Verify Payments is the first application built on the Verify protocol. In this section, we describe the core features that make Verify Payments superior to any payment solution in existence, for both buyers and sellers. Further, the Verify Payments solution will bootstrap reputation data on the Verify protocol, enabling it to grow at a much faster rate, incentivizing other providers to build applications on the Verify protocol further fueling this growth cycle.
Verify Payments lies between the buyer and the seller, and all buyer payments are made directly to the Verify Payments smart contract. In this manner, Verify Payments is able to solve the trust disparity between the two parties and provide buyer protection across the entire transaction lifecycle. Furthermore, this trust layer allows buyers to transact in confidence with unfamiliar sellers, a feature that is particularly important to new sellers and those that sell expensive items. A key point to note is that the entire transaction is treated as a single atomic unit; either the whole transaction is successfully executed (and the funds are released from buyer to seller), or the entire transaction is rolled back (with the buyer receiving their funds, and the seller receiving their item).
In order to fund the credit ceiling extended to sellers, we will set aside a portion of the total available CRED tokens for funding the Verify Fund. The Verify Fund is the source of the credit ceiling allotted to reputed sellers on the network. While the Verify Fund is funded entirely in CRED tokens, the credit ceiling is allocated in fiat based on the current exchange rate the moment the credit is utilized. The goal of the Verify Fund is to incentivize adoption of the Verify Payments platform; addressing the key objection standing in the way of sellers using the platform in the first place is the most effective method for doing so. The platform has visibility to the reputation of all the participants on the network and can efficiently allocate capital to the most promising sellers (those with the lowest fraud/default risk).
Reputation is, in its essence, a value that sums up the “rating history” of all previous transactions undertaken on the Verify protocol (as rated by the counterparty) and a confidence level in that value . An example of an entity’s reputation may be: [, 11] where represents the rating history and 11 represents the total number of transactions conducted (the higher the number of transactions behind a rating, the more confidence we have in that rating). Note that this example is simply an illustration of the concept and does not represent the reputation data types or scales that are actually used in Verify.
Consider the broad definition of a “transaction” that we used earlier: a transaction is any financial agreement between two or more parties. The transaction has both an expected output (based on the agreement) and an “actual output” based on how the parties acted throughout the transaction. Reputation is a measure of the differences between the expected, agreed actions and the actual actions taken by each party, over the entire history of the buyer or seller.
ICO/ Token Sale
The tokensale and the distribution of CRED tokens is conducted by Verify Pte Ltd, a Singaporean limited liability company. Audited smart contracts deployed on the Ethereum blockchain govern the creation, processing and distribution of these tokens. Is set a minimum tokensale raise of 1,667 ETH. If this minimum is not met, all funds received by the smart contract will be automatically refunded to the contributors through the smart contract. The soft cap is set at 5,000 ETH and once surpassed will result in the end of the sale within 96 hours. If the hard cap of 8,344 ETH is reached, the sale will halt immediately, and no further contributions will be accepted. Any tokens that are not sold will be burnt.
- Token: CRED
- Supply: 50,000,000
- Platform: ERC20
- Accepting: ETH