PayFrequent: A Gamechanger in Digital Money
Introduction
When bitcoin was created, it was said to be the game changer in the world of finance. The opportunities that were created by bitcoin was an eye opener in the world. Bitcoin gave rise to the birth of blockchain technology and now so many organisations are trying to incorporate blockchain technology in its system especially the financial sector. Bitcoin critics said bitcoin is too volatile and it cannot replace the traditional fiat because of its volatility and this gave rise to the idea of stable coins like USDT, DAI, PAX etc. These stable coins were created to be as a digital currency which will replace fiat but because of some flaws, these stable coins are yet to attain global adoption. One problem associated with these coins is that are not independent in the sense that they depend on a third-party coin in order to facilitate transactions. For example, the USDT depends on Ethereum and that means in order to send USDT, the sender must have some Ethereum in his wallet as gas fees. Also, there is the problem of high cost of transaction. I will illustrate this with a scenario I encountered some time ago when I tried to send a small amount of USDT from my external wallet. I want to send a very little amount of USDT but the gas fee (Ethereum) I was charged with was outrageous, imagine being charged with a gas fee that is almost the same as the amount I am trying to send. Additionally, in order to replace or compete with fiat, these stable coins need to have high transactions speeds because the world is a busy place and no merchant or seller has the liberty of time to wait for money to send. All these highlighted flaws we encounter in using the popular stable coins in cryptocurrency will be solved by Payfrequent.
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PAYFREQUENT
Payfrequent is cryptocurrency coin created and issued by Payfrequent Limited INC. Payfrequent coin is a stable value coin that is built on tomochain and it is fully backed by its native fiat currency. Payfrequent is issued on tomochain TRC-21 token standard and will be employing blockchain technology in order to achieve credit worthiness and price stability of native fiat currency for example the US Dollar. Payfrequent issues both the PUSD and PEUR as stable coin on the platform in order to anchor the value of the US Dollar and EUR respectively.
The world of the finance is taking a new turn and digital currencies is gaining popularity little by little and Payfrequent hopes to become a driving force in the fintech sector by solving the flaws of other stablecoins. One of the most important feature of Payfrequent is that it is fully independent from any other coin and the speed of transaction is the fastest when compared with other stable coins. being fully independent means that a sender does not need another coin as gas fee to make transactions. Also, Payfrequent rewards holders of it its coin with hourly, daily and monthly depending on the amount a user is holding and the coins does not have to be locked in order to be eligible for the rewards unlike other cryptocurrency projects.
Conclusion
For global adoption of cryptocurrency to happen, cryptocurrency must be easy for anybody with little or no education to use and Payfrequent is striving towards this by making payfrequent easily redeemable and it also allows a multi-send option where assets can be sent to blockchain addresses, emails and even phone numbers.
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