CrossFi, a crypto payments network, has launched its Layer 1 mainnet that is compatible with EVMs.
CrossFi’s mainnet, which is designed to be a decentralized payment platform for web3, can now be accessed by businesses and developers who want to make payments on a blockchain infrastructure that scales.
This release comes after a successful phase of testing in conjunction with CoinList during which more than one million wallets active were created.
Alchemy, among other key validators and partners are actively involved in the launch of mainnet. This ensures maximum decentralization while optimizing performance on network