Populous coin (PPT): Invoice financing on the blockchain =

Populous (PPT) is a platform with considerable ambitions. It wants to ensure that consumers can generate passive income, while companies grow faster, because they have their cash flow in better order. Populous aims to achieve this by completely revolutionizing invoice financing through blockchain. You can read in this article how they intend to do this and how you as a consumer or entrepreneur can benefit from this.

Read quickly:

  • What is Populous?
  • How does Populous work?
  • Popular Coins
  • Team
  • Criticism
  • Conclusion
  • Buy populous coin (PPT).

What is Populous?

As mentioned, Populous focuses on financing invoices. For companies, outstanding invoices are often a major problem. When they provide a service or product to their customers, they send an invoice to be financially compensated for the effort made. However, it can sometimes take months before the other party actually pays this invoice and sometimes it even happens that payment is not made at all. For companies, this is a huge problem, because they do spend money for providing the services and have counted on the money. If we look at the figures, we see that the problem is already significant in the Netherlands alone. 88% of Dutch companies indicate that they receive payments too late and this cost the Dutch business community no less than 10 billion in 2014. So the amounts involved are considerable, and we haven’t even looked at the global figures yet. But a solution is close at hand in the form of “invoice financing”.

Invoice Financing

Invoice financing is a way for companies to sell their outstanding invoices directly to a person or organization for a lower price. The advantage for the companies is that they immediately have the money in their bank account and do not have to depend on how long a customer takes to pay. In addition, they no longer run the risk that the invoice will not be paid at all. For example, imagine that a company has an outstanding invoice of 10,000 euros. They actually want this money as soon as possible, so that they can invest again to grow further. Thanks to invoice financing, they can sell this invoice directly to Bob for 9,000 euros. The debtor then pays the 10,000 euros to Bob after some time. Bob therefore earns 1,000 euros with this and thinks it is worth this amount to have to wait for the money and to run the risk that the invoice will never be paid.

Populous: invoice financing on the blockchain

Now that you know the size of the problem Populous wants to solve and what invoice financing is, we can explain how Populous wants to completely revolutionize this industry with blockchain technology. In fact, the world of invoice financing consists of buyers and sellers of invoices. Populous wants to decentralize this market by having these invoices traded with auctions using smart contracts based on Ethereum.

How does Populous work?

You can use Populous in two different ways. You can buy invoices cheaper and earn money if they are paid later. Or you can sell invoices as a company to get money quickly and to have your cash flow in order.

As a seller

If you want to sell outstanding invoices, you must first register on the Populous platform ( note : this is a beta version, the platform is not yet officially working). You must first be approved by a Populous admin. They check whether you are a legitimate company and whether there are not too great risks attached to your invoices.

As a buyer

If you want to buy outstanding invoices, you must also register first and you must be approved by a Populous admin. In case you want to trade with fiat money, you must first meet the KYC (Know Your Customer) requirements. If you only want to buy invoices with cryptocurrencies, you can do so completely anonymously. As a buyer you can choose to bid individually on the invoices, but it is also possible to participate in a “bidding group”. This is a group of individual bidders who participate in the auctions as one entity.

Populous coins: Pokens and PPT

The picture shows visually how the platform works. Only the part regarding the Populous coins is still missing. At the bottom left, Pokens and PPT (Populous Platform Token) are mentioned. These are the two tokens used on the Populous platform, but what exactly is the difference?

Pokens

Pokens are the cryptocurrencies of the Populous platform. With this Populous coin you can use all features. Each poker is linked to a national fiat currency. This means that there are different types of Pokens: Pokens that are linked 1-to-1 to euros and are therefore worth one euro, but also Pokens that are linked 1-to-1 to dollars and are therefore worth one dollar. You can buy these Pokens with euros, dollars, pounds, yen, et cetera. They are ERC-20 tokens and can therefore be stored in any wallet that supports this form of tokens.

PPT (Populous Platform Token)

The PPTs were mainly created as an investment vehicle. 53 million of this Populous coin have been put into circulation and there will never be more. You can also use the PPT to invest in invoices. It’s not entirely clear why PPTs are better than Pokens except that they could go up (or down) in value on the market.

Team

The team behind Populous is small and little information can be found about it. Most members mentioned in the team cannot be found on LinkedIn. Of a number that can be found, nothing about Populous is mentioned in their profile. GitHub profile of some programmers is given, but no programming history can be found here. This does not inspire much confidence, but fortunately founder Stephen Williams can be found on LinkedIn. He mainly has experience as a publisher of Tramp Magazine in England. He then started a company in market research and commercial data. He still owns it after 3.5 years.
 

Criticism

It seems that you don’t necessarily need the Popolous coin PPT to use the platform. The only advantage is that you save 0.5% in costs if you use PPT to buy Pokens instead of fiat money. The team behind Populous themselves state that due to legal issues they are not allowed to say too much where the value for PPT comes from. All they want to say about this is the following: “We believe that demand for PPT will continue and that it will generally become more difficult to obtain.” A bit of vague language and it doesn’t offer much confidence. So it remains unclear what you need PPT for and where the value for the token comes from. In addition, the team is small, has little experience and there is little online information about most team members. Also, the deadline for the beta version of the platform was missed several times, which meant that many investors were done with the platform.

Conclusion

Populous is a great project and could revolutionize the huge market of unpaid invoices. Invoice financing is in high demand and it would be a giant leap forward if it could be done on the blockchain from now on. Still, it is not entirely clear why we would invest in the token behind it. It does not seem necessary to own the token in order to use the platform. Furthermore, there is little experience in the team behind Populous and it is a huge job to find more information about them. So this project looks promising, but there is still some uncertainty about the team and its token. Time will tell if this will change.

How do I buy Populous?

Buying Populous on Binance is a piece of cake. With this explanation you will be the proud owner of PPT within a few steps.

  1. Sign up for free at Binance here
  2. Login to your account
    Please note: keep your username and password safe!
  3. Press Buy Crypto at the top left and choose Bank Deposit
  4. Fiat tab instead of Crypto and check that it ‘s on Euro
  5. Choose iDEAL if you want the money directly on your account and Bank Transfer (SEPA) if you also like it if it takes a few days before the money is on your account
  6. Wait until your euros have been deposited into the Binance account
  7. Click on Trading at the top and select Classic
  8. You are now on the trading section of Binance. Click on FIAT on the right and select EUR
  9. A number of coins can be traded on Binance for euros. But, most of them are traded against Bitcoin. Look up the trading pair BTC/EUR and buy Bitcoin with your euros.
  10. BTC tab and look up Populous using its ticker PPT
  11. You will now find the trading pair BTC/PPT . By clicking on it, you can buy Populous
  12. Congratulations! You are in possession of your favorite cryptocurrency!

 

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