PlasmaPay AMA Recap

PlasmaPay AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Ilia Maksimenka, Co-Founder at PlasmaPay

Co-Founder of PlasmaPay, Ilia Maksimenka

Hi to everyone! Great to be here!

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, Sure! I’m CEO and founder of PlasmaPay.com and #PlasmaDLT.

I have a background in corporate finance, stock exchange and fintech, worked before as a new tech analyst in government, corporates and as a fund manager in private investment bank. I was a founder of different startups in the financials and AI space since 2010 to 2016. I came to crypto space in early 2013 and started PlasmaPay project in 2017 with a very skilled team in crypto and security space.

CryptoDiffer team

Q2: Can you briefly tell us what is PlasmaPay in 3-5 sentences?

Co-Founder of PlasmaPay, Ilia Maksimenka

PlasmaPay is a crypto/fiat wallet and payment dapp on Plasma Chain. It’s a most advanced system for fiat on-/off- ramp with operation in more than 165 countries and supporting Visa/Mastercard/SEPA/SWIFT/E-wallets. #PPAY is a main token of PlasmaPay and cross-chain infrastructure for Plasma chain. Our goals with a #PPAY infrastructure to connect globally fiat to DeFi market and provide people with an advanced products to manage their portfolio and control digital funds on chain.

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Co-Founder of PlasmaPay, Ilia Maksimenka

Thank you for the question. 

We’ve already launched a mainet for Plasma chain that supports now 50000 TPS, no transaction fees for Dapps and Defi, 42 stable coins and a side-chain for Bitcoin.

PlasmaPay has a huge global fiat infrastructure, non-custodial wallets for Plasma, BTC, ETH and 3000+ tokens. Individual, Business and Developers accounts.

Now our goal is to launch a PPAY cross-chain infrastructure with the most advanced DeFi services (staking, rewards, yield farming, governance, borrowing, loans, DEX, synthetic assets). PPAY will become a liquidity bridge between other chains and Plasma Chain. So people can transfer their assets or tokens on Plasma Chain and trade it without GAS and transaction fees. That will be a big solution for scalability and cost optimization for all DeFi protocols on Ethereum network.

For PlasmaPay, we also have a roadmap for products (plasmapay.com) that we will launch and push on the market for DeFi adoption for the Masses.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

Payments using DeFi is very new now. Can you explain how PlasmaPay and PlasmaChain will make this possible?

Co-Founder of PlasmaPay, Ilia Maksimenka

Plasma Chain support 42 stable currency and have a integration and gateways for eCommerce. Companies can use PlasmaPay to accept payment with cards and cryptocurrency. That’s a very innovative method and we see how this type of payments adopting now on global eCommerce market. If you have your online store or application, you can create a business account on plasmapay.com and use our business or crypto checkout.

Co-Founder of PlasmaPay, Ilia Maksimenka

We have a full list of security features that make our web and mobile app very safe for any time of assets or cards. 

Here is just a few of them:

– 2Fa only + only strong password

– you can add additional social networks for verification of your account

– you have a full story of your account activities (devices+ips)

– users’s email can’t be changed (that’s a unique part of security)

– all emails from us protected with a digital signature and email security policy

– all wallets is non-custodial (PlasmaPay does not hold a private key)

– each wallet transactions encrypted with an additional password

– plasmapay has a PCI DSS certification (as any classical bank) for securely process banking cards

– plasmapay pass every 3 months security audit on infrastructure

– plasmapay works with the biggest white hackers community (hackerone.com) for constant assessment of possible vulnerabilities

Cryptodiffer Community

What your plans in place for global expansion, are #PlasmaPay focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? 

Co-Founder of PlasmaPay, Ilia Maksimenka

We have a lot of partners all over the world who provide us different local integrations, we operate in 165+ countries with 100.000 customers, and in 2021 will be licensed in the USA. We are already a global company and this will help us to greatly affect on the adoption of DeFi for the Masses.

Cryptodiffer Community

How is PPAY token used? How to keep the motivation for holding PPAY tokens long term?

Co-Founder of PlasmaPay, Ilia Maksimenka

in #PPAY ecosystem, we will have a lot of different use cases for the token as a utility and as a defi asset. 

Rewards – you will be able to stake token and get rewards from the pool of system’s fees. 

Liquidity mining – up to 52% of all tokens will be distributed as a reward for users who provide us liquidity on DEXes.

PPAY will be used to pay a commission for a cross-chain swap of any assets.

Governance: hold a token and vote for any updates on contracts or make a new proposal.

