Have you ever had the unfortunate experience of accidentally sending crypto to the wrong address or being scammed by someone who wanted your crypto in an inappropriately easy way and never being able to get it back? I have some exciting news for you! I’d like to introduce you to FROGPAY, the world’s first decentralized charge back on blockchain, inspired by PayPal. Thanks to this project, you will be able to protect your transaction on blockchain. Antonino Bali, a young Italian entrepreneur, really does the shot with his brilliant idea
What is FROGPAY?
FROGPAY: The World-First Decentralized Charge Back on Blockchain History.
Anyone who owns cryptocurrency is concerned about their security, such as how to protect their wallet from scammers or incorrect transactions. Because there is a significant issue with blockchain, which is that it doesn’t allow you to cancel or reverse any transaction. In short, all blockchain payments are non-refundable. Here are 2 major problems due to it’s flaw.
- Scam. If a person makes any kind of purchase on the web3, they do not have the option to request a refund (chargeback), and their money is lost forever. This allows scammers to operate freely, jeopardizing people’s safety, which is always a priority when it comes to money.
- Incorrect transaction. There is no way to get money back if you send it to the wrong address. Mistakes can happen at anytime. There is no 100% of guarantee that we would never make a mistake, even the most careful person. How nice it would be to feel safe about your web3 transactions and know you can request them back!
FROGPAY‘s innovative “Jury Dispute Management (JDM) Governance system” allows the first ever chargeback (refund) in blockchain history.
What is the uniqueness of FROGPAY?
Any FROGPAY transaction is routed to the dAPP (decentralized Application) custody contracts and securely locked. As you can see from the demo on the FROGPAY website, the project appears to be a simple application; we simply log in with our wallet and send the payment; the funds will be sent to a smart contract that will handle the transaction.
If the transaction goes off without a hitch, meaning there is no problem at all, the other part of the transaction will be receive the payment. However, If the sender is unsatisfied with the transaction and requests for a refund, custody contract ask JDM court to judge the request. JDM court will either refuse or approve the request, depending on the circumstances. If the request is denied, the other part of the transaction will receive the payment; if the request is approved, the sender will be refunded. Another possibility is that JDM requires additional information about the transaction. In that case, both parties must enter more data.
Here is an explanation scheme from FROGPAY’s official website.
What is the oppotunities of FROGPAY?
Besides from the safety transactions, which we already mentioned above, there are also more benefits waiting for you.
You have an opportunity to grow your income to judge the disputes. As a hodler on the project, you will be called upon at random to “judge” disputes created by FROGPAY users. Yes! This means that the entire system is based on their hodlers, and hodlers can actively participate in the contribution. If your intervention helps to resolve the dispute, you will be compensated with a small percentage. Remember, only those who own the token will be able to earn money through jury duty. So, prepare yourself for the launch!
So how does this compensation funded? FROGPAY keeps 2.9% of each transaction as a service charge, whether or not there is a dispute. If there is a dispute, the fee is paid to the jurors as a thank you for their hard work. However, If there is no dispute, 50% of the fee will be paid as Staking rewards, which brings us to the next benefit, and the remaining half going to FROGPAY’s treasury.
As previously stated, becoming a part of the project by investing and receiving an automatic profit share among holders is another benefit that we can anticipate. Users will be able to obtain passive returns as well as the right to be chosen as jurors! For your information, the private sale is now open on their website. All relevant sources will be listed at the end of my blog.
Future of the project
First and foremost, the most exciting thing we can expect in the future is the possibility of web3 payments being converted to web2 payments. Imagine that one day you will be able to use your crypto currency to purchase items on e-commerce sites that accept only traditional payment methods such as a visa card, master card, and so on. Now you don’t have to move your crypto or bother yourself to convert for using on web2. FROGPAY allows you to go to e-commerce and buy in a decentralized manner with one click, without having any other extra movements. If you do not receive the product, you may request a chargeback through the disputes section managed by the JDM governance system. It will become a reality in 2024.
And they intend to open the service to all private individuals in the near future, specifically in 2023, allowing secure transactions between the users on web3. Furthermore, Certik, a pioneer in blockchain security that uses best-in-class AI technology to protect and monitor blockchain protocols and smart contracts, has already audited the project.
Find more info to join on the telegram channel of FROGPAY family, which has more than 15k subscribers already! https://t.me/FrogPayGroup
Thank you for tuning here with me. Hope to see you soon on my upcoming blogs!