Proton is a public blockchain designed for consumer applications and seamless P2P payments. Fiat on and off ramps and lack of KYC have been significant obstacles in opting in crypto as a day to day payment system. Proton tackles this problem by integrating a secure identity layer.
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.
Proton was developed as a joint effort by two companies: Metal and Lynx. Both companies share a vision of making crypto more accessible to everyday consumers, and both have independently made significant progress towards that goal.
Metal has built a compliant, consumer friendly platform for peer to peer payments. Lynx has developed an app-focused blockchain. Proton combines the elements of both efforts into a single unified offering.
Why Proton?
Proton is improving and streamlining the verification and speed at which payments are processed either between banks or merchants. Currently for traditional payments, users aren’t asked for consent before a payment is processed, unless going over a comfortable limit, from the credit card processor, and the second layer of authentication is usually an insecure telecom network.
Cryptocurrency has no native compliance tools for anti-money laundering, identity, source of funds, or risk scoring for financial institutions to adopt it.
Previously, there wasn’t a way to push or pull funds (or for legacy finance to interact with crypto finance) in real time on the blockchain from credit/debit/ACH/IBAN.
Proton solves this problem by integrating identity verification.
6 Main Benefits
Universal @names Every business and individual account on Proton has a unique human readable @name. Need to send $20 to @john? It’s as easy as you would expect.
Verified Identity Proton chain stores identity attestations by multiple identity providers, both for individuals (KYC) and businesses (KYB). These identity providers can be queried with the user’s permission.
Built for Stablecoins Proton supports multiple wrapped stablecoins including USDC, PAX and TUSD. Developers can add their own coins in a permission-free way.
4,000 Transactions per second We’ve stress-tested Proton at over 40 million transactions per day. It can handle far more traffic than blockchain apps are currently collectively capable of.
Users never pay gas All user transactions are completely free. Send $20 to someone, the person gets $20. You pay nothing. All resources are handled by the app at extremely low-tiered costs.
In-wallet payment requests Apps interact with the Blockchain by in-wallet Payment requests. This revolutionary tech eliminates the need for chrome plugins, “dapp-stores,” or other devices.
Key Resources & Readings:
Proton Chain
Proton Blockchain | $XPR ⚛️ (@ProtonXPR) · Twitter
Proton (XPR) Price, Charts, and News | Coinbase
https://www.coinbase.com › price › proton
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