Yeliz Akmaca 
What is Paycoin (PCI)? PayProtocol Review
PayProtocol is a blockchain-powered digital payment solution developed by South Korea-based payment company Danal. It aims to eliminate the high transaction fees, long settlement times, and intermediary costs associated with traditional payment systems. Built on a private Hyperledger Fabric blockchain, it supports various digital assets (like BTC, ETH, USDT) and is accepted at over 150,000 stores and major retail chains in Korea. Paycoin (PCI) is the native token used within the PayProtocol ecosystem. The project seeks to promote the everyday use of crypto for real-world purchases.
How Does the Project Work?
PayProtocol enables direct payments by connecting users, merchants, and wallet providers. The system consists of the following layers:
- Blockchain Layer: Built on Hyperledger Fabric. Blocks contain PCI transactions and user data.
The PayProtocol blockchain is responsible for verifying and processing payment and transaction orders. Within this network, core features enable interoperability between the network and participants. Only authorized peers can generate blocks and process payment requests, ensuring security, stability, and scalability. - Protocol Layer: Includes API and SDK integrations.
- Service Layer: Connects POS systems, mobile apps, and third-party wallets.
Blocks are created at least once per second. If over 500 transactions occur, block generation speeds up. All data is processed by authorized validators on the network.
Core Use Cases
- Direct use in product/service payments
- Low-cost wallet-to-wallet transfers (0.1% fee)
- Consumer campaigns and reward systems
- DeFi and NFT compatibility via Ethereum bridge
Paycoin (PCI) Features
- Fast and low-cost blockchain-based payment solution
- Private and permissioned Hyperledger Fabric infrastructure
- Supports multiple digital assets: BTC, ETH, USDT
- Accepted in 150,000+ stores and major retail chains in South Korea
- Ultra-low transfer fee of 0.1% between wallets
- Easy integration with API and SDK support
- Promotes everyday crypto usage
- Strong partners include Huobi, Bithumb, and Coinone
Team and Partners
Paycoin is developed by South Korea-based PayProtocol. It has partnered with Huobi Korea Prime and 150,000+ merchants and retail chains in the past.
- CEO: Jung Wook Shin
- CTO: Su Jin Lim
- Director: Kyung Pyo Hong
Crypto exchange partners include: Bithumb, Coinone, Korbit, Bitget, Huobi Global
Token Information
- Token Name: Paycoin
- Symbol: PCI
- Network: Hyperledger Fabric (permissioned blockchain)
- Total Supply: 1.9 billion PCI (post-burn)
- Circulating Supply: 1.05 billion PCI
- Initial Supply: 3.94 billion PCI
Token Distribution
- Huobi Prime – 1%: Released via Huobi Korea Prime
- Reserve – 11%: For development, exchange integration, technical support (not sold on the market)
- Ecosystem Incentives – 24%: For merchant PCI adoption, customer rewards, and discounts
- Marketing – 14%: Global promotions, airdrops, South Korea market growth
- Operations – 9%: Daily operations, system maintenance
- Team – 5%: For developers, project managers, stakeholders
- Advisors – 10%: Strategic and technical experts
- Global Marketing – 26%: User acquisition and cross-border expansion (300M PCI locked and vesting over 5 years)
PayProtocol Ecosystem Components
- PayProtocol Network: Central system that validates all transactions
- Wallet Providers: Mobile apps accepting PCI via API/SDK
- Merchants: Vendors accepting PCI and rewarding users
- Users: Individuals using PCI to buy goods and services
PayProtocol Bridge
Since Paycoin runs on Hyperledger, it’s not natively compatible with DeFi/NFT platforms. A wrapped Ethereum version (wPCI) allows 1:1 conversion without affecting the total circulating supply.
Business Model
- A 2% fee is applied on international PCI payments (98% goes to merchants)
- PCI transfers carry a 0.1% network fee (paid by sender)
- Validators don’t earn fees but are rewarded through business development opportunities
- Businesses can integrate loyalty points with PCI
Notable Achievements
- Integrated at over 150,000 stores (South Korea)
- 3.2 million active users
- Up to $1 million daily transaction volume
- Zero security breach incidents
Roadmap
- 2019: Launched, early user acquisition
- 2022: Over 50% token supply burned
- 2023: Service paused due to regulatory issues in South Korea
- 2024–2026: DeFi, NFT integration, global marketing, regulatory compliance, cross-border expansion
- Q3 2024: Global franchise & merchant acquisition
- Q4 2024: Infrastructure integration & deployment
- 2025: Development of Paycoin’s own sidechain
- 2026: Unlocking of all cross-border tokens
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