Last month Paytomat announced its candidacy for becoming an EOS Block Producer. We know there are many of you who would like to know more, so let’s jump right into it.
Who are Block Producers?
Block Producers are entrepreneurs, companies and investors who support EOS infrastructure, verify transactions and receive newly generated EOS as a reward for providing an invaluable job.
The term Block Producer is not new, and it is highly associated with delegated proof of stake (DPoS) technology, implemented in several existing blockchains, including Bitshares, Steem, List and Ark. Although, some people may debate it, DPoS is more energy efficient, faster and more decentralized than other consensus mechanisms.
To become an EOS Block Producers (BPs), it’s not enough to have technical skills to set up a node. You must also be a fully transparent with your team, your company, take part in worker proposals’ voting process, execute arbitrators’ orders (in case a transaction must be rolled back) and, most importantly, make ongoing contributions to overall ecosystem. It’s not an accident that the top BPs are exchanges, wallet and block explorer creators. It’s an immense amount of work which requires a big team and a great vision.
There are two types of EOS Block Producers:
Active — top 21 BPs, blockchain’s core operators, who perform the main workload and produce most of the blocks.
Standby — backup producers, who produce less blocks but they are very important for the long-term stability of network.
At the moment Paytomat is a standby Block Producer and it is currently sitting at top 90 across all of the BPs. This is a great achievement for us and we are proud to have such a strong support before any public announcement to our community.
What does it mean for Paytomat and its community?
A direct communication with EOS teams, developers, investors and BlockOne will allow us to get the latest innovations, insights and roadmap updates of this blockchain.
Additional funds help to create and maintain Paytomat’s product line and will allow us to expand into different markets.
Block Producer status allows to vote for working proposals and participate in network’s important government and technical changes.
Paytomat will be able to receive useful suggestions, advices and consultations before releasing new products or updates.
Reasons to vote for Paytomat
Those of you who’ve been with us for at least a couple of months, know that we deliver on our promises. For the rest of you, here are our accomplishments so far:
We created a payment solution that allows to accept over 20 cryptocurrencies across 10 countries in both retail stores and online websites. Currently it’s a proprietary solution and it will soon be fully operational on EOS blockchain via smart contracts.
We developed multicurrency wallet with several unique features, such as cashbacks, withdrawals to credit card, cryptocurrency exchange. On top of that, this wallet is the first one that supports both ERC-20 and EOS-based tokens, as well as NEM Mosaics.
We created plugins for multiple point-of-sale providers (Poster, NCR Colibri, Profit Solutions, Servio, 1C, R-keeper — in development) who develop extensions for thousands of customers.
We partnered with National Restaurant Association and American Nightlife Association to work with US merchants.
We launched PTI token that is currently tradable on more than 10 exchanges, including ABCC, EXMO, Whaleex and Newdex.
We successfully completed the first Eastern Europe IEO raising 100 BTC in less than 2 minutes.
We launched a cross-chain token migration protocol to easily swap ERC20 tokens into EOS and vice versa.
We enabled Lightning Network payments via Lightning Peach integration.
We presented our products in more than 20 countries.
We participated in dozens of public interviews.
We were one of three dapps presented during EOS Community Conference 2018.
How to vote for Paytomat becoming a Block Producer?
If you believe in our project and decided to support us with your vote, our team would be extremely grateful. To vote, you firstly need to stake EOS in your account, and then use one of the available tools. We recommend you use Paytomat Wallet because it’s the simplest way to vote for Paytomat BP.
Here’s a detailed instruction on how to do it:
Open Paytomat Wallet and find EOSPark explorer (exchanges category)
Scroll down to Block Producer section and hit Vote for Producers.
Search for paytomateosp and select this Block Producer on the left side (check the box)
Click Login at the top. It will log in your account with Scatter.
Click Vote to 1 Producers and confirm your action.
Make sure you receive a success notification and then you’re done.
If you’re a video person, you can find one right here:
Benefits of voting for Paytomat Block Producer
Each vote matters and we assume you understand why. However, we want to give you a clearer explanation on why voting for us is totally worth it.
Being in the highest ranks of Block Producers carries a lot of responsibility. We attract attention and people are following us. Therefore, Paytomat brings even more value to the network in terms of its products and infrastructure’s stability, reliability and quality.
Extra funds can be used for hiring more developers, support and other team members we may currently lack. This means that our team will only become stronger and deliver results faster.
We believe that by working with the smartest global network of entrepreneurs around the globe will bring more benefits than we can even think of. It is possible that Paytomat can have a big leap over the next few months, especially by the end of the year. So be prepared.
Reaching higher positions allows to experiment with unique business models, increase our revenue streams and strengthen the value of PTI token which is greatly beneficial for our holders.