payja

WHITEPAPER V1

(Last updated Oct. 15, 2021)

A frictionless crowdfunding system built for innovation and humanity

Introduction

As the scope of creativity continues to expand, there has been an increasing need for humans to realize their potential by bringing solid ideas to fruition through the most accessible means. It is no surprise that each part of the world has its own way of devising modern technology and delivering products that are not only useful but also life-enhancing. Computer devices, constructions, artworks, horticulture are a few pieces of evidence that humans are indeed capable of making the world a better place.

Remarkable developments have also surfaced in the use of financial technology (FinTech) in helping startups and individuals raise funds to build a wealth of infrastructure around their creativity. This has a psychological impact we cannot dispute, the psychological satisfaction derived after hassle-free fundraising.

Project Proposal

While there have been many other projects that have tackled the hassles in fundraising, PayJa’s unique values are:

(i) Decentralized Donation

Most crowdfunding platforms usually do not have a proper system to protect the backer’s identity. PayJa delivers its service by offering an option of anonymity to project supporters in the checkout process. With PayJa, backers do not need to worry about anonymous transactions anymore as investors are allowed to back a campaign with cryptocurrency. Since not all backers want to disclose their identity in the donation process, it is only reasonable that the volume of funds such a backer can donate is unlimited. Additionally, PayJa gives the option to fund projects with major credit/debit cards.

(ii) Boundless Innovation

Unlike most crowdfunding platforms that place geographical restrictions on potential registrants, PayJa has emerged as an intercontinental crowdfunding system that connects a creator and backer without geographical restrictions, racism, sexism, territorial discrimination, or any discrimination for that matter. With PayJa, everyone shares a global identity and there is so much that could be achieved together to make the world a better place.

(iii) PayJa Green Board

PayJa has built a reward-based system for impactful global charities for free. This is built on the premise that there is no better way to encourage generosity than to show potential givers what generosity looks like. So PayJa has implemented a procedure where its users (backers and innovators) are allowed to vote for the top 10 listed charities. The listing was based on initial user feedback about the most impactful charities operating globally.

Then PayJa allocate 1.5% of our yearly profit to these bodies disproportionately based on their position on the ranking system called the ranking on the PayJa Green Board featured on the landing page. Rank #1 = 30% share; Rank #2 = 20% share; Rank #3 = 15% share; Rank #4 = 11% share; Rank #5 = 9% share; Rank #6 = 7% share; Rank #7 = 5% share; Rank #8 = 3% share; Rank #9 = 2% share; Rank #10 = 1% share. This procedure was initiated to encourage charities to create even more value globally.

1.0. Humanitarian Economy

Backing the fundamental rule that human welfare is the core value that sustains life, one could reflect on the various social maladies ranging from starvation to terrorism, natural disaster, and immediately understand how these nerve-racking situations are most often a cause for the struggle between life and death. 

In this present decade, the world is awash with people, groups, and communities that are suffering severe hardships, and while this is certainly always true to some degree, no one can argue that at this particular point in time the world doesn’t collectively seem to be suffering in a more prolific way as a combination of many global factors.

The art of giving is a useful strategy for solving many problems and it certainly has a place in the future of philanthropic and charitable activities. Within the context of our project, financing charitable causes allow for a small but significant part of the value that is being generated by our community to be contributed towards improving the complicated state of the world. Creating value for humans by supporting what the masses stand for, is a collective way we have chosen to help society effectuate the preservation of the human race.

1.1 Goals and Market Concentration

The overarching goal of PayJa is a structural one- to create an easily accessible crowdfunding infrastructure for every part of the world. Originated from Nigeria, Africa, PayJa’s market is dispersed globally.

Apart from the points mentioned above, PayJa functions as a reliable platform to raise funds for innovation and creativity without limitation from any part of the globe. The category of approved PayJa users generally includes startups, businesses, educational institutions, medical and any individual who has a solid purpose to fund their project or proffer a solution to any disordered state of affairs.

1.2 Synergy between the Community, Charity, and the PayJa Team

Our services begin from a point of maximally aligning the goals of each group within the technological constraints we begin with, and with each additional development to the system, more value will be created by PayJa, more value will be distributed to charities that can affect global positive changes, more value will be enjoyed by our community in a more diverse range of forms, and consequently, as a team, our goal of creating the world’s largest financial ecosystem will also be realized.

Platforms

2.0 Web & Mobile App

payja

The PayJa website is built on a responsive design for a seamless experience. We are migrating the web hosting and database management to the AWS cloud server in the coming months (whitepaper V2). With the PayJa website, you can quickly create a fundraiser project and submit it for publishing. Similarly, PayJa mobile app is being built in both Android and iOS versions. Both platforms serve the same purpose.

Donation is based on the backer’s preference. If you are supporting a project, please do your due diligence to ensure that the project is feasible.  While there are projects to be supported on the platform, potential backers or donors are able to access each project and provide support for their favourite(s). There is no set minimum or maximum amount of money a backer can donate; even $1 from multiple backers could help your project reach its funding goal.

2.1. Team Commitment

Our strength as a team is the diversity of members so that we could focus on the development and branding of a digital fundraising system- an innovation that is uniquely designed to help startups, innovators, creators and entrepreneurs fundraise their projects, while also helping the public to dispense with the hassles of the existing crowdfunding systems that have limited humanitarian impact on the society. 

