Utrust aims to provide consumers with the protection they deserve for online transactions, acting as a mediator platform and arbitrator of disputes, with low costs and minimal cross-border transaction friction. This allows merchants to transact with an ever-growing base of cryptocurrency holders from around the world. Utrusts goal is to develop a comprehensive payment application programming interface (API) for the market and has the potential to become a competitor to PayPal in the realm of crypto payments.

1. Project Introduction

The Utrust platform is a payment processing solution that enables merchants to accept various cryptocurrencies from buyers while still receiving fiat currency.

Use Cases

Reduced Buyer Purchase Risk
Utrust covers all purchases, including goods and most services. Other traditional solutions, like PayPal, only cover physical goods, and password-based services, like Bitpay, do not cover anything at all.

Payment Approval Speed
Unlike traditional payment systems, which often delay payment approvals due to high fraud risks and require numerous documents, Utrust can approve payments immediately, offering a seamless process for both parties—the buyer and the seller.

Low Exchange Fees
By using advanced analytics connected to multiple cryptocurrency exchange providers, Utrust offers low exchange fees for both buyers and sellers. Services like PayPal and Bitpay offer significantly higher internal exchange rates.

Low Seller Fees
Utrust charges a fixed 1% fee on payments made to sellers. Other services, like PayPal, charge a minimum of 2.9%, but after accounting for all "hidden fees," this can exceed 5%.

Acceptance of Multiple Cryptocurrencies
The Utrust platform accepts the most widely used cryptocurrencies on the market (Bitcoin, Ethereum, Litecoin, Dash, Monero, etc.), covering a larger proportion of the total market capitalization. Services like Bitpay only accept Bitcoin, limiting their market to half of the total market capitalization. As more tokens are created and added to the market, their captured percentage will only shrink further.

Funds Security
Leveraging the power of blockchain, say goodbye to credit card fraud. Users control their private keys and funds, without even needing to access their wallets. Traditional centralized solutions have poor track records when it comes to ensuring the security of funds.

No Chargebacks
Sellers are protected from rampant credit card fraud and unpleasant chargebacks, which are common in traditional payment services that still rely on credit cards.

Customer Payment Protection
Services like PayPal are well-known for heavily relying on buyer/seller protection programs. However, they only cover the purchase of physical goods. Bitpay does not include any coverage, making transactions irreversible and exposing users to potential fraud. Utrust extends consumer protection by covering both physical and virtual (where applicable) purchases, ensuring comprehensive coverage for all eligible payments made through Utrust.

Dispute Resolution Timelines
Traditional solutions, like PayPal, have long waiting times for dispute resolutions, where both parties can independently collect evidence over extended periods (months), making it a slow and painful process. Utrust offers a self-mediated two-party resolution model and an advanced third-party dispute resolution mechanism, allowing both parties to chat in real-time and be guided by one of Utrusts resolution mediators.

Seller Performance Rating Based on Performance
Utrust implements a performance-based analysis algorithm to evaluate seller performance, which decreases as the sellers performance grows. This mechanism creates a trustworthy environment, encouraging sellers to improve over time and increasing buyer confidence. In the best case, top-performing sellers may see their holding times eliminated, gaining immediate access to funds.

Distributed Token with Indexed Value
Utrust is not just a payment platform. It will also issue its own cryptocurrency—the Utrust token (UTK). Users can buy/sell/send/receive their UTK on the platform, convert it into fiat or other crypto assets, or simply keep it securely in their wallet, watching its value grow alongside the platform. Transactions involving Utrust tokens will be converted internally with zero exchange fees.

2. Commentary

Utrust is a pioneering payment platform where buyers can transact using cryptocurrencies (for private or commercial purposes). As a mediator platform, Utrust not only provides merchants with a channel to receive fiat currency but also offers consumer services to buyers. Utrust aims to provide the consumer protection that online transactions deserve, acting as a mediator and arbitrator of disputes, reducing fraudulent behavior through refund services, and protecting merchants from the negative impacts of cryptocurrency market volatility. By further leveraging the advantages of cryptocurrencies, such as fast transactions, low costs, and minimal cross-border transaction friction, Utrust enables merchants to transact with an ever-growing global base of cryptocurrency holders.

Related Links:

https://utrust.com/
http://www.qukuaiwang.com.cn/szhb/2782.html
https://www.lianyi.com/zixun/996202