ProBit Global has announced that it will be holding IEO for decentralized arbitration platform PayrLink starting on June 23.
In 2020, online fraud exceeded $36B in damages, and 33% of the 41,223 reports filed resulted in financial loss. A recent survey showed that 39% of over 3,000 respondents claimed to have been targeted by digital financial scams.
PayrLinks provides escrow services backed by a global network of industry experts serving as digital jurors who oversee and cast votes to resolve a wide range of potential disputes. Dissenting parties can file an appeal to PayrLink at a much lower cost while retaining the services of industry experts with the implementation of smart contracts.
Designated jurors are required to stake PAYR a minimum of 1 month before a specific dispute to remove any potential for bias or collusion. The PayrLink smart contract can accurately verify all commitments set in stone once votes are officially cast.
Jurors with higher stakes have a proportionately increasing chance of voter selection with slashing mechanisms serving to sustain integrity across the ecosystem. PayrLink Revenue Distribution (PRD) allocates a portion of transaction fees to further incentivize honest actors throughout the voting arbitration.
The platform establishes enhanced data privacy through blockchain technology such as Zero Knowledge Proof to bolster transaction security without revealing core information such as recipient addresses.
PayrLink has revealed their intentions to launch on Ethereum in Q3, 2021, followed by future deployment on the Binance Smart Chain in Q4, 2021.
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PayrLink is a decentralized application powered by Blockchain technology that works as a decentralized third-party that arbitrates transactions in a private manner from very simple and highly complex ones.
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