Top 5 projects that are making cryptocurrency payments faster

Top 5 projects that are making cryptocurrency payments faster

Crypto Lists fintech Projects
July 11, 2018 by apurva sheel
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Top 5 cryptocurrency payments projects

With the rapid development of the blockchain technology, crypto projects are constantly trying to provide something better, something bigger. One biggest problem with the Bitcoin blockchain, when it was introduced, was the speed of the blockchain transactions—an issue that has been taken up by multiple projects over the years.

The new innovations in the dimensions of transaction speed introduced the concept of Lightening Fast Transactions in a Lightening Network.

What is a Lightening Network?

Lightening Network can be understood as a ‘second layer’ protocol that operates above a blockchain and theoretically enables faster transactions between the participant nodes. It essentially features a p2p system for making payments of digital currency.

Proposed by Joseph Poon and Thaddeus Dryja in 2015, the Lightening Network is considered to be the most sensible solution for the blockchain’s scalability problem. Originally the technology was designed for Bitcoin but has now touched numerous other cryptocurrencies including Litecoin, Stellar, Ripple, Ethereum, and Zcash.

With the onset of this technology, another technology that caught the attention of crypto enthusiasts was the RaiBlock Approach which, as opposed to the other traditional cryptocurrencies, offered an asynchronous and parallel verification of transactions. The RaiBlock Approach employed both the PoS and PoW consensus algorithm and allowed each node to verify its own transaction in parallel thereby not decreasing the transaction per second rate with an increase in the number of participating nodes.

5 Crypto Projects that are making Crypto Payments Faster

1. QuickX:

The QuickX protocol has been designed to allow a decentralized cross-blockchain transaction of crypto assets. It is aimed at providing instant and seamless transfer of multiple cryptocurrencies between two participating nodes with no need for a high transaction fee.

The aim of QuickX is to build a decentralized platform that solves the problems of time, speed, cost, and scalability of blockchain transactions. The protocol does so by performing off-the-chain transactions for the same blockchain assets while employing pooling facilitators supplying liquidity for cross-chain transfer of crypto-assets.

The platform also includes a multi-currency wallet, payment gateway, debit card, and swap action all of which allow the user to conduct transactions in a way that is faster and much easier than the traditional banking system.

A QuickX user enjoys the benefits of low transactions costs, faster transaction speed, and increased scalability of blockchain transactions.

How does it work?

QuickX is a solution for users who want to overcome the problems of the typical on-chain payment platforms. Currently, when a user wants to transfer cryptocurrency, he/she must wait for the transaction to be confirmed by the blockchain. QuickX overcomes this problem through a decentralized off-chain transaction network where cryptocurrencies can be transferred instantly.

It is due to the creation of external channels off the chain between peers that the transaction costs are decreased.

The network claims a tps of over multiple thousand transactions.

Token Value Information

The ICO of the QuickX Protocol is yet TBA. Around 250,000,000 QCX is available for crowdfunding and 50,000,000 for private sale.

2.Kyber Network:

Kyber is a decentralized liquidity network that allows instant, trustless, and liquid transactions of digital assets. The Kyber Network allows the purchase of DGD tokens in a single transaction with no requirement of any registration and deposit and short confirmation time.

The Kyber Network is based on the Ethereum protocol and has been designed to completely decentralize the exchange of cryptocurrencies. The network allows users to instantly convert and/or exchange any cryptocurrency.

How does it work?

Essentially Kyber Network is a crypto exchange but in addition to that, it also works as a medium to transfer tokens between peers. The one feature that distinguishes Kyber Network from other exchanges is that the token sent does not have to match the token received. That is to say, with a fully-functional Kyber Network, users will have the opportunity to send any tokens, have them exchanged on-chain to any other token before the receiver gets possession of it.

This network proves beneficial especially for businesses allowing them to receive any cryptocurrency of their choice.

Token Value Information

Total Supply: 215,625,349 KNC
Circulating Supply: 134,132,697 KNC
Market Cap: $114,659,446 USD

ICO price: $1.89 USD

Current price: $0.85 USD

3. PundiX:

PundiX is a refreshing crypto project that believes that cryptocurrency should be as easily accessible and easy to buy as a bottle of water. The team markets itself as the Walmart of cryptocurrency and is primarily working towards being a link between crypto and retail stores.

