Pera Paabot™ is a peer-to-peer, DeFi remittance platform powered by Blockchain technology enabling anyone with CryptoPeso (PHPc) stablecoin to participate in the global money transfer industry from anywhere in the world to the Philippines.
There are four basic participants in each transfer transaction and two of them are the primary ones: the Initiator and the Relayer. The Initiator is the one who receives the actual funds from the Sender, and the Relayer is the one who cashes out the funds and relay to the actual Receiver. The Sender and Receiver do not need to be CryptoPeso Mobile users and wallet holders, but the Initiator and Relayer must be mobile app users with activated wallets and have also created their merchant accounts.
How It Works
In order to perform a transfer, the Initiator must have the equivalent amount of PHPc that is being sent by the Sender, plus a certain amount of PHP equivalent to the Commission Fee to be paid to the Relayer. The PHPc of the Initiator will then be locked, and will be unlocked and transferred to the Relayer's wallet, including the Commission Fee, only once the actual Receiver has provided a valid Transaction Code and other Sender information, and the money has been relayed to the Receiver.
The Service Fee paid for by the Sender is divided between the Initiator and the Relayer as their Commission Fee (see Commission Rate below) and a small portion goes to the PHP Pooled Funds backing up PHPc which will help the value of PHPc increase. The Initiator and Relayer only need to pay a minimal Platform and Blockchan Fees in form of IDG and Waves token. Note that both the Initiator and Relayer may charge additional fees from the Sender or Receiver whatever amount they want on top of the system-generated Service Fee.
Amount to be paid by the Sender based on the Sent Amount.
₱50 - ₱4,999 → 1.70%
₱5,000 - ₱24,999 → 1.30%
₱25,000 - ₱49,999 → 1.00%
₱50,000 and above → 0.70%
Plus Fixed ₱17.00
Computed based on the Sent Amount.
₱50 - ₱4,999 → 0.77%
₱5,000 - ₱24,999 → 0.67%
₱25,000 - ₱49,999 → 0.47%
₱50,000 and above → 0.37%
Plus Fixed ₱7.00
₱50 - ₱4,999 → 0.67%
₱5,000 - ₱24,999 → 0.57%
₱25,000 - ₱49,999 → 0.37%
₱50,000 and above → 0.27%
Plus Fixed ₱7.00
Platform / Blockchain Fee
Initiator: 17 IDG + 0.004 Waves
Relayer: 17 IDG + 0.001 Waves
The PHPc Advantage
Why PHPc and not simply use PHP to transfer funds?
The main advantage of using PHPc is transparency and immutability of transfer records. Since the transaction is saved on a public blockchain, anyone can verify the authenticity of the transaction, while maintaining privacy since nobody will know who sent or received the actual money.
Another advantage is the continuous increase in value of PHPc. So if both the Initiator and Relayer simply keep their funds in PHPc, they can earn more in the long run if their PHPc will continue to increase in value.
PHPc For Security
Using a cryptoasset like PHPc for money transfers provides additional security for both the Sender and the Receiver and adds a mechanism to prevent fraud since the PHPc used by the Initiator to transfer funds to the Relayer is backed up by fiat. Therefore, if an Initiator or a Relayer commits fraudulent transaction, the money sent can be recovered using the fiat backing up the PHPc which can not be traded on an exchange. And since the transaction is stored on the blockchain network which can not be altered or deleted, fraudulent transactions can be traced and reverted.
Pera Paabot™ Agents (PPA)
To be able to Initiate and Relay (Release) Money Transfer Requests (MTR), one needs to apply first as an authorized Pera Paabot Agent as an added layer of security for both Sender and Receiver. A valid government ID and security bond (in form of staked and locked in PHPc) will be required from a PPA which will determine the maximum amount one can Initiate and Relay per transaction. Once the limit is reached, pending transactions must first be Relayed or released to the Receiver before an agent can Initiate another transfer request.
Money Transfer Auction
Whenever an Initiator processes a Money Transfer Request (MTR), the Sender has an option to broadcast the request to our internal Money Transfer Auction repository so that CryptoPeso PPA's or Relayers may be able to search by location and bid on any MTR. Once a bidding has been submitted, the Receiver will be notified by e-mail and have the option to transact with any of the bidders (Relayers).
We are continually enhancing the security features of Pera Paabot™ platform for the advantage of both the Relayer and the Receiver.