Color Pay In Action
Last time we’ve introduced the safe way to pay and reliable wallet, Color Pay. We’d like to give you examples of it in action. If you haven’t read the previous Color Pay blog post, be sure to check it out here.
There are two types of Color Pay services: The Color Pay mobile app and the Color Pay hardware wallet. Users can check the balance and make transactions by using the Color Pay mobile app regardless of the internet conditions, and they can safely keep and manage cryptocurrency assets in the Color Pay hardware wallet.
* PUF chip-based hardware wallet will be made available in a credit card form factor or USB wallet. The below example figures depict a transaction example with the card form factor.
Scenario 1) Offline P2P Transaction Between Two PUF Enabled devices:
Color Pay (PUF Chip Based Hard Wallet) ↔ Color Pay (PUF Chip Based Hard Wallet)
Color Pay hardware wallet can be connected to the smartphone even without an Internet connection by utilizing Bluetooth or NFC(Near Field Communication) technology. Users can check the balance when they connect wallet to the smartphone, and they can make a P2P transaction with PUF chip-based hardware wallet. P2P transactions using PUF chips are stored safely inside the chips themselves. The saved offline P2P transactions are then automatically synced with the Color Blockchain when the internet connection is available.
PUF chip-based hardware wallet payment process is as follows.
- Check the public keys and balances of the two PUF wallets N and M through the PUF chip’s secure communication channel.
- Decrease the amount of coins to be sent from the remaining balance of wallet N and send the coins to wallet M through secure communication.
- Increase the balance of wallet M by the amount received and confirm through secure communication.
The above picture shows that it is easy to verify the account and transfer money when users make P2P transaction because there is a unique security key(private key) inside of the unclonable PUF chip.
Scenario 2) Online Transaction between One or No PUF enabled devices:
Color Pay (Mobile App) ↔ Color Pay (PUF Chip Based Hard Wallet)
If only one or none of the users have a ColorPay hardware wallet, both users must make a transaction with the ColorPay mobile app while their smartphones are online. They can check the balance of the wallet in the mobile app which is linked to the Color blockchain. All the transaction data will be recorded on the blockchain.
How will Color Pay be used in the real world?
Through the powerful use of P2P transactions, areas, where internet is unavailable or heavily censored, will still be able to transact, which has huge implications. In areas where war, currency destabilization is rampant, or when a natural disaster strikes, Color Pay will be there. Not only that, but transactions will be able to be made with minimal battery usage.
Merchants will also be able to issue QR billing codes for each store (shown below), and users will be able to scan the QR code in the Color Pay mobile app to seamlessly pay for the product.
Can you picture the future with Color Pay?
Have any questions? Send us an e-mail at email@example.com and stay connected with us through our Telegram channel.
Have a Colorful Day :)
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