PundiX is aimed at empowering blockchain developers and token owners to sell cryptocurrency and crypto-related services at any physical store in the world. The platform makes it possible not only to facilitate crypto payments/transactions but also accepts crypto payments through mobile wallets and traditional bank cards.

How does it work?

The team has proposed a PundiX XPOS Solution wherein all physical stores can be digitalized to provide an option of buying cryptocurrency using fiat money, mobile wallet, bank card, or a Pundi XPASS.

The network is primarily an open-source network that allows developers to launch retail shops within their platform using a Point-of-Sale protocol. The Pundi XPASS is a smart card native to the platform that can be used to buy, sell, and store crypto.

The XPOS has passed over 27  security compliance tests and claims to offer one million tps.

Token Value Information

Total Supply: 280,755,195,000 NPXS
Circulating Supply: 87,184,254,705 NPXS
Market Cap: $291,108,226 USD

ICO price: $0.0010 USD

Current price: $0.0033 USD

4. Metal Pay:

Metal Pay is essentially a blockchain-based payment-processing application for the iOS which allows users to send and receive money to merchants and friends and get rewarded for it at the same time.

Metal rewards you with free MTL tokens for simply sending or converting some fiat. When a user sends, receives, exchanges, or spends some money in the Metal Pay app, they can receive up to 5% of the amount back in MTL tokens. There are also rewards for simply holding your MTL tokens.

How does it work?

The Metal Pay app consists of a prepaid debit card that users can use to spend crypto. What makes Metal Pay different is how they offer an FDIC-insured bank account—complete with a checking account, an account number, a debit card, and everything that a traditional bank account offers—where the users can store fiat and crypto including Bitcoin, Litecoin, Ethereum, and ERC-20 tokens. The users also have an option of directly depositing payments from their paycheques into the Metal Pay account and using it to buy crypto.

That is to say that Metal Pay puts an end to wire transfers and their high transaction costs.

The platform employs a Proof of Processed Payment Protocol which is essentially a reward scheme wherein the users, on making any kind of transactions, find themselves eligible for a 5% value in Metal tokens.

The Metal Pay app is paving a new way for the future of mobile wallets and payments while taking cryptocurrencies in the mainstream.

Token Value Information

Total Supply: 66,588,888 MTL
Circulating Supply: 25,130,243 MTL
Market Cap: $31,911,137 USD

ICO price: $1.92 USD

Current price: $1.27 USD

5. COMIT Network:

COMIT is short for Cryptographically-secure Off-chain Multi-asset Instant Transaction Network and has been launched with the aim of making global payments ‘as fast, cheap, and easy as sending a text message.’

COMIT is a super-blockchain network that enables an instant transaction of crypto assets using off-chain smart contracts.

How does it work?

The team equates the COMIT Network to the Internet in that their underlying structure is the same. Just like in the Internet, different modalities are interconnected, in COMIT a new blockchain can be connected to an already existing one via the use of the COMIT Routing Protocol (CRP).

COMIT consists of three different participants:

  • Users: anyone who wants to leverage the network’s capabilities. Users can be on any blockchain and hold any asset they wish to hold. A COMIT user must have at least one Payment Channel open to a Liquidity Provider and can use any wallet compatible with the network to send and/or receive transactions.
  • Businesses: Businesses connect with the COMIT Network through users. Once the payment providers of a business upgrade to the COMIT Network, the businesses will be connected automatically.
  • Liquidity Provider: the members who operate on top of the multiple blockchains. These are the participants who provide liquidity to users to enable them to convert from one blockchain asset to another.

COMIT presents minimal requirements for a blockchain to be compatible with the network. These include Double-Spend Protection, MultiSig, Time-Locks, and Hash Functions.

COMIT is working towards disrupting the current financial and transaction industry in a similar way the Internet did with media and communications. With more secure, faster, multi-blockchain transactions, COMIT is changing the way crypto payments work.

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