Also a lot of utility functions inside the PlasmaPay platform.

You can find more info on our site plasmapay.com or whitepaper docs.plasmapay.com

Cryptodiffer Community

Do you  have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

Co-Founder of PlasmaPay, Ilia Maksimenka

We will have an automatic buy-back plan that we will announce later. All revenue from PPAY infrastructure will be partly transferred on dexes to buy back tokens from the market.

Cryptodiffer Community

What is the vision and mission of your coin? What problems are you trying to solve? Do these problems remain unsolved with the existing public blockchains?

Co-Founder of PlasmaPay, Ilia Maksimenka

The major goal of the token is to become a liquidity bridge between different chains and Plasma chain. This bridge will provide for community and DeFi a more scalable and almost free infrastructure.

Cryptodiffer Community

Where does the project name come from? What does it mean for you and why did you choose that name for your project?

Co-Founder of PlasmaPay, Ilia Maksimenka

Plasma is one of the four fundamental states of matter. Plasma chain will become a global infrastructure for financial services, payments and web 3.0. So it’s like a digital Plasma for the Digital World)

Cryptodiffer Community

Can you explain the main utilities and use-cases of your Plasma pay Protocol and what about your security protocols,is it 100% safe?

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, before we will distribute our contract on Ethereum chain we will have a bunch of security audits from well known companies on the market.

Cryptodiffer Community

As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ?  And HOW easy to create dapps on you platform???

Co-Founder of PlasmaPay, Ilia Maksimenka

Plasma Chain now support contracts on C++ and we have many examples and IDE on our corporate github: https://github.com/plasmadlt

If you want to try our chain and build something we can invite you to private dev channel in our Discord.

Cryptodiffer Community

Does PlasmaPay have the right and legal regulation to run bussines in estonia where your project based?

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, we are a regulated entity in Estonia with two crypto licenses. Next year we will get a banking license and will be able to connect our chain directly to banks in our network for processing of global fiat transactions.

Cryptodiffer Community

Where is Plasmapay road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?

Co-Founder of PlasmaPay, Ilia Maksimenka

Our roadmap you can find on our website: plasmapay.com

Cryptodiffer Community

$PPAY total supply is capped at 1 billion while initial circulating supply is 55,750,000. Do you plan to increase circulating supply later? When is the token launch and what incentives do you have to benefit long term holders?

Co-Founder of PlasmaPay, Ilia Maksimenka

We have a very smart tokenomic model with a long vesting period for early investors and other pools. So going on the market with such a small supply will give a very green light for the token price and trading volume. I hope.)

Cryptodiffer Community

Many investors hit and run in the sell and sell session after listing on the first exchange, How did $PPAY prevent early investors from selling their tokens and what benefits would $PPAY give them?

Co-Founder of PlasmaPay, Ilia Maksimenka

For early investors we have a vesting period from 3 to 10 months, so they will not be able to sell their tokens very fast. We also have a very small fundraising cap and a small circulation supply on a listing day. That’s also very good for the well-being of token on the market. In 2 months we will activate a liquidity mining campaign and most of the tokens from the market will be staked in liquidity pools.

Cryptodiffer Community

What is the release schedule of tokens? Am I able to participate in the network during the one-year holding period?What jurisdictions are eligible to participate in the sale?

Co-Founder of PlasmaPay, Ilia Maksimenka

We don’t have a public sale and when we list our token on DEX, anyone can buy it.

Cryptodiffer Community

How easy is it to use PlasmaPay?

How does PlasmaPay plan to dominate the DeFi market?

Co-Founder of PlasmaPay, Ilia Maksimenka

PlasmaPay was designed by the best UI/UX engineers, so it’s very easy to use as any mobile banking app. With a DeFi dashboard, our users will be able to easily to manage their DeFi portfolio, making stakes, provide liquidity, and vote.

Cryptodiffer Community

Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?

Co-Founder of PlasmaPay, Ilia Maksimenka

First of all, we translated all our platforms into 45 languages. Now we’ve already started to develop local communities and later we will have a budget to support their development, promotion and local events.

Cryptodiffer Community

A few days ago we both heard a news headline entitled ‘hacking’, how do plasma think about it ??  well, the most important thing is how plasma prevents and protects assets from similar incidents.

Co-Founder of PlasmaPay, Ilia Maksimenka

We have many security features on Plasma, the major one is that we don’t hold users’ private keys, so it can’t be stolen. Later this week we will have an article about security in PlasmaPay. So join our community https://t.me/plasmapay_community and stay tune

Cryptodiffer Community

Do I need KYC to join PlasmaPay’s fiat services? How many local currencies does PlasmaPay currently support?

