Thu Sep 28, 2017 2:39 pm

Today and in the future every week we will publish a small report on the work done by our team — https://payfair.io/en/blog Report for the last week (11.09.2017–17.09.2017):- We started developing the demo-version of our platform PayFair.- For technological base we decided to use the combination of MongoDb(mongoose) + Node.js(express.js) + Socket.io + Vue.js.- We created a user authorization system with authorization support via REST API, using JWT (Json Web Tokens) (for further mobile apps and extensions development).- We started the front-end implementation on Vue.js using Socket.io in order to get system notifications (invitation for a trade, new message, new dispute etc).- We started working on REST API and already succesfully implemented:1) Creating a user and choosing a role for him (client, escrow-user)2) User authorization3) Creating a new trade4) Viewing already created trades5) Browsing messages related to a particular trade6) Creating a new message in the dialogueOn the 20th of October we are planning to release a test version of PayFair platform!!!We are glad to announce that we commited a source code in the Github repository. Further we are planning to release PayFair key components available in open-source.1 Transparency of all the trades and transactions — the whole chain of transactions is copied in an encrypted way to every participant. You can’t fake it, because every participant always has information about every step of partners.2 High level of cryptographic resistance. It is sufficient to store personal and finanical data safely.3 The flow of payments can happen in any place of the world without third parties, but with low fees and instant execution.4 Technological advantage.5 There are no age or any other restrictions or problems with signing up. To start working you just need to have an internet connection and nothing else.6 The service doesn’t depend on central banks, local laws, religion, politicians and other parties that can intrude and limit your trades. Even sanctions aren’t helpful.7 There is no financial censorship.8 New opportunuties for business deals.The main objective of the guarantor is to ensure the fairness of the transaction.1. Using the framework of our platform, the Buyer invites the Seller (or Vice versa) via a unique link. Using this link, you can track the current state of the application and manage it.2. Further, the Buyer gives all the details and conditions of transaction and exposes them to the seller (or Vice versa).3. The Seller negotiates with all the details and conditions of transaction with the Buyer (or Vice versa), and gives his(her) consent.4. Once the buyer and seller have agreed on the terms, the seller sets the transaction state to "requirements were met".5. If the buyer is satisfied with the conditions, he confirms the conditions. Funds from the Deposit are transferred to the seller. The transaction is considered completed.6. If one of the parties (buyer or seller) was unhappy with the deal - requirements were not met, for example, they can dispute the transaction and they have the right to call for the GUARANTOR.7. The guarantor is required to observe the rules of the transaction, monitor compliance with regulations on the part of the parties to the transaction. The main purpose of the guarantor is to settle disputes between Buyer and Seller and to exclude all possible risks that may arise in the transaction process.8. Details of the work of the guarantor: to support the deal 3 independent guarantors are called, who evaluate the terms of the transaction, listen to the arguments of both the parties involved in the transaction, trying to find a compromise, to make amends to the deal for the subsequent unanimous, positive and correct decisions, thereby put an end to the dispute and proceed the transaction or its cancellation.If 3 guarantors can't find a common consensus for a certain transaction, the next chain of guarantors will step, also trying to come to any decision on the transaction, until the chain of ("3 in a sequence") decisions is looped and the consensus is found.