AMA RECAP — CRYPTOSCREEN INDONESIA X PLASMAPAY
On 9 October 2020, Plasmapay conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is Mr. Ilia Maksimenka, CEO of Plasmapay.
Lots of questions as usual from the Community about Plasmapay progress. The Plasmapay team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into Plasmapay.
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Samuel Yabes: Hello @ilia_mk welcome to our Community
Ilia: Hi all! Glad to be here! Love Indonesia!!!
Samuel Yabes: Before we start the first session. We want to know little about your backgrounds.
Ilia: Yes, sure! 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.
Samuel Yabes: Thanks for sharing your background , it’s amazing background
Ilia: Terima kasih
Samuel Yabes: Thank you for using Indonesian, I really appreciate that. Are you ready ?
Samuel Yabes: Can you introduce what is PlasmaPay to our community?
Ilia: 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 (+Indonesia) 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.
Plasmapay.com also support Digital IDR for Indonesia. You can buy it and hold on wallet like a digital cash, make a global payments or FX. Plus you can buy any crypto with your digital IDR (IDRp).
we also support many SEA Banks and And support indonesian language for our users. Digital currency is a revolution of global banking and payments. You don’t need GoJek or Grab for payment, you can use PlasmaPay.)
Samuel Yabes: What products does PlasmaPay currently have? And in the future, will we add more products?
Ilia: Thank you! 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.
If you have online store or ecommerce service, please open business account on PlasmaPay.com and start accept cards and crypto payments globally! It’s available for anyone. For WooCommerce we have a plugin so the integration will be super easy for stores who user Wordpress and WooCommerce platforms.
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 (http://plasmapay.com/) that we will launch and push on the market for DeFi adoption for the Masses. Our whitepaper: https://docs.plasmapay.com
Samuel Yabes: PPAY is a PlasmaPay utility token which is ERC20 based. Maybe many people don’t know the use of PPAY Tokens. Can you explain what it’s used for?
Ilia: The PPAY is a utility ERC-20 token of PlasmaPay. 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. With PPAY you also will be able to purchase beautiful short addresses on Plasma Blockchain and get the rewards when you will use our Plasma Bank Cards You can find more info on our site plasmapay.com or whitepaper docs.plasmapay.com
Samuel Yabes: Who can use plasma technology or take advantage of devices built on plasma? Developer, individual or company?
Ilia: Anyone can develop their apps on plasma chain. Plasma Chain supports running smart-contract 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.
Samuel Yabes: What milestones has PlasmaPay achieved in 2020? And what is the strategy for 2021?
Ilia: Thank you for your question. We plan to launch our PPAY smart contract infrastructure on Ethereum and Plasma. Build a cross-chain smart-contract HyperLoop. Launch a DeFi dashboard so people can easily control their portfolio and choose the best assets with high ROI. Next year (2021) we will launch our bank card program and will be focusing on mass adoption of our new blockchain banking infrastructure.
Segment 2: Questions from the Twitter
Question 1: Some platforms have a maximum time limit in which the transaction can be performed. Is there any time regulation with PlasmaPay? How long do I have to wait before I can cancel my order?
Ilia: In PlasmaPay all wallets are non-custodial. If you sign any transactions (BTC, ETH, Plasma) it will go in blockchain immediately.
Question 2: How is the progress of the collaboration between PlasmaPay and Moonrock, what innovations will you launch? and What are the benefits of this collaboration for PlasmaPay Dapp users ??
Ilia: We are raising now funds to launch a PPAY DeFi infrastructure on Ethereum and Plasma chain with all major features (staking, governance, DEX, rewards, borrowing, loans, synthetic assets). Many progressive crypto funds and pools support us because they believe in the big future of DeFi market and PPAY as a major player in this market.
Question 3: The PlasmaPay wallet works with the Bitfinex exchange. Why only Bitfinex exchange can work with Plasmapay wallet? Will there be more exchanges for cooperation in the future?
Ilia: PlasmaPay wallet is integrated with 5 major cryptocurrency exchange for liquidity providing for our users. When you purchase cryptocurrency or exchange it, you will get the best rate from one of those exchanges.
Question 4: Each project usually has its own advantages. Can you tell some of the advantages of PlasmaPay?
Ilia: Yes, sure. We have a highly professional development team with rare experience in banking and blockchain, who building with us all Plasma technologies and products from the early beginning. PlasmaPay has the biggest fiat on and off-ramp infrastructure, that will be integrated into DeFi market and bring a full integration between crypto-financial products and classical banking
Question 5: Wallets are an important thing in cryptocurrency, both for storing or transacting. And PlasmaPay is one cryptocurrency wallet that can be used. For now, what cryptos are supported in the PlasmaPay Wallet? And is it safe?
Ilia: Thank you for the question. PlasmaPay supports BTC, ETH, 3000+ ERC-20 tokens, Plasma and stablecoins. We have a full list of security features that make our web and mobile app very safe for any time of your assets or cards transactions.
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 have every 3 months security audit on infrastructure from security agency
- plasmapay works with the biggest white hackers community (hackerone.com) for constant assessment of possible vulnerabilities
- our PPAY smart contracts will be also reviewed and tested by major crypto security companies before launch
Segment 3: Free/Live Questions
Telegram User: Trust is very important in business, what makes investors, customers and users feel safe when working with Plasmapay?
Ilia: We are one of the oldest companies (3 years already on the market) with a lot of crypto and fiat (banking) partners. Our reputation is very strong in the market and the roadmap is scheduled for several years. That’s why our current investors believe in the bright future of PPAY and PlasmaPay.
Telegram User: Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will PlasmaPay solve this problem?
Ilia: We are trying to make UI and UX of our products as simple as possible for the Mass non-technical users. We hired a few top designers who are working very closely with our engineers and make all products available in a beautiful design. I think that simplicity in financial products is key for success and adoption.
Telegram User: Can you give me 3 reasons why users and investors should use your project in the long-term? What are the benefits your project brings?
Ilia: We have a very low cap on a listing day (1.1M USD) with a very big project and community. Our roadmap is including many new non-technical and unique products for the Masses in the next 24 months. We locked the 52.5% of emission for community and future long term liquidity mining with the highest ROI on the market. That’s making our project and PPAY a very long term investment for strategic investors.
Telegram User: What is your Approach to the Blockchain Trilemma?
Or the Scalability + Security + Decentralized all at the same time?
Ilia: With our blockchain infrastructure we solve all at once: Scalability of Plasma — up to 50.000 TPS (Visa for example has on;y 25.000 TPS) Security — it’s based on the cryptographic that Bitcoin blockchain use Decentralization — any person or company can run their node and make the Plasma blockchain more secure and distributed
Telegram User: DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What’s your project Approach towards DeFi?
Ilia: Yes, I totally agree. The banking system now is very old school and slow, while the DeFi is growing rapidly with the best fintech and blockchain developers. I believe that DeFi not destroy the existing system, but becomes the integrated and major infrastructure for it, especially in developing countries. In Plasma we want to replace the current banking products with a digital financial product backed by DeFi protocols and help people use it, replacing their banking services.