Co-Founder of PlasmaPay, Ilia Maksimenka

Thanks for the question. Yes, for using our fiat gateways we ask our users to pass the KYC on the platform. When you do it, you will get an unlimited account to buy and sell crypto with cards and other fiat payment methods

Cryptodiffer Community

We often talk about the problems and scalability of DeFi smart contracts and can see with the Ethereum platform that fees of $ 20 per transaction are common. So how will PlasnaPay solve the fee and scalability problem for future Dapps?

Co-Founder of PlasmaPay, Ilia Maksimenka

The major benefit of moving your assets and contracts on Plasma Chain is that we don’t have a transaction fee (zero gas) and the speed for transactions much higher (up to 50000 TPS)

Cryptodiffer Community

Can you share $your opinion on DeFi ? What steps are already being taken towards the future progress of $the platform ?

Co-Founder of PlasmaPay, Ilia Maksimenka

Defi is fine!) DeFi will have a bright future in 2021 and Plasma with PPAY will be a major player on this market. Join us ASAP.

Cryptodiffer Community

Staking is the new hype in our Crypto World right now,

And because of that a lot of projects are offering high APY on its staking system,

How does PlasmaPay respond to this?

Does PlasmaPay have its own staking system?

What are the benefits of this staking system over the others?

Co-Founder of PlasmaPay, Ilia Maksimenka

We will have an automatic system to adjust APY of PPAY to the highest on the current market. 52% of tokens will be used mostly for liquidity mining in the next 24 months.

Cryptodiffer Community

Trust is very important in business, what makes investors, customers and users feel safe when working with Plasmapay?

Co-Founder of PlasmaPay, Ilia Maksimenka

We are one of the oldest company on the market with a lot of crypto and fiat partners. Our reputation is very strong in the market and the roadmap is scheduled for several years.

Cryptodiffer Community

What advantages does PlasmaChain have? How PlasmaChain plans to break in and beat its DeFi ecosystem competitors like Ethereum, BinanceSC or Polkadot?

Co-Founder of PlasmaPay, Ilia Maksimenka

Just open the account on PlasmaPay.com, topup it with your card and play in one of our dapps plasmadice.com. You will see the major difference from other chains and dapps. Instant transactions, lowest fee, fiar on of ramp!

Cryptodiffer Community

At PlasmaPay, new users have difficulty in using the facilities for DeFi?  Is Plasma ready to integrate more financial management tools to improve investment ability for new investors?

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, PlasmaPay is a beautiful service that very easy to use. When we launch of DeFi dashboard it will have almost one “money button”)

Cryptodiffer Community

I want to learn more about PlasmaPay, but the information is very small, most of PlasmaPay social networks are less active, the community is relatively empty and less, what strategy does PlasmaPay team have to develop the community and maintain long-term user?

Co-Founder of PlasmaPay, Ilia Maksimenka

Please, ask all your questions in our main group: https://t.me/plasmapay_community

Cryptodiffer Community

Will plasmapay issue a physical card in the future just like Swipe and Crypto.com?

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, that’s great news will come soon. That will be a killer feature for PlasmaPay and a very useful card for our token holders.

Cryptodiffer Community

For money to be Smart, it must be instant, zero fee transactions and private. Does Plasma pay meet these 3 pain points of payments

Co-Founder of PlasmaPay, Ilia Maksimenka

Yes, exactly, that’s why we believe in our strong position on the market between other first layer protocols

Cryptodiffer Community

You received a crypto license in Estonia, there are such companies in the Baltics as Paysera, Revolut how are you better than these giants ??? If your state tells me to block my account, where can I get my money (CAN I COME TO THE BANK AND COLLECT IN CASH) ???

Co-Founder of PlasmaPay, Ilia Maksimenka

Your money in PlasmaPay protected with your personal private keys. We can’t block it as a service.

Cryptodiffer Community

Recently there have been security incidents such as the Kucoin hack. How PlasmaPay deals with the security of its own ecosystem?

Co-Founder of PlasmaPay, Ilia Maksimenka

We just don’t have a hot wallets. All user’s wallets are cold with a private key on user’s side.

Co-Founder of PlasmaPay, Ilia Maksimenka

Thank you, please join our group https://t.me/plasmapay_community and follow PlasmaPay!

Cryptodiffer TEAM

Thank you Ilia for your time today, great answers!

Thank you everyone who took part!

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