UPCX is leading a transformation in the global payment industry through blockchain technology. The payment company recently unveiled its unique blockchain payment solution, which can achieve real-time cross-border transactions, a task unimaginable within the conventional financial system.
In modern society, digital payments and financial services become the lifeblood, flowing through every corner of daily life. However, much like a blockage in the bloodstream, just how these services are offered and their efficiency also face many challenges.
Imagine a situation where transaction processing is frequently delayed. In this instance, the cross-border transactions for completing a transaction usually takes around several days! Furthermore, the cost of transactions could be prohibitive, with consumers and merchants required to cover additional fees for every single transaction. More seriously, you will find approximately 1.7 billion “unbanked” individuals globally who are overlooked by traditional financial services, unable to take pleasure from the convenience and efficiency these services bring. Additionally, how to manage cybersecurity threats is an essential issue that must definitely be considered and resolved.
From this backdrop, we will delve deep into UPCX, an emerging digital payment and financial services platform. This short article will detail how UPCX employs its unique blockchain technology to supply unique and innovative solutions for existing challenges, opening endless possibilities in the payment and financial sectors.
Cross-Border Payments:
Today, cross-border banking transaction volume has reached an unbelievable 10 to 15 billion deals annually, totaling between 25 and 30 trillion dollars. Consequently, the international cross-border payment clearing system, represented by SWIFT, has exceptionally high operating costs. Furthermore, the average price for traditional correspondent banks to complete a cross-border payment is tens of dollars. Such high costs are unacceptable for a big number of small transactions.
Regarding efficiency, the original cross-border payment model has a complex process involving multiple institutions. The complexity of this method means remittances usually need 2-3 business days, which may be better for businesses and folks who need to complete transactions quickly.
Moreover, the centralized architecture of the existing cross-border payment clearing system poses significant security risks. Recently, centralized international cross-border payment systems have now been attacked by hackers multiple times, resulting in increasing losses. Banks in several countries have now been attacked by hackers attempting to steal money, specifically targeting cross-border transfer systems. This security risk is a serious threat to the global cross-border payment system.
To deal with these problems, the UPCX system uses Graphene since the underlying technology to supply a more effective, secure, and convenient cross-border payment solution through innovative design and advanced technology.
UPCX has implemented a cross consensus mechanism to boost efficiency and ensure safety, combining DPoS and BFT. This mechanism not merely significantly enhances the system's processing capabilities but in addition supplies the security of every transaction. UPCX has adopted sharding technology to boost system throughput further, dividing the whole network into multiple independent transaction processing segments, also called “shards” or “slices.” This approach greatly enhances the network's processing capacity because each shard can process transactions in parallel, allowing UPCX to successfully achieve performance levels that contend with, and have the potential to surpass, traditional payment systems.
As an example, Visa, the world's largest bank card company, can process 4,000-6,000 transactions per second under normal circumstances, and during peak times, the processing capacity can reach 65,000 transactions per second (TPS). This is without question a very good standard in the payment system, as it needs to ensure the security and accuracy of every transaction while handling large volumes. The technological strategy adopted by UPCX afford them the ability to achieve, as well as exceed, such processing capabilities.
Moreover, UPCX's practical performance and scalability can contend with credit cards and mobile payments through the hybrid consensus mechanism. It can achieve nearly instant payments and settlements and extremely low fees, significantly distinctive from the original cross-border payment system, which requires several days to process a transaction and incurs high costs.
UPCX's decentralized structure and hybrid consensus mechanism provide strong security guarantees. In traditional payment systems, all transactions should be processed via a centralized institution, rendering it an excellent target for attackers. In UPCX, no centralized institution exists to attack, rendering it problematic for external attacks to impact the system significantly. At once, even though you will find malicious nodes, consensus could be reached, and transactions could be confirmed through the BFT mechanism, ensuring the network operates normally.
Consumer Payments:
Globally, you will find billions of people that are still in an unbanked state, having limited experience of the current financial system 去中心化支付平台 UPCX . They do not have access to the services of the contemporary financial system. Therefore, they can't purchase goods online, can't get loans to improve their lives, and can't save for unprecedented situations.
UPCX is definitely an innovative payment solution that uses blockchain technology to solve the payment problems of the global unbanked population. Establishing a decentralized payment network, allowing anyone, no matter where they are, to own access to financial services, is among UPCX's goals.
As stated, among the significant features of UPCX is that it can realize instant cross-border payments, meaning you are able to transfer money to some other place within a couple of minutes, no matter where you stand in the world, without going through a bank or other financial institution. This way, unbanked people can be involved in the global economy more conveniently.
The decentralized feature implies that UPCX isn't controlled by any single institution. Thus, even yet in places where in fact the government is unstable, or the financial system is imperfect, people can trade and save securely.
Additionally, UPCX has introduced some innovative features to restore the original banking system fully! These features include convenient payment and QR code payment functions like WeChat and Alipay, which simplifies the operation of using digital currencies for daily payments, making them easier to simply accept and use. Users could make payments at any merchant that supports UPCX, whether online or offline (UPCX supports dual offline payments), by scanning the merchant's UPCX QR code.
Through its innovative payment solution, UPCX not merely helps the global unbanked population to get involved with the current financial system and enjoy more financial services and opportunities, but in addition provides an easy and secure payment method for everybody, whether it's for cross-border payments on a global scale and for consumer payments in local stores.
More about UPCX:
UPCX is a groundbreaking open-source payment system driven by high-speed blockchain technologies optimized for seamless settlements and financial services. In the current vibrant digital age, UPCX is at the forefront of blockchain's mission to shape the future of finance.
Official website: https://upcx.io/
Medium: https://medium.com/@UPCX-Platforms
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