Introduction to xLumi: An Efficient and Scalable Payment Feature on V Systems
Blockchain protocols offer secure payment transactions, yet their throughput and high transaction fee hinder the adoption of cryptocurrencies for simple daily payments. Today we are excited to release xLumi, a new payment channel protocol for blockchain systems.
xLumi provides a second layer solution to the blockchain scalability issue, which enables efficient micropayments between parties at a very low cost.
xLumi is a simple unidirectional payment channel that can be extended to a bi-directional payment channel or a complete network. It guarantees the security of the payment channel’s funds using a simple set of mathematical rules that can be easily implemented on any blockchain with the necessary infrastructure.
How Does it Work?
Instead of implementing punishment channels, xLumi ensures the correct state of the payment channel by using smart contracts and a set of mathematical rules. This helps reduce the complexity of payment channels, as well as the number of interactions and storage of keys required in each transaction.
xLumi stores two on-chain values that ensure the security of the funds in the payment channel. Each offline payment transaction happens by the payer signing a transaction and passing it to the recipient. Collecting payments involve the recipient broadcasting the payer’s signature to the blockchain to make sure that the payment transaction was intended by the payer.
What makes xLumi different?
Security Advantages:
- The amount paid to the recipient can only increase ensures only newer states are broadcast. This ensures that the recipient knows how much funds are contained within the channel, and the payer cannot cheat by signing an offline transaction, then withdrawing all the funds from the channel.
- In the V system, the two-way payment channel has the possibility to give both parties the ability to close the channel at any point.
- xlumi’s V systems reduces the number of interactions in which protocols could go wrong.
- xLumi doesn’t require users store a new secret for every off-chain transaction made, which significantly lower the risk of protocols being compromised by mistakes in storing large numbers of secrets.
Scalable Transaction Fee Model:
- As the transactions could occur offline, repeated payments can be done without transactions fees.
- This payment channels allow users to send small amounts of payments or make high frequency transactions without transaction fees.
Easy of use:
- The expiration time for the recipient to be allowed to broadcast an update can be agreed on upon by both parties before the opening of the payment channel.
- Recipients of funds from an xLumi channel can settle transactions to the chain before the channel closes.
Driving this Forward
The implementation of a layer-2 scaling platform not only enables fast and secure off-chain transactions, but also generalized off-chain smart contracts. It enables V Systems to support large-scale and high-speed transactions on the blockchain, and advance into the age of DeFi.
We believe that the release of xLumi provides a viable solution to many resource challenges and scalability issues on public blockchains. It is our expectation that our ecosystem projects such as Tachyon Protocol will emerge to lead the deployment, and adoption of the xLumi Payment Protocol. Tachyon’s decentralized VPN app has over 2.3 million users worldwide. With xLumi, the Tachyon team can significantly accelerate the development of Tachyon Protocol and integrate the Bandwidth Marketplace into their ecosystem by providing users with a platform to sell their spare bandwidth resources. xLumi is poised to play a major role in the future development of highly scalable decentralized applications. We look forward to participating as a member of the V Systems community.
For more information, please read xLumi whitepaper here: https://www.v.systems/static/xlumiwhitepaperen.pdf
Watch CEO explain video here:
See intro page here:
More info of VSYS, you can find links below:
Twitter: https://twitter.com/VSYSCoin
Telegram:https://t.me/VSYSOfficialGroup
Medium:https://medium.com/vsystems
YouTube: https://www.youtube.com/channel/UC3tnJX2dztNKh2yJxFVSDAw
Reddit:https://www.reddit.com/r/V_SYSTEMS/
Github: https://github.com/virtualeconomy/v-systems
Links for VSYS coin
Coinmarketcap: https://coinmarketcap.com/currencies/v-systems/
Coingecko: https://www.coingecko.com/en/coins/v-systems
Other Useful Links
VSYS Official Website: https://www.v.systems
Supernode Ranklist: https://vsysrate.com/
VSYS Blockchain Explorer: https://explorer.v.systems/
