PLEASE READ THIS DISCLAIMER SECTION CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU
SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX, OR OTHER PROFESSIONAL ADVISOR(S).
The information set forth below may not be exhaustive and does not imply any elements of a contractual
relationship. While we make every effort to ensure that any material in this white paper is accurate and up to
date, such material in no way constitutes the provision of professional advice. ONEPAY does not guarantee, and
accepts no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, or
completeness of any material contained in this white paper. Investors and potential 1Pay token holders should
seek appropriate independent professional advice prior to relying on, or entering into any commitment or
transaction based on, material published in this white paper, which material is purely published for reference
purposes alone. 1Pay tokens will not be intended to constitute securities in any jurisdiction. This white paper
does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of
securities or a solicitation for investment in securities in any jurisdiction. ONEPAY does not provide any
opinion on any advice to purchase, sell, or otherwise transact with 1Pay tokens and the fact of presentation of
this white paper shall not form the basis of, or be relied upon in connection with, any contract or investment
decision. No person is bound to enter into any contract or binding legal commitment in relation to the sale and
purchase of 1Pay tokens, and no cryptocurrency or other form of payment is to be accepted on the basis of this
1.0 - Executive Summary
ONEPAY is a revolutionary point of sale (POS) system that allows businesses around the world to begin receiving
cryptocurrency payments from customers. Traditional payment systems rely on centralized banking and credit
institutions. In contrast, ONEPAY leverages the power of blockchain and decentralized cryptocurrencies in order
to facilitate the exchange of funds between consumers and businesses.
ONEPAY is a simple premise; any retailer with the ONEPAY POS terminal in their business can allow consumers to
pay for their transaction using the ONEPAY mobile application. The ONEPAY mobile application has a simple and
intuitive user-interface that allows you to connect your cryptocurrency wallets and begin buying goods and
services with your funds. Transactions are facilitated by NFC technology; simply tap an enabled mobile device to
a ONEPAY POS terminal to initiate a blockchain transaction. In addition to in-person transactions, ONEPAY
intends to be the premier solution for accepting cryptocurrencies on the web. With integrations to Shopify,
Magento, and more, ONEPAY e-commerce is a simple to integrate payment processor for online web-stores. Furthermore, ONEPAY
aims to be the premier solution for peer-to-peer cryptocurrency transactions. Rather than going through a convoluted
process for sending and receiving funds, ONEPAY users can enjoy the same streamlined process and UX for making their
2.0 - Introduction
2.1 - Blockchain Technology
Blockchain: a digital, decentralized, public ledger of all cryptocurrency transactions. This ledger is
constantly growing as "blocks", the term for recent transactions, are completed and verified by many
participants. Blockchain technology was originally developed for Bitcoin and has
proven itself as the prevailing model of a distributed ledger technology over the last decade. The
transactions on this ledger are indelible, meaning they are permanent, having been verified by the
previously mentioned community of participants instead of by a central authority. The rise of Blockchain
technology and the lack of a central authority distort the very foundation financial institutions have set in
place, leading to advantages that may prove to revolutionize the Financial sector as a whole.
2.2 - Cryptocurrencies
Before discussing advantages of such technology, cryptocurrencies must be explained to the reader.
Following in suit with Bitcoin and Blockchain, there is always someone looking to make an invention
better. This trend can be found throughout history - starting from the wheel, the automobile, to the very device you read this text on
right now. Cryptocurrencies are no exception. A cryptocurrency is a digital asset that is
designed to work as a medium of exchange, using cryptography and blockchain ledger technology to do
so. Bitcoin, plagued with not only slow and impractical transaction speed, but also large fees has
fallen short. These problems, among other shortcomings, have allowed for the creation and adoption of
thousands of other cryptocurrencies.
2.3 - Advantages
A user can send and receive money anywhere in the world at any time.
Borders, banking hours, or other previous limitations on transferring money are non-existent.
No central authority figure holds onto your money, you are in control.
Merchants cannot charge extra fees without be noticed.
Anonymity, personal information is not tied to transactions. This protects against identity theft.
All transactions are available for everyone to see.
Transactions are verified by a network of users.
Blockchain cannot be manipulated by a person, government, or organization.
Due to the fact transactions cannot be reversed and do not carry personal information, merchants
are further protected from fraud.
Low transaction and conversion fees.
