidity here)