MoxyOne — Increasing Speed & Security With Raiden Network & COMIT Network
Raiden Network has recently been very successful with its ingenious solution to the issue of expensive and privacy invasive payment channels. MoxyOne will integrate Raiden Networks Micropayments Channel because of their brilliant off-scaling solution on the Ethereum blockchain for token transfers. This means cheap, scalable, privacy preserving and instantaneous payments for all users; MoxyOne token holders and white labelling partners.
Payment channels allow for unlimited transfers (bidirectional) between User and MoxyOne Wallet as long as the total sum of the transfers does not surpass the deposited tokens. These transfers are instant and do not require the involvement of the blockchain itself, “apart from an initial one-time on-chain creation and eventual closing of the channel”.
“Raiden’s balance proofs are binding agreements. They are enforced by the Ethereum blockchain. Digital signatures make sure that neither party can back out of any of the value transfers contained. Since nobody else other than the two participants has access to the tokens deposited in the payment channel’s smart contract, the balance proof is binding.
The true strength of Raiden lies in its network protocol. Since opening and closing a payment channel between two peers still requires on-chain transactions, creating channels between all possible peers becomes infeasible”.
As MoxyOne will support other blockchains in the future hence, there the COMIT network which is a cross blockchains payment channel, will be integrated at a later stage of the product development.
MoxyOne chose to utilise the COMIT Network as their solution to security, speed and accessibility is simple and flexible. COMIT offers the ability to integrate Liquidity Providers which are essential for the operation of MoxyOne’s system and offers the following advantages:
- Instant payments for users all over the world
- Global access without limitations to any business process connected to a blockchain
- Cryptographically secure trustless global transactions network
- New recurring revenue streams for liquidity providers
- Secure infrastructure: 100% Trust: the core infrastructure are still blockchains. Therefore neither users, liquidity providers nor businesses have to rely anyone else than the algorithm of the underlying blockchains
- Full Control: MoxyOne is able to retain 100% control over assets
- Security: The payment channels creating COMIT have in-built security mechanisms to make sure the liquidity providers cannot cheat
- Lowers financial costs so users only have to pay minimal fees
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