2.4 - Limitations
The lack of ability to use cryptocurrencies for payment in our day-to-day commerce is a major downfall to this new technology. Merchants must begin to adopt cryptocurrency payment systems to help bring this technology truly into the mainstream.
2.5 - ONEPAY Solution
ONEPAY, having noticed such limitations, aims to rectify this problem by creating an intuitive Point of Sale (POS) technology that interfaces with blockchains directly. The ONEPAY POS Suite has been designed for both peer-to-peer as well as
The ONEPAY POS Suite includes, but is not limited to, the following tools:
iOS and Android mobile application for consumers and peer-to-peer exchanges
Plug-and-play payment gateways for e-commerce platforms
ONEPAY Payment SDK and API
ONEPAY-managed cryptocurrency wallet
3.0 - Details of how it works
ONEPAY's goal is to equip today's merchants with the means to accept cryptocurrency payments. As
cryptocurrencies continue to pave their way into the landscape of the financial system, it remains that
the majority of businesses lack the necessary knowledge and resources required to enable cryptocurrency-based payments. ONEPAY
bridges this gap by providing brick and mortar merchants with an inexpensive point of sale (POS) solution. Once
a business has configured their ONEPAY POS terminal, they can immediately begin receiving cryptocurrency
payments via customers using the ONEPAY mobile application. Using near-field communications (NFC) and QR-code technologies, consumers
can wirelessly transmit payments to a vendor's ONEPAY POS terminal to pay for their transaction. The ONEPAY mobile
application is an intuitive, secure gateway for individuals to connect their existing cryptocurrency funds in order to seamlessly
transact. ONEPAY is built atop of the EOS blockchain; an industry leading cryptocurrency that has demonstrated the
ability for ultra-low transaction processing times and fees. By leveraging industry leading cryptocurrency
networks, the ONEPAY suite is the fastest and most seamless way to pay for goods and services using
cryptocurrency. As with traditional credit-based POS solutions, payments are funded by merchants, meaning consumers are not paying a premium
for their goods and services.
In addition to a brick and mortar product offering, ONEPAY is integrating with several industry leading
e-commerce engines in order to provide one-click online payments for users. Similar to checking out with PayPal,
ONEPAY-enabled websites will offer a seamless way to pay for your transaction using a ONEPAY account. Payments
to online retailers are also verified on the blockchain in real-time to ensure that the transaction was
successful before proceeding through the checkout process.
In addition to business-to-consumer based solutions, ONEPAY will be a platform useful for facilitating peer-to-peer transactions. Users of the mobile application
will have the ability to easily send and receive cryptocurrency payments. Similar to a "Venmo® for Cryptocurrency," users will be able to utilize the same streamlined
mobile application for transferring funds for their interpersonal transactions.
The ONEPAY mobile application allows end-users to connect their preexisting cryptocurrency wallets to access
existing funds. ONEPAY holds a very high standard when evaluating cryptocurrencies for adoption into the
platform. ONEPAY ultimately acts as a layer of abstraction above the various cryptocurrency implementations that
are available today and will allow for flexibility in the currencies chosen by its users. It is important to note that
while the ONEPAY team ultimately envisions various cryptocurrencies being adopted to platform, the team is currently focusing
all efforts to the EOS platform.
Architecting such a platform is a major scaling and security challenge. The ONEPAY team primarily consists of software engineers and
system architects who are constantly enhancing our prototype systems to meet the anticipated network loads of over 10,000 transactions per second.
The current technology being developed consists of:
RESTful interface: The ONEPAY RESTful API is the true backbone of our technology stack. The API is the connectivity layer
between our mobile applications and web-based solutions. On the backend, the API layer is responsible for communicating
transactions into the cryptocurrency blockchain. During our prototype stages, all communication is done using the EOS testnet.
Mobile applications: Android and iOS prototypes are being actively developed.
Infrastructure: Leveraging Chef, Docker, Redis, MySQL, Casandra, and other technologies, ONEPAY is architecting
a fault tolerant, redundant, and auto-scaling platform to host the network.
4.0 - 1Pay Token
The 1Pay token will be available during ONEPAY's token ICO. 1Pay is currently based off of the Ethereum
(ERC-20 Standard). Once the EOS platform launches, the ERC20 token contract will be frozen and the ledger will
be transferred over to EOS.
