Last week, we ran the first ‘Ask me anything’ event in our Telegram group. This is something the PumaPay team and myself have wanted to do for a while - invite our members to ask all kinds of questions and, in turn, to provide honest answers. As the Crowdsale gets closer, we intend to make the AMA events a regular occurrence with different members of the PumaPay team. Last week, all questions were addressed to me, the CEO. Most of the questions came through the group channel with the hashtag, as we requested in the rules, while others have been sent to me as private messages. So, we’ve picked up the most frequently asked questions over the past few days and grouped them according to topics.
About PumaPay Pre-Sale and The Upcoming Crowdsale
Please tell me what will be the total supply of PMA tokens?
We do not have the set number. It will be derived from the number of tokens we’ll sell during the TGE (Token Generation Event). 20% of our all PMA tokens will be allocated to public contributors, and this figure of tokens sold will determine the total supply. Here’s an example. Suppose, we sold a total of 1M PMA Tokens, the total supply would be calculated as follows: 1M/20% = 5M.
Where will PumaPay be listed?
This is not under our control and subject to exchanges’ decision. However, we’ll be sure to keep the PumaPay community informed about the listings, and other news of how the PMA will be spreading.
What PMA price do you expect in 2 years?
It would be wrong and wildly irresponsible to speculate about the price of the token. Of course, we expect that after the launch and introduction of all Early Adopters, the demand for the PMA token will grow as the product offering will be increasing.
How much has been raised now?
We have significantly exceeded our $15M soft cap. Our hard cap is $150M, and that’s the goal we’re keeping our eyes on.
About PumaPay as a Product
What is PumaPay?
PumaPay is a PullPayment protocol that aims to enable crypto payments in everyday situations. For more insights, check out our blog and website, or this article on Medium.
In brief, PumaPay aims to solve the ‘pains’ of merchants by allowing them to process crypto currencies and minimize their dependency on inefficient, outdated payment methods like credit cards.
Our protocol offers a unique architecture of smart contracts inversing the mechanics of transactions. Instead of having the customer ‘send’ or ‘push’ their funds to the merchant, the PumaPay protocol allows the merchant to connect to the customer’s wallet and, following the approval or a set of rules, ‘pull’ the funds. Unlike other blockchain payment solutions, PumaPay enables payment practices, such as recurring payments, pay-per-use, direct debit, shared payments (think commissions and affiliate programs) and more, which have been impossible on the blockchain before. We are partnering with multiple companies, whom we call Early Adopters, to implement our payment solution from the onset.
Do we know how many major adult sites PumaPay has gained as clients? Seems it perfectly suits the industry?
We aim to attract as many Early Adopters as possible, 300 is our goal. We already have more than 30 Early Adopters, including big brands such as ImLive, AEBN, and others. Some of our Early Adopters have made a name for themselves in the adult entertainment industry, however, there are others like Fashion TV, Backpack or CCBill (a payment processor) for example, which are not adult. We are not focusing on any particular industry as the protocol aims to solve the needs of merchants in all industries.
Is there any product beta? I see no Github? Is it pure concept right now? So, no product just workflows?
We're working on the beta, but not sharing it intentionally as we do not want to demonstrate anything 'half-baked'. Any work in progress is imperfect, and it’s part of the process. But in our case, we're talking about the payment solution – topic too serious to roll out anything that's half ready. That said, we’ll release an MVP in a few weeks.
Is it true that PumaPay is focusing on the adult entertainment industry?
We're not limiting ourselves to any particular industry, but some of our partners are adult entertainment companies. What’s really important to us, that these companies are leaders in their fields and committed to using the latest technology. For example, ImLive, one of our key Early Adopters, serves the adult entertainment industry through its leading platform where any approved service providers can offer private live shows and charge customers on a pay-per-minute basis.
Where do you see PumaPay in 3 years?
PumaPay will hopefully co-exist with fiat money and serve the same purpose – pay for goods and services, bills, be used in money transfers, and even pay taxes. Eventually, we see PumaPay as the default solution for online and offline payments. We are committed to introducing PumaPay to as many businesses as possible and building a strong ecosystem around our technology.
Does the PumaPay protocol enable money back guarantee and refunds for customers?
Refunds aren't among the default features of the protocol and transactions are final (this is one of the blockchain features – transactions are irreversible). However, with its flexibility, merchants can implement their own scenarios. Plus, we expect plugin solutions that may enable refund automated features for merchants who need them.
Why did you call the project PumaPay? Did you have other names in mind?
Thinking of the puma as a fast feline, that's what inspired us. Our PumaPay protocol is designed to be as fast as a puma. Unlike other crypto transactions, the time required for a PumaPay transaction to complete is significantly reduced to a few seconds only compared to 10 minutes with Bitcoin. So, speed is the name of the game. Plus, the puma is an elegant predator, on the hunt for existing payment system the death of which is just a natural part of the process. We did have a few other options, but none of them compared in the appeal.
About Cryptocurrencies and the Industry
Why are all cryptos tanking? What’s next??
Yes, the recent trend has been downward, but within the economic laws it’s normal - it goes up and down, just like all financial markets. There are multiple theories about cryptocurrencies, but I think it’s a sign that the crypto market is maturing and it’s starting to be governed by economic laws.
Why bitcoin is so low these days?
Why do you think the current figure is low? Maybe it was too high before? Think about it: not long ago, $9,000 for a Bitcoin was unthinkable and now we’re saying it’s low. This recent decrease is not the biggest volatility that happened to BTC. In a way, it’s within normal, but let’s see what happens next. Personally, I don’t see a reason for Bitcoin not reaching $25,000 this year.
Do you really think all payments in the future will be done on the blockchain?
I think that crypto payments will become a part of everyone’s life in the future. Most probably, they will coexist with fiat currencies, not replace them. It has been proven that the Blockchain is a good technology for storing and transferring value. For example, more and more banks are working with Ripple, while multiple governments are looking into introducing their own national cryptocurrencies. Crypto payments are already becoming mainstream and I believe that the trend will continue.
Can you share what did you do before PumaPay? Tell us more about yourself.
I have over 20 years’ experience as a CFO and CEO of high-transaction volume companies. I hold an MBA and am an enthusiast for new technologies and an entrepreneur at heart.
What do you like most about the PumaPay project? What do you dislike about it?
I like the challenge of building a project from scratch, being a pioneer and creating new things in uncharted territories. All of this is true about my work at PumaPay. I am passionate about the blockchain, so I dislike the attempts that create a bad name for this great technology. With so many questionable projects these days, I believe that future regulation will be good for everyone as it will help separate the wheat from the chaff.
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