DimPay — Payment system build on top of NEM blockchain
Hello everyone! ICOGuru is in touch and we’re ready to provide you with our traditionally fresh ICO review. Today we’ll talk about DimPay project. Their ICO is launching today.
Introduction
Why I choose DimPay in the vast variety of launching project? I did it because it’s an unusual project, it’s build on top of the NEM blockchain rather than majority of the projects using Ethereum.
NEM blockchain was developed at the end of 2014 as an open source project, made by community. It’s an alternative cryptocurrency made to compete with Bitcoin and Ethereum. At the NEM’s core we’ll see Proof-of-Importance (P-o-I) algorithms instead of traditional Proof-of-Work (P-o-W). The difference is that: in P-o-W amount of coins at the miner’s wallet is critical point, as more it is in the wallet, so more chance of building block; in case of P-o-I transaction volume and miner’s trust are more important than amount of coins in the wallet. Additionally, NEM considered as very safety blockchain. It uses client-server architecture with implemented firewall at the server side.
Not too many projects are currently stable working at NEM. There is no sources with all NEM projects collected, but after some research, I’ve found around 10 separate projects. There’re NEM’s infrastructure projects (wallets, exchange and so on) and old-school game with custom name: PacNEM :) but serious and commercial projects haven’t been launched so far. So it’s time to introduce you DimPay!
DimPay is a global payment system and one of the basic blocks in DIM infrastructure. Alongside with DimPay will be DepotWallet (mobile/desktop) and DIM Debit Card. So, it’s pretty similar to an existing payment systems and solving same problem — providing an ability for customers to pay and for merchants to be paid using cryptocurrencies. Additional function is to provide unbanked people (there’re millions of them) with an ability to transfer necessary funds with no actual need to have bank account.
If we’ll compare DimPay to the traditional payment systems (e.g. PayPal or Skrill), we’ll see that the biggest difference is in transactional costs and easier process of customer’s verification. All this is possible because of use of blockchain technologies, other features are same.
As for me, I think, in future, only blockchain-based systems will be at the scene. Currently, it’s faster and scalable to use traditional, centralized systems, but we’re watching a trend leading us towards full decentralization and that’s why I hope that there will be only blockchain-based solutions.
Pros and Cons
Same as every project, DimPay has its own advantages and disadvantages. For current stage all disadvantages could be theoretical and only after official launch we’ll find problems and bugs. So, let’s continue with advantages of DimPay.
Pros:
- DimPay will integrate POS, e-commerce and fin-tech services inside of the entire DIM Ecosystem
- DIM Debit Cards will unite blockchain fin-tech services with the traditional financial services
- At DimPay and, in a whole DIM infrastructure, merchants will have an ability to track current customer’s trends and inventories
- As it should be in the real DAO (Decentralized Autonomous Organization), token holders will be able to suggest and vote on the future direction of DimPay development
Cons:
As I’ve mentioned before, it’s hard to detect any disadvantages of the project until its officially launched. It means that all disadvantages for now, are common to any project entering a fin-tech industry.
Biggest disadvantage, founded by myself, is absence of even alpha version of their MVP. Accordingly to their Roadmap, it will be launched only at Q2 of 2018… It’s strange and I strongly recommend to anyone, willing to invest, to wait until MVP released.
P.S. I’ve sent official inquiry about current status of their MVP. Has no answer at the moment. When will get it, I’ll update information here
Market overview
In DimPay’s whitepaper is written the following:
“DimPay aims to disrupt the traditional peer-to-peer (P2P), business-to-business (B2B), business-to-consumer (B2C) and consumer-to-business (C2B) payment systems by offering low fees, transparency, instantaneous transactions and a decentralized platform.”
In one sentence they’ve placed their entire proposal. They are not doing something new, they just applied blockchain technology to the payment system skeleton and voila :) :) :) Within their whitepaper, I’ve found table which compares DimPay to 3, already existing similar services. Let’s have a look on it.
What we’ve seen in this table? DimPay is just another payment system. My opinion that it doesn’t have any additional value for future and all interesting in it that it made on top of NEM blockchain. Personally me, won’t invest into this project, at least, until MVP released.
That’s all for DimPay! Cheers! Follow us on:
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