Despite the technological advances in the blockchain, one area that still at large remains unexplored, is digital payments between buyers and sellers of physical services via crypto currencies. In a world filled with debauchery and decadence, all we can count on is honesty, loyalty, and transparency to aid us uncharted waters of crypto currency and this is where UTRUST’s expertise lie. Bitcoin and other cryptocurrencies are known for their decentralized nature, which makes it hard to initiate payment refund or reversal automatically like in the case of fiat transactions.
UTRUST facilitates transactions and serves as a frictionless and secure payment platform with the broad acceptance of payment options. It aims to drive the adoption of the API by the merchants by providing them a way to receive directly in fiat currency instead of crypto-currency which buyers use while shielding the merchant from market volatility and decreasing the risk of accepting crypto-currency. UTRUST also includes customer protection features which have already gained recognition from some of the leading players in the industry including Crypto Valley — a Swiss Blockchain Technology Incubator. UTUST’s key features include Payment Approval Speed, Lower Buyer Purchase Risk, Acceptance of Multiple Cryptocurrencies, Safety of funds, efficient resolution of disputes, Decentralized token linked to platform value. ]
To sum up, the role of UTRUST in a transaction, consider the following scenario:
The merchant sets an article for sale on the marketplace, with the specific price he/she intends to receive in their local currency. A buyer sees the offer and thinks it’s a great deal for the price the merchant offers. The buyer completes the transaction (along with the commission) and the amount is sent to UTRUST. UTRUST system converts the cryptocurrency amount to fiat and holds it in escrow until it is released to the seller. The specific duration of this hold period will vary depending on the merchant performance history. If this is a trusted merchant with a high-performance rating, the funds will be released almost immediately. If the merchant is a newcomer to the platform with no prior history the hold period can take several days. As the merchant establishes a track record of successful transactions, his performance rating will increase, thereby progressively decreasing the hold period.
As mentioned earlier, UTRUST provides an option of using self-issued crypto-currency — the UTRUST token. You can buy/sell/ send/receive your token on the platform, convert it to fiat, another crypto. Transactions using the UTRUST token are converted internally and benefit of zero exchange fee. Each time a buyer pays with any cryptocurrency via UTRUST payment platform percentages of the transactional fee is used to buyback UTRUST token and thus remove them from the circulation by destroying them. This reduces the amount of UTRUST token supply which further drives demand and ultimately the adoption of the platform and the value for investors. The higher the volume of transactions in the UTRUST platform, the higher the potential market value of the token. Since a percentage of the transaction fee is removed from the pool in each market transaction, the more UTRUST platform is used (with any crypto), the further the price of UTRUST appreciates, a built-in adjustment that acts as our self-correcting mechanism. The tokens can also be kept safe in your wallet to see if its value grows in synergy with the platform. UTRUST has a safety feature against the market fluctuations also.
Ultimately, UTRUST aims to compete with services like PayPal (which charges unreasonably high fees of 5% or more) and Bitpay (which has limited protection features for buyers and sellers) by combining the features which both organizations lack; air-tight safety, multiple-payment options, and reasonable prices by charging fees of just 1% to sellers.
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