Everyone will receive a proportionate amount of tokens to their EOS wallets and the ERC20 token will no longer
be used. This is essentially the same method that EOS will be
converting their ERC20 tokens.
The accepted payment method will be Ethereum, with the pre-sale starting on 2/16/18. This token will be used to
fund ONEPAY in
our ventures to bring your decentralized future a reality.
Token holders will be rewarded by receiving a "regular" dividend payment that is funded by a percentage of the
transactional revenue received throughout the ONEPAY POS Suite. The token dividend is 0.5% of gross
transactions. The formula
would equate to (Gross Transactions In Dollars) * (Tokens Owned / Total Token Supply) * (Token Dividend Rate).
So for example,
if ONEPAY processes $1,000,000,000 in payments for the year,
a person who owns 10,000,000 tokens would earn $1,000,000,000 * (10,000,000/500,000,000) * 0.005 = $100,000 for
that year. As the total revenue goes up, the cash value of the dividend goes up.
The regularity of these payments will be determined further down our roadmap.
The total supply of the 1Pay token will be 500 million of which 20% shall be allocated during the ICO.
The ICO will be broken into two phases:
4.1 - Phase 1
25 million token cap
0.00006 ETH per 1PAY
4.2 - Phase 2
75 million token cap
0.00011 ETH per 1PAY
4.3 - Token Distribution
50% Reserved Capital
4.4 - Caps
1500 ETH Soft Cap
10000 ETH Hard Cap
5.0 - ONEPAY ICO Schedule
The ONEPAY ICO will begin 2/16/2018 with a pre-sale phase. ONEPAY (1PAY) ERC-20 tokens will be sold for .00006
ETH per token. The pre-sale phase will be open until 3/2/2018 at which point the primary ICO sale will begin.
During the primary ICO phase, ONEPAY (1PAY) ERC-20 tokens will be sold for .00011 ETH per token. The entire
ICO will be closed when a total of 100,000,000 ONEPAY (1PAY) ERC-20 have been raised. Our goal is to raise
10,000 ETH during the ICO period in order to finance this project. The SoftCap will be 1500 ETH.
5.1 - Important Dates
6.0 - Roadmap
Outlining the requirements for the product and coding the POS application using the EOS testnet. Development of
the underlying API service layer as well as coding of Android and iOS mobile applications. Development of
merchant dashboard for POS management.
Crowdsale and Hiring
Raise money in order to begin hiring marketing and sales specialists, as well as attracting high
Design & Prototype
Our POS and Mobile App software will be underway, and we will begin work on an in-house POS prototype.
Beta Testing and Field Tests
We begin testing our POS pilot system at retail locations. Any feedback collected will be used for
Strategic Partnerships and Product Refinement
We ramp up our marketing and sales teams in order to license our POS systems to the marketplace. In addition, we refine our product and prepare for official launch.
Our revolutionary POS system goes live. We continue to grow our retail client portfolio.
7.0 - Frequently Asked Questions
What cryptocurrencies does ONEPAY support?
For our initial development, ONEPAY is currently focusing all development efforts toward the EOS platform.
The ONEPAY team believes that EOS is a revolutionary cryptocurrency project boasting unparalleled transaction processing speeds
as well as zero processing fees for transactions on it's network. ONEPAY fundamentally will be a cryptocurrency-agnostic
platform, meaning that other currencies that meet our criteria will be integrated into our product in the future.
No Conversion - Receive payment in the currency used during the transaction. For example,
if a consumer pays for goods using 10 EOS, the merchant's wallet will be credited 10 EOS (minus the ONEPAY transaction fee).
Currency Conversion - ONEPAY can issue a fiat currency payment to the merchant on a monthly basis based on the spot rate for the respective currency. Currency conversion rates may apply.
How do 1PAY token dividends work? What incentive is there to hold the tokens?
As mentioned before, ONEPAY charges merchants a nominal 1% transaction fee. ONEPAY uses 50% of the transaction fee (i.e. .05% of total funds transferred)
to fund dividend payments to token holders. These dividend payments grow as the volume of transactions on the ONEPAY network
increases, creating a mutual incentive for ONEPAY and it's token holders / investors.
Why is the ONEPAY team currently anonymous?
ONEPAY is being developed by a team of Software Engineer contractors in the United States.
The ONEPAY team has chosen to remain anonymous until our legal counsel advises us to do otherwise.