XIF Transaction Process
The Bitcoin Journey
Bitcoin and blockchain have come a long way since its early days, from the time two large pizzas were purchased for 10,000 Bitcoin (worth $30 then and $65.5m today) to when 1 Bitcoin was valued at $20,000. Back then, nobody could have anticipated that bitcoin would create a whole new industry on its own, competing against banks and other intermediary financial institutions.
The answer to why Bitcoin has withstood the test of time boils down to the concept behind blockchain itself. Society has grown each day seeking empowerment. For empowerment to be achieved, decentralization has to take place, which is the sole purpose of blockchain.
To date, individuals who truly believe in decentralization have taken Bitcoin’s template to create multi-million dollar organizations whilst offering beneficial solutions to their followers, an alternative to traditional banking systems.
X Infinity Blockchain
X Infinity has adopted blockchain into their transaction process. Evidently, blockchain has completely re-written the methods of payments to become far faster, reliable and secure. The X Infinity payment flow is as follows:
- User pays at the merchant using his virtual or physical XIF Card
- The card network will send an authorization request to our servers for the purchase amount
- XIF will send an invoice through the XIF blockchain network to the user
- The user will then choose which blockchain asset to use for the payment and send the correct amount to XIF through the XIF blockchain network
- Upon receiving the corresponding amount for the invoice, XIF will authorize the payment to the merchant
Transactions and record keeping
X Infinity maintains a complete transaction ledger for all transactions performed on the blockchain. All funds are tracked from original input into the system, through to settlement back to the merchant in their local currency or cryptocurrencies.
This results in complete auditability of the X INFINITY system at all points, and complete visibility at all times of holdings. Auditability is necessary for further prevention of fraudulent activities within the accountable transactions.
An important part of prevention is deterrence, therefore, if a company is known to deploy a competent audit system, reputation alone would prevent users from attempting fraud.
The X Infinity cryptocurrency ledger system is based upon international standards and will comply with all Singapore laws for record keeping.
To find out more about X Infinity, visit the official website at http://www.xinfinity.io.
