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Digital Payment Coming Era, BitCherry Uses Blockchain Technology To Create New Digital Transaction Ecology

Defi is defined as decentralized finance. When we talk about Defi, we actually prefer it to the digital currency circle of blockchain, which is a financial business with digital currency as the main body. Digital currency is one of the products of blockchain technology, and its payment method and application development are benchmarked against mobile payment in the Internet era. Mobile payment on the mobile terminal has now become the mainstream payment method in our lives. Transactions can be completed with just one tap. Compared with cash, mobile payments are more convenient and fast, and it is deeply loved by everyone. And digital currency is like the digital version of mobile payment. It is like the wallet balance in Alipay and WeChat. Although it is a bunch of numbers, which has a corresponding value like currency. In other ways, the digital currency has the advantages of decentralization, low handling fee, fast efficiency, and high security.

We know that in the traditional remittance process, the bank first collects the necessary information from both parties which makes the transaction. This is a tedious and repetitive task. The remittance request of the remitter will be sent to the correspondent bank through the local clearing network, and the verification is performed by the correspondent bank. At this time, if the correspondent bank does not have enough liquid funds to satisfy the remittance request of the remitter or the correspondent bank fails to verify the transaction, the remittance request will fail. We can see that the entire transaction process is complicated and have repeated extremely low efficiency.

The digital payment can be the perfect solution to this problem, a distributed public commercial chain project BitCherry is an example of this technology. BitCherry is the world’s first distributed business blockchain expansion cryptocurrency project based on IPv8 technology. BitCherry has consensus algorithms and their underlying P2Plus Network. The Gossip of Gossip protocol is adopted in the above, and the consensus layer algorithm and the underlying P2P algorithm are highly consistent, which brings high-speed network connection efficiency and high-security account book consensus. The hashgraph consensus algorithm has been able to meet hundreds of thousands of concurrency. It can ensure security and faster transaction speed. The transaction can be completed and confirmed within a few seconds, which will greatly improve the actual experience of digital payment.

Secondly, there is the problem of transfer between WeChat and Alipay. When we transfer money from WeChat to Alipay, we have to go through a transition platform, that is, the bank. WeChat transfers to bank cards and charges a 0.1% handling fee, which means that every time we transfer money For 10,000 yuan, a handling fee of 10 yuan will be charged. The high handling fee is also one of the main problems of the current payment.

The BitCherry use HashGraph consensus which can build DAG special structure, the consensus between nodes synchronized by Gossip of Gossip protocol can be directly simulated to the node byzantine agreement, and through virtual voting, a mechanism to ensure the consistency to reach the final, which will each transaction have. The fee is extremely low, and frequent small transactions using token of BCHC will greatly reduce the cost of handling fees. Meanwhile, BitCherry fragmentation pattern hashing algorithm by a transverse relationship, the longitudinal side-chain manner to improve the transaction performance, and extend to the whole network node consensus 100,000+ above, the nodes involved in each transaction is controlled within a consensus of hundreds, In this way, while ensuring that the network is completely decentralized, the TPS can reach more than one million stable. In other words, even if tens of thousands of transactions per second are carried out on its public chain platform, it will not affect the security and stability of the entire network. This will perfectly support small multi-frequency payment methods and comply with diversified payment scenarios.

The use of blockchain technology will strengthen the cooperation between different industries, strengthen the credibility of data, make data and financial services more open, and make financial services closer at lower cost, and more efficient. I believe it will benefit from the suitability of blockchain technology; the digital economy will provide an important support for global industrial finance and asset transformation in the future.

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