Where should you invest your money when bank deposits are ineffective and the stock market and cryptocurrencies are booming? The answer is clear – in fast-growing industries. One of the latest trends in this direction is decentralized investments in the webcam market.
According to The Independent, the webcam industry grows by 25% annually, generating over $98 million in daily profit and reaching over 630 million viewers worldwide. This industry has been showing stable growth for the past 15 years, especially in the last three years during the post-pandemic era.
To better evaluate this market, in early December 2022, crypto auditor Certora reviewed the PapayaHub platform – one of the leaders in the webcam industry. Through PapayaHub, users invest their cryptocurrencies in the development of the webcam industry. The service gained popularity at the end of 2021, thanks to the ability to invest Bitcoin, Ethereum, Tether and other cryptocurrencies in the stable webcam market.
The goal of the review was to determine how well PapayaHub provides high-quality, secure, and legal investment services in the webcam industry. In this article, you’ll learn about the conclusions reached by Certora experts after verifying the company’s physical address, registration, audits from Hacken and Quantstamp, certificates for conducting business, and guarantees of security and stability in payouts.
1. Physical Address Verification
To verify the company’s address, Certora auditors visited PapayaHub’s flagship office, which is located opposite the iconic ‘Gherkin’ building, between the Bank of England and Liverpool Street station –at 63 ST. MARY AXE, LONDON EC3A 8AA. Nearby are the headquarters of other major technology and financial companies.
PapayaHub’s office occupies the second, third, and fourth floors of the building. Later, they will open the sixth floor with a terrace overlooking The British Museum – the platform’s team plans to hold internal events and business meetings there.
At the office, Certora auditors had the opportunity to speak with the company’s co-founder, Ewan Baldwin. He informed them that PapayaHub studios operate in London, Berlin, Düsseldorf, Frankfurt, Paris, Madrid, and other European cities. In total, the company employs over 700 people.
2. Registration and Legality of the Business
Investments in PapayaHub are fully legal in the United States and throughout Europe. When hiring through PapayaHub, all models provide a government-issued photo ID confirming their date of birth and sign an official employment contract.
To confirm the company’s legal operation in the industry, Certora requested information on the certificates issued to the company. After processing the request, the auditor received a copy of the certificate, which matches the sample specified on the company’s official website.
PapayaHub was officially registered in 2022. The registration number 14468702 corresponds with the official records on the UK Companies House website. The company’s documents can be verified in the UK Companies House registry and on the PapayaHub website.
3. Platform Security
PapayaHub has undergone security audits by two companies: Hacken and Quantstamp.
Hacken’s results: a final rating of 9.5 out of 10, indicating a high level of platform security. No serious security issues were found. The revenue-generating mechanisms are stable and operate autonomously. In earlier versions of the platform, there were optimization issues causing the website to load slowly on mobile devices released before 2017. However, this problem has been resolved, and the platform now runs stably on all devices.
Quantstamp’s results: a final rating of 4.7 out of 5, which also attests to the high level of platform security. No serious security issues were found. However, in earlier versions of the platform, there was an issue with ETH deposits, which could cause some Ethereum transactions to be delayed. This issue was promptly identified and resolved by the platform’s developers.
Based on the evaluations by two authoritative companies, it can be concluded that the PapayaHub platform is safe for investments and provides reliable protection for investors’ funds. The platform’s developers closely monitor its operation and promptly address any issues that may arise.
4. Quality of Services
To assess the quality of services, Certora auditors chose an investment plan with a daily profir of 1%. On February 3, 2023, an account was registered on the platform and a deposit of 15,000 USDT was made.
Within 24 hours, the account was credited with first interest payment of $150. After a month, the balance increased by another $4,500, bringing the total amount to $19,500.
The rewards and principal investment were withdrawn on March 4th, the day after the last interest payment was credited. There were no issues during the withdrawal process. The service operates stably, but there are some interface issues—for example, the personal account dashboard lacks sufficient information on investment statistics (e.g., charts displaying capital growth).
5. Guarantees and Legal Protection for Investors
Next, Certora specialists examined whether the company provides any legal guarantees for the safety of clients’ assets and the payment of rewards.
Capital and Guarantees
On the UK Companies House website, PapayaHub has an amount of capital of £3,000,000. In the event of any bankruptcy-related situations, this capital will be used as a fund to reimburse users’ assets. Full reimbursement of any deposits is guaranteed by UK law and the company’s internal documents.
Guarantees
Certora’s lawyers reviewed PapayaHub’s “Terms and Conditions” document, which contains the user agreement. This document has legal force not only in the UK but also extends to users in the US.
From the document, the lawyers concluded that PapayaHub bears full responsibility for any material damage, lost profits, or business interruption resulting from the use of the platform. As such, in the event of any issues with account balances, the company is committed to returning all crypto-assets, and in extreme cases, they can be claimed through legal action. However, according to Certora’s information, none of the 20,000 PapayaHub clients have yet faced the need for such measures.
As a result of the examination, no contentious issues or potential threats to users were identified. The detected shortcomings are mainly related to the user interface and service standards, which cannot be used for manipulating account balances or avoiding responsibility.
Following the audit, the platform received recommendations for independent detection and elimination of vulnerabilities that may arise in the future. This will help PapayaHub improve its investment offering, changing the cryptocurrency industry for the better.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
