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0.0 - Disclaimer


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 white paper.

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 P2P transactions.

2.0 - Introduction

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:

  1. 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.
  2. Mobile applications: Android and iOS prototypes are being actively developed.
  3. 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 blockchain (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:

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

7.0 - Frequently Asked Questions

  1. 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.
  2. What are ONEPAY's product offerings? ONEPAY's product offerings are outlined throughout the whitepaper, and can be summarized as the following:
    1. Merchant POS Solution For Businesses (Android and iOS Applications)
    2. Peer-to-Peer Payment Solution (Android and iOS Applications)
    3. Web-based Plugin For Popular Web-based E-Commerce Engines
  3. What currency do merchants receive? For maximum flexibility, merchants can decide how they are paid. Merchants effectively have two options:
    1. 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).
    2. 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.
  4. What is the merchant's fee for processing a transaction with ONEPAY? The fee for processing a business-to-consumer transaction using our enterprise POS solution is 1% of the total funds being transferred.
  5. 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.
  6. 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.