Our ideology is quite simple- we are not a charity. PayJa allows innovative and creative projects to be funded through its Platform, yet we would allocate a share of 1.5% of our yearly profit to charitable causes of high reputation.

The team structure includes the Tech. support, Sales, Marketing, Corporate Social Responsibility, Legal, Content team, and Campaign Advisors. While ensuring a good user experience, the UI/UX graphics has been a special sub-team of the content team that has dedicated quality time to materializing a suitable design for our platform streams [website and mobile apps].

Funds Circulation

3.0 Crowdfunding

No matter the type of fundraiser project, the ultimate goal is to boost the conversion rate at which potential backers turn into ‘actual’ backers. We serve the society with a fundraising system with inbuilt functionality of automatic follow-up on potential backers who may have abandoned the payment stage of the donation process. Thus reducing the backer’s cart abandonment on our platform.

With cryptocurrency integrated as one of our payment methods, you are allowed to back a project by paying with cryptocurrency- Bitcoin, Etherium and USDT Tether, and Celo while there are other methods including major credit/debit cards- Visa, MasterCard, American Xpress, and Discover.

3.1 Charities

It need not be overemphasized that charities and NGOs especially do stand for social causes representing the best public interest. One of PayJa’s core goals is to back social causes of reputable charity and NGOs as long as the interests are potential calls for social welfare and humanitarian economy. We allocate a 1.5% reserve of our yearly profits to highly impactful charities ranked on the PayJa Green Board.

Governance

4.0 Voting

Decision-making within the PayJa ecosystem among our team centers on both internal and external implementation of policies that affect our system, usually with a voting procedure where each of our members has the right to vote in approval or disapproval of an idea worthy of consideration. Such an idea revolves around the PayJa ecosystem including campaign fees, allocation of donations, new policies, and the team. Oftentimes, we have our private virtual meetings on our official Discord server.

4.1 Charity Proposal

A crucial aspect of our decision-making process is the proposal on the specific charities or social enterprises to be included in our ranking system. At the initial stage, the inclusion of charity would rather be subjected to an objective voting procedure with due process and transparency among our team members- a procedure which would be followed by ranking of the charities in subsequent years.

Growth

5.0 Overall Growth Goal

Sustainability is at the core of our team’s plan for the growth of PayJa. In all decisions we make relating to marketing and exposure, our main concern is creating attention that will be impactful and expansive, but most importantly, for the right reasons.

We’re aiming for fast growth within the space, both from the perspective of the various different forms of value being created and distributed to charities and our community and also in the wider FinTech community’s awareness of our project.

This rapid-but-sustainable growth can only come from a good balance of providing immediate benefits by utilizing our services and being crystal-clear that our project aims for long-term and progressive growth in the size of our communities and of the value being generated from the outset.

We hope that our team commitments put our goals from growth into context (See 2.2 Team Commitment).

5.1 Merits of the System as a Mechanism for Growth

While external methods of marketing and having a budget for that are great, there’s no point in marketing something that is a fundamentally flawed product, and we would suggest that this is the number one cause for many FinTech projects that have recently launched, seem to have potential, but end up unsuccessful in their goals.

We’ve designed PayJa to have a strong combination of mechanisms for growth built directly into our philanthropic advocacy so that irrespective of how many influencers we do or don’t connect with, the value of being involved with this project speaks for itself and will naturally attract and retain community members. 

It’s been our belief since PayJa’s conception that the most important factor in launching this project is the undeniable value that it can create and distribute, and while we have much capable staff focusing on spreading the word about PayJa, marketing is a tool to assist our project reach its goals…not the only goal of the project.

5.2 Innovation as a Mechanism for Growth

As well as the value being created by PayJa being our biggest potential growth factor, the second most important factor for growth will undoubtedly be the innovation that we plan to build into the core of PayJa, and the functionality that will allow PayJa users and community members to help themselves while they help others.

The innovation in the FinTech space over the past years has redefined many global industries and reshaped the way that people around the world think about money, financial systems, what it is, and the way that many more domains and sectors function in the present decade. 

We have a strong vision for the direction that we, as a community, will take PayJa to the next level. We can’t do it alone, but we can do it with a strong community of Payjaites working with us to steer the project from its humble origins to being the largest and most innovative crowdfunding network on Earth.

Roadmap

The green-highlighted texts are KPIs achieved while the blue-highlighted texts are futuristic KPIs to be achieved.

  • August 2021: Brainstormed on valuable FinTech.
  • August 2021: Web dev. funding bootstrapped.
  • August 2021: Whitepaper released publicly.
  • September 2021: Website UI/UX design.
  • September 2021: MVP of the website released.
  • September 2021: Beta testing of PayJa web.
  • October 2021: Mobile app UI/UX design.
  • January 2023: MVP of the mobile app released.
  • February 2023: Beta testing of the mobile app.
  • March 2023: Payment APIs integration in-app.
  • March 2023: App launched publicly.

Conclusion

We believe strongly in the potential for boundless fundraising possible with crypto and the global humanitarian economy to improve the way that almost any structure or system works when you look at it from the perspective of the group that represents the largest number of participants. PayJa is, at its core, a system designed to symbiotically link our community’s interests with the interests of millions of people that want to make the world a better place.

While there are many organizations and people already working on innovative ideas, new and creative ways to assist these efforts will only ever be a good thing for us as a global community. Want to get started with PayJa? To start raising funds, sign in or register or you may want to back a project now.