What is Plasma Finance (PlasmaPAY)?
Plasma Finance (PPAY)
PlasmaPay is a worldwide payment and remittance platform for individuals and businesses using the internet. You can safely store crypto and fiat cash, purchase and trade popular digital assets, send and receive payments, and create your own payment network with no fees.
PlasmaPay is a digital payment platform that makes decentralized finance accessible to everyone. PlasmaPay’s mobile and desktop apps deliver industry-leading UX, crypto/fiat wallets, and fiat on/off ramp services to over 100,000 cryptocurrency customers from over 160 countries. PlasmaPay, based in Tallinn, Estonia, uses blockchain technology to enable customers to securely deposit crypto and fiat cash, buy and sell digital assets, make and receive cross-border payments, and create payment networks with no transaction costs.
Decentralized finance (Defi) is a challenge today, developing its transparent governance, the invariable flow of events algorithms on the blockchain. The centralized financial world is on the verge of a catastrophe owing to disorganized governance and poor community oversight. Banks are baffled by the success of new Defi projects, but they provide promise for changes in the rules of the game, such as digital money under private ownership and financial tools for community control.
Plasma aspires to establish a payment environment with professional financial instruments that allow academics, scientists, innovators, and financial markets to collaborate and develop innovative solutions in the open lending, investing, forecasting, trading, and tokenized asset sectors. The usage of Plasma Finance for the construction of financial instruments on its foundation provides for fast transaction speed and confirmation, protection against double-spending, large processing capacity for performing algorithms, and trustworthy data from traditional cryptocurrency financial markets.
Problems that Plasma Finance solve:
High Fees, Low Transaction Speed, Darkness Fiat on/off Ramp, and Bad Users Onboarding are some of the issues that the Plasma Finance Community solves in the development and broad adoption of Defi technologies.
High Fees: users pay a high cost of gas on etherium and other smart contracts at the time of the transaction, which are very expensive.
Low Transaction Speed: The confirmation rate of transactions drops to several tens of minutes due to network congestion with transactions.
Fiat on/off Ramp: Defi applications do not have direct access to fiat payment methods, which makes mass-market adoption of their goods much more difficult.
Users OnBoarding: The interfaces of the Defi program are quite complicated, requiring a high level of cryptographic knowledge from the user. The problem to be solved, tools in a single program; Defi is not standard, which is a benefit; complicated logic for working with counters necessitates a user-friendly interface. We combine exchange tools with contract functions, allowing us to incorporate any protocol for handshaking. The speed of Defi is restricted by primitives, and we provide a cross-chain bridge for the effective functioning of a contract under the supervision of the primary release chain like Ethereum.
Plasma Finance Work
The PPAY is a community utility token that allows the PPAY ecosystem to reach its full potential. People who own PPAY tokens should be involved in the ecosystem in some way, be dedicated to its future development, and desire to participate in governance. This is how we want to completely decentralize and harmonize the PPAY community.
PlasmaPay Launches PlasmaSwap Decentralized Exchange
PlasmaSwap addresses a market need in institutional trading by providing a better user interface tailored to professional traders. PlasmaSwap will be the first fully decentralized implementation of limit trades, pushing the boundaries of what it means to be truly distributed. All other DEXs now employ centralized order books, which results in high gas expenses. Users on PlasmaSwap save money on gas and increase earnings in a completely decentralized way, eliminating the need for centralized order books. Limit orders smart contracts will interface with Ethereum 2.0, allowing traders to trade on a swap without having an ETH balance.
“Existing decentralized exchanges lack the streamlined user experience and intuitive simplicity of use of their centralized counterparts,” stated Ilia Maksimenka, CEO of PlasmaPay. They also lack liquidity for the majority of trade fairs. PlasmaSwap’s debut is a step forward in making this fascinating technology a reality for professional traders and institutions interested in entering the DeFi market. The advances offered by PlasmaSwap decentralized exchange will expedite the process of integrating the old and new financial paradigms in this continual flux where new and improved technologies are being presented and embraced at a faster rate.”
PlasmaSwap will be incorporated into the Plasma.Finance platform, improving the status quo of trading by supplying the necessary toolbox for a simple trading experience. The DEX will also provide customers with industry-leading DeFi statistics, such as trade view, trading data, and liquidity depth, courtesy of the Binance and Kraken dashboards.