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2. Noda.Pay - Payment system
Noda.Pay is a multi-tiered payment system concept for expanding cryptocurrency payments around the world! MVP.
At the heart of Noda Pay infrastructure is Trust Chain, a consensus-based algorithm that significantly reduces transaction costs and increases transaction processing speed by assigning trust estimates to transactions and clustering them into chains. Combined with the lack of staff requirements and low power consumption, the network can handle near zero transaction fees.
Chain of trust is based on a truly decentralized DAG data structure without a coordinator, without centralized advice, without any other centralized management. It consists of complete nodes, Double Spending Prevention Nodes (DSPs), trust evaluation records and history nodes. This allows for infinite scale, while at the same time encouraging users to complete transactions. The trust chain works by creating a level of trust on a DAG that is linked to a ranking mechanism to track the behavioral data of network clients. The block system in a DAG is replaced by sequential transactions, each referring to a previous one. Since DAGs don't have miners that can slow down or stop a transaction, there is nothing stopping a transaction from occurring, the speed at which transactions are executed is almost instantaneous. DAG users are ranked according to trust and receive a trust rating. The commission decreases the more reliable the user is, and the transaction processing speed increases, and a reverse reaction occurs if the user is not trusted. The same node infrastructure allows multiple DAGs to be created for different originators and purposes. Multiple projects can be run simultaneously on the same infrastructure while maintaining a fully configured token and application system. Unlike most other high-performance projects, where smart contracts are performed off-chain using specialized servers or nodes in a quasi-decentralized way, smart contracts in Noda Pay are performed internally and decentralized. All stages of smart contract execution are recorded in Multi DAG Noda Pay and checked several times until full confirmation is received. The use of DAG in payment systems is fundamentally different from building block chains. While larger scale in blockchain networks leads to adverse effects on network usage speed, in DAG-based networks growth and intensive usage only improves system efficiency. It is now possible to interconnect the transactions themselves without intermediaries. Each participant can perform the required action and add their action to the registry without intermediaries. Each transaction refers to the previous ones, which ensures order in the chains. The security of this system is much higher than blockage based operations.
Scope of Noda Pay payment system Noda Pay supports a variety of technologies that work together to provide consumers and sellers with an improved and convenient way to pay, using Noda Network, a price stable coin worth $0.36, as well as a globally decentralized digital currency at its discretion, as the resource presents all the most popular and used crypts. Noda Pay clients will be able to instantly open user wallets, debit cards, organize their own points of sale (POS) and points of purchase (POP), and much more. Currency exchange Noda-X is a gateway to Noda network and provides cross-currency, liquidity and price stability. In terms of settlement, a complete support system for Know Your Customer (KYC) and anti-money laundering (AML) has been built directly into the platform to ensure compliance with all applications and legislative requirements.
Scepticism about crypto currencies was replaced by a vigorous study of their use and implementation in all spheres of activity: in trade, manufacturing, medicine, law, financial institutions and others. With their help, a revolution in social networks is coming.
Even giants such as Facebook, Twitter and other resources are competing with decentralized block-based alternatives.
Minds, launched in 2015, now has 2.5 million registered users worldwide. In one day, 100,000 new crypto network users have appeared in Thailand.
The development of cryptocurrency payment systems that meet all the requirements of modern times has great prospects.
The principle of operation of those that most people use now has been invented for more than a hundred years, and every day it is more and more obvious that Visa and Mastercard, which seem to us something that does not pass, costs consumers and retailers in the hundreds of billions of dollars every year.
Combined with slow calculations and sophisticated multi-currency support, these systems are a burden on global growth and development. A centralized system requires the involvement of intermediaries, which leads to errors and is costly to use.
Peculiarities of using block-keys in payment systems
Decentralized cryptocurrency-based payment systems are changing the nature of money transfers, creating a more open, fast and commission-free payment flow around the world.
Blockchain technology does not solve this problem completely, as it cannot maintain the huge scale, speed and stability required for the global payment network.
The volume of global consumer payment transactions is more than $50 trillion annually, and they are increasingly carried out using electronic payment methods.
Despite intense competition in the payment industry, consumers and merchants are faced with high fees and low approval rates, numerous unresolved problems related to identification, trust, stability, scalability, high transaction costs, and many others, which limit the wide spread of block and cryptocurrency.
Speed of conventional systems and bitcoin
As the Bitcoin network grew, it experienced severe congestion, resulting in higher fees and slower calculations. Currently, the network can handle an average of about 20 transactions per second (TPS) compared to 65,000 TPS1 from Visa.
The time it takes to validate transactions on the bitcoin network is not only slow but also uncertain. Since a bitcoin transaction must be validated six times to be accepted, the process can take on average 30 minutes to 16 hours.
Legitimacy of transactions
Bitcoin has been widely criticized for facilitating illegal transactions and large-scale money-laundering. Because of the dubious nature of some transactions, advanced reverse tracking technology can link Bitcoins to the history of illegal activity, thereby reducing acceptance of the legal payment method.
Although the bitcoin network itself has never been compromised, a number of bitcoin exchanges that allow individuals to exchange fiat currency for bitcoin have been hacked. These hackings have resulted in hundreds of millions of dollars in customer losses. Vendors who accept a bitcoin either face a high degree of exposure to exchange rate fluctuations or additional costs to hedge against these fluctuations.
Noda payment system uses more advanced technologies and gives its customers stability and clarity in these matters.
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