As a seasoned analyst with over two decades of experience in the financial industry, I find CrossFi’s mainnet launch to be an exciting development in the world of decentralized finance. Having witnessed the rise and fall of numerous blockchain projects, I am cautiously optimistic about CrossFi’s potential to revolutionize everyday transactions for businesses, particularly e-commerce platforms.
The decentralized finance network CrossFi has now released its mainnet that’s compatible with Ethereum Virtual Machine (EVM), which is a significant step in the development of their project. This mainnet is intended to serve as the foundation for a decentralized payment system within the Web3 environment, with an ultimate goal of transforming everyday transactions. By providing businesses with a scalable and non-custodial infrastructure, CrossFi aims to revolutionize financial transactions.
Employing the launch allows businesses, such as e-commerce platforms, to access CrossFi’s primary offerings and make transactions smoothly. Utilizing this Layer 1 network, businesses can draw Web3 users towards them and potentially boost revenue, all while functioning on a network that facilitates up to 10,000 transactions every second.
After a successful trial period involving CoinList, during which more than a million wallets were activated, the mainnet deployment now has significant backing from notable partners like Alchemy and leading validators. Their goal is to strike a balance between maximizing decentralization and enhancing the network’s efficiency.
CrossFi Bridges Ethereum for Web3 Payments
The fact that CrossFi is certified in PCI DSS, a data security standard widely used by leading payment cards, demonstrates its effectiveness for international transactions, as it guarantees secure data transmission and storage. Additionally, CrossFi’s modular design includes support for the Ethereum Virtual Machine (EVM), enabling Ethereum-based assets to be moved to CrossFi, thereby improving interoperability within their expanding payment network.
This network’s design allows it to handle large numbers of transactions effectively, making it suitable for hosting numerous decentralized payment applications. The Mint Power (MPX) token plays a key role in managing this network, acting as the necessary energy to produce new XFI coins and also covering transaction fees. On average, these fees are anticipated to be approximately $0.02 per transaction.
The CrossFi system consists of six primary building blocks, with the CrossFi Chain serving as the foundation. This Layer 1 blockchain is constructed for limitless scalability and offers an infrastructure that facilitates interoperable financial products. It accommodates over-collateralized stablecoins and synthetic asset creation, providing a sturdy base for financial creativity.
CrossFi Offers New DeFi Tools
Through the CrossFi Chain platform, users can utilize the CrossFi App, designed to foster financial inclusivity. This application encompasses functionalities such as staking, lending, direct peer-to-peer transactions, exchanging cryptocurrencies for fiat money, and virtual debit card services. As a result, it simplifies the process of handling both digital and traditional assets for users.
According to Alexander Mamasidikov, the founder of CrossFi, financial inclusion goes beyond merely providing financial services; it’s about designing tools that are easily accessible, secure, and user-friendly for everyone, no matter their location on the globe.
Furthermore, the CrossFi system encompasses the CrossFi xAPP, a Decentralized Finance (DeFi) environment where users can carry out tasks such as exchanging tokens, transferring assets across multiple blockchains, earning native tokens like XFI and XUSD, and contributing to liquidity pools.
Read More
Sorry. No data so far.
2024-10-14 19:21