Decentralized Escrow Services Provider PayFair Releases Trust Nodes

PayFair, a blockchain startup that intends to provide decentralized Escrow services as well as peer-to-peer payment and exchange solutions, recently announced important updates pertaining to the Trust Nodes of its network.

As per the announced updates, the Trust Nodes have been released on the blockchain’s demo platform. However, anyone can have their node activated through the platform without the need for 24/7 availability or for any specific hardware, since the PayFair team describes that the “node links directly to your myetherwallet”.

While the initial announcement provided step-by-step instructions to have these nodes activated, it was mentioned that it was not an official guide, as that could only be released once the User Interface gets updated.

A team member also posted the following instructions with the announcement:

“Please only use ROPSTEN ACCOUNTS at this time as this is the demo platform! Should you like to try this yourself please message Ryan Redmond @rred8118 on the telegram and I will provide you with PFR to try!”

With the launch of its Trust Nodes, the project has achieved a Quarter 1 milestone in its development, and  community members who have had their eyes on the project have welcomed the update.


What does Payfair do exactly besides providing decentralized escrow?

Announced in November 2017, the PayFair platform intends to fill the void that the cryptocurrency community has to face when it comes to providers of primary payment solutions.

The platform aims to provide Escrow solutions for larger payments in cryptocurrencies, and to add to that offering with services that fulfill the purpose of peer-to-peer payments.

Due to the functionalities that it brings to the table through the Ethereum platform, the PayFair platform could also serve as an effective community trading forum, where users could list their trading offers and have them fulfilled by interested parties just like themselves.

The possibilities that come with the platform do not just end there, since it could also provide many more functionalities. One of the most interesting features of this venture is its ability to provide P2P marketplaces aside from trading offers, where people would be able to post ads for services or for products and have the “trades” fulfilled and backed by PayFair’s decentralized Escrow solutions.

In other words, PayFair has the potential to power online staffing platform services like Upwork, as well as the functionalities of community marketplaces such as eBay or Etsy.

Due to the services that the platform could execute, it is being watched closely by a passionate segment of the cryptocurrency community, which believes that the project has what it takes to revolutionize payment services in a future where more and more individuals and companies would be moving towards blockchain for their everyday processes.

PayFair will use its native token, PFR, to fuel certain functions and services on its blockchain platform. The tokens had officially started listing from December 1, and are currently available for buy and sell functions through exchanges such as IDEX, and ForkDelta.

In addition to this decentralized escrow feature proposes by Payfair, we are seeing a gradual increase of projects that are looking at increasing the quality of the user experience such as the recent Paypal filling for a patent that would potentially decrease fees and transaction times, Eidoo consumer friendly cryptocurrency exchange and much more! Exciting times for cryptocurrencies indeed.