Payment Protocol

3.1 Account System

User Payment Account

  • Each PAYDAO Card has an independent payment account (Contract Account).
  • Users deposit stablecoins to this account.
  • Deductions are made from this account during payment.
  • Private keys are stored in the PAYDAO Card, giving users full control over funds.

Merchant Collection Account

  • After initialization, the POS Terminal will create a collection account (Contract Account).
  • Each POS Terminal has its own collection account.
  • Receives stablecoins paid by users.
  • Merchants can withdraw to an external wallet address, which is unique and cannot be changed once bound.

3.2 Incentive Mechanism (Refer to Whitepaper for details)

In the PAYDAO ecosystem, transaction fees are no longer a consumption, but a redistribution of value. Through the incentive mechanism, transaction fee revenue can be directly rewarded to ecosystem builders and participants. The incentive model is designed to reward early participants to the maximum extent; the earlier the participation, the more incentive tokens are obtained.

Token Distribution Rules

  • Automatically triggered based on transactions.
  • As the overall transaction volume of PAYDAO increases, the token generation speed will halve periodically.
  • User receives: Transaction amount x Incentive token emission rate x User incentive ratio.
  • Installer receives: Merchant withdrawal amount x Incentive token emission rate x Installer incentive ratio.
  • Tokens arrive in real-time, can be viewed and withdrawn at any time.

Token Buyback Mechanism

  • PAYDAO will use transaction fee revenue to continuously buy back tokens from the secondary market and burn them, ensuring real value support for the token.

3.3 Security Mechanism

  • Contract Security: Contracts are audited by professional third parties, safe and transparent (In progress).
  • Authorization Mechanism: Payment terminals require a registered Authorization Card to function.
  • Payment Security: Although payments can be completed without a password, the payment protocol ensures payment security.
  • Withdrawal Restrictions: Only supports withdrawal to a specific merchant wallet address, which cannot be modified once bound.
  • Account Recovery: Lost payment cards support reporting loss, and users can recover via email(In progress).

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