In order to enter the market - and we are aiming at the payment processing business (among other things like NFT and DEX) - we should enter through closed loop systems first (loyalty rewards, gift cards, promotion coupons, store credits) because it is much easier than open loop payments which involve direct operations with fiat. For that purpose we have to have a particular set of key features: ability to create multiple merchant and consumer tokens, high scalability, instant authorizations and settlements, zero fees for some transaction types, very light clients, no locked balances, no chargebacks.
Let's face it - we are far away from this set with most existing blockchains which will not allow us to enter the market, at least not fast enough because there are much more features required that will take years to implement or simply impossible or very expensive to do on existing blockchains (high scalability, zero fees, unlocked balances).
So "building on the backs of giants" sounds attractive, but...
1. We don't go the ERC20 or similar path as many other projects do because this is deadend for real projects in the payment industry. For example, you cannot create most business apps without the ability to generate millions of various custom token types - several tokens for every business entity or even per each consumer. This feature is not accessible if you piggyback on someone else’s blockchain because of the complexity and high cost.
2. Forking an existing blockchain code was another option. It turns out that in our case the only choice with the path to success is to design and code from scratch and get exactly what we need rather than trying to operate on an open heart and grafting the features that do not belong there: high scalability, no chargebacks, no locked balances, low fees, instant authorizations and settlements.
3. We are not just building a ledger and business apps. We are building a platform that will be open to third party developers through simple API so they can offer additional apps and services using the same merchant tokens to both merchants and buyers. For example, alternative wallet apps, reporting apps, promotions campaign apps, token marketplace, token exchange, etc. This way we get a real opportunity to become a giant.