Noku Pay Overview — Start transferring crypto for free and in real time
It has been more than a decade since the creation of Bitcoin. Since that fatidic day, the technology powering cryptocurrencies has gone on to influence a wide range of sectors of the global economy, particularly the payment industry. Having said that, there is still a relevant issue with crypto acceptance and expenditure worldwide.
There are just a few ways to spend Bitcoin and even if the user base is growing, there are still some barriers for crypto to be accepted by retailers. One factor that could spark the industry’s growth is whether it can outgrow the FinTech community and join the real economy, being accepted in everyday transactions for the purchase and sale of goods.
Noku Pay represents a solution for mass adoption by retailers, cropping up three of the most significant issues which are currently keeping adoption at bay: volatility, speed, equipment, and high fees.
What?
Noku Pay is a Meta-Blockchain acting as a payment system. It allows virtually anyone with a smartphone to pay or transfer tokens and cryptocurrencies in real time and without incurring in any fees. The payment/collection system is free for everyone, for those who pay and those who receive funds. Noku Pay is integrated into both the Noku Web Wallet and the Noku Mobile Wallet.
Cryptocurrencies, Stable Coins, Tickets
It will be possible to process payments denominated in all major cryptocurrencies as well as fiat currencies represented by their stable-coin version issued by Noku. Initially, the coins supported will be the following:
EUR (EURN), CHF (CHFN)
BTC, ETH, EOS, NOKU
User Experience
Noku Pay will be integrated within Noku Wallet. Through the app, users can transfer cryptocurrencies and stable-coins, by topping up their Noku Pay wallet from any native wallet of other blockchains. When the Noku Pay’s balance is “topped-up” with Crypto and stable-coins the user will be able to send transactions to other Noku Pay wallets. Just like when you top — up the balance of your prepaid Visa or MasterCard.
How?
Noku Pay is based on a Bitcoin-like technology. It stems from a fork of the Bitcoin main chain modified in order to integrate a token management system within it. In the first phase of the platform, the transactions will be validated through a PoA Consensus (Proof of Authority).
When the Noku Pay network will reach a sufficient level of adoption, the PoA will be replaced by the PoS (Proof of Stake). At this point, there will be more nodes (staking NOKU tokens’ reserves) that will validate the transactions.
Noku Pay’s native currency is NOKU, even if you will not have to pay transaction fees, NOKU native tokens will be used for validating transactions through PoS (Proof of Stake) Consensus.
Originally published at Noku Blog.
