Public Payments will strive to become a trusted Proof of Stake brand and we are proud to have IoTeX as our first node. Our long term aim is to launch financial products and services which leverage the most suitable public payment protocol (cryptocurrency or crypto asset) for that product or service.
We are a team of developers who have spent most of our careers in investment banking but in 2015 we saw the light and decided to join the blockchain movement and disrupt the financial services industry, effectively "biting the hand that feeds us". Our vision is to help remove the redundant financial intermediaries that are no longer required due to the disruptive nature of this technology and the problems this technology can solve.
The fees we all pay to financial institutions, which offer us secure and guaranteed transactions, are quickly becoming obsolete. Blockchain doesn't need expensive luxury offices, high salaries and obscene bonuses. These are not the ingredients to guarantee trust, whereas mathematics can and does provide trust for all borderless transactions.
We are not willing to discuss actual specifications due to security concerns but we have enterprise grade security which has been reviewed by a number of independent security companies.
We believe that people and machines should be able to digitally transfer funds to one another through public infrastructure which can't be compromised to prevent a transaction, just as we are free to exchange money face to face.
We see the block validator as our first step to become involved with the community and something that has worked very successfully with Tezos. Our core interest is with zero knowledge technologies especially ZK-STARKS (like its cousin ZK-SNARKS but it doesn’t require a trusted set-up) for extreme compression rates on transactions. Our intention is to leverage the work coming out of companies such as StarkWare Industries and implement the ideas in IoTeX.
We are planning to provide a decentralised off-line transaction service where we can compress thousands of transactions into a single block. The advantage of being a block validator is that we can offer considerably reduced fees to wallet providers, exchanges and individuals who want to use an off-line transaction service. The off-line signed transactions will be decentralised, on a technology like IPFS, allowing many of the validators to pick up from this pool and to fill up their allocated block with these off-line transactions, providing validators with extra fee income. This will not only reduce costs for transactions but will greatly improve the TPS throughput as we believe you could compress 10k transactions into an Ethereum block using ZK-STARKS technology.
We will distribution 80% of all rewards and if you signed up in the promotional period your fees will not change.
Epoch Bonus Reward: 80% Block Rewards: 80% IoTeX Foundation Bonus: 80% Payout frequency: Every 200 epoch which is around 8 days (we think this is reasonable length but we may change this depending on what is a convenient payment cycle length) Your plans for retained rewards: We plan to retain all our rewards and so our stake will increase over time.
We guarantee if we ever introduce a promotional offer better than your current allocation you will automatically be upgraded. We will never move you to a higher fee even if our headline fees goes up. So you can sit back and relax knowing that we won't suddenly increase your fee.
