Truly sustainable digital payments with Signum
Digital payments are the basis of our current economy.
It doesn’t matter if you book a flight, buy some food at the supermarket or just make an investment in your favourite app — all your activities end up in a transaction that gets booked between the counterparty and your credit card or banking account.
It appears to work very simply — just a click to make it happen, but is the backend truly sustainable? Does it make sense to have several companies involved in owning a network infrastructure, backup systems and APIs to process your transactions?
Based on the analysis of Galaxy Digital Mining it is clearly not!
Electricity data for the banking industry is scarce. With the publicly available information that we could find, we estimate the banking system uses 263.72 TWh of energy each year. Deriving a comprehensive number for this sector’s energy consumption would require individual banks to self-report.
If you care about resources and our future on Earth you should think about alternative ways how to offer payments from client & business prospective.
A truly sustainable alternative — Signum
Signum brings a powerful blockchain solution to the world in the most sustainable way. Like Bitcoin, Signum provides a digital currency called Signa (ticker: SIGNA) that is distributed, traded and stored using a decentralized ledger system.
Different than the well-known Proof of Work (PoW) consensus used by Bitcoin and many other coins, which require special power-hungry equipment, PoC+ (Proof of Commitment) simply uses available disk space.
On Signum, energy-intensive calculations are done only once when the miners plot their available disk space. Thereafter the mining process requires reading through a very small fraction of this disk space (1/4096, less than 0.025 % of the plotted capacity). The hard disks are idle most of the time as this small fraction only needs to be read every few minutes to secure the network.
Bitcoin’s infamous Proof of Work consensus protocol requires expensive, specialized, energy-hungry hardware. This results in the enormous amount of 121 TWh of energy consumption per year and more than 9 kilotons of e-waste. By using consumer-grade hardware that is easily re-purposed Signum also avoids e-waste and in comparison, requires less than 0.002% of that energy to drive the Blockchain.
Signum is truly sustainable.
It uses consumer-grade hardware that can easily be repurposed (no e-waste) and it uses hardly any energy to secure the network. The total energy usage of the network is less than 0,03 TWh per year — a tiny fraction of the banks or PoW ecosystems.
Payment solutions made easy by Signum
Truly sustainable is already a strong unique selling point for the Signum blockchain, but given the different types of payments you can do on this chain Signum stands out there too.
- Single Payment
Ordinary Signa payments are equivalent to a one-time payment from your bank account. A message of up to 1,000 characters can be attached to the payment, which can be public or only readable by the payment recipient. - Multi-Payment — same amount
Multi-out same amount Signa payments represent a simple and cost-effective way to perform mass transfers. With their payment method, up to 128 recipients can be sent the same amount in one transaction. - Multi-Payment — different amount
Multi-out different amount Signa payments provide another cost-effective method to send up to 64 recipients a different amount in one transaction. - Subscription Plan
The Signa Subscription is another way to make recurring payments on the Signum blockchain. Similar to standing orders on your bank account, you set the amount and the interval from at least 60 minutes to several days or months. A message can also be attached and sent to the recipient at the start of the subscription.
And finally, all these transactions can be executed with a fraction of a cent! The minimum fee is only 0.00735 Signa.
Beside the fact that Signum provides you a truly sustainable blockchain solution on a decentralized platform, there are also no intermediaries, payment gateways, or banks to delay or add fees to your payments.
Highlights of the Signum payments
- Fast worldwide payments with low fees
Whether you are sending Signa across the globe or across the street, the low fees and quick transfer times are the same. No banks or brokers to charge you extra and delay your transactions. - Always accessible, wherever you are
Sending Signa is as simple as sending an SMS.
You just need the recipient’s Signum address or alias to transact with them at any time.The Signum works all the time, even on weekends and holidays. - Making a difference
Signum allows users to attach a message to each payment.
These can be encrypted (only readable by the receiver) or public.
The message can be up to 1,000 characters and does not incur any additional costs. Messages are perfect for linking Signa transactions with data for any transactional related processes you may have.
Integration of Signum payment solutions
If you want to use Signum for your payments you can create your own integration with SignumJ (Java) or SignumJS (JavaScript).
In addition CryptoCurrencyCheckout provides you an easy setup to combine the Signum(SIGNA) payment with your own existing shop.
Join the movement!
Signum is the world’s first truly sustainable blockchain, featuring world-class applications on a sustainable leading-edge blockchain architecture. Signum powers the cryptocurrency Signa (SIGNA) at a tiny fraction of the energy usage, cost and additional e-waste — compared to other cryptocurrencies.
Signum empowers users and developers around the world with innovative blockchain solutions for everyday life. Find out more at https://signum.network or on our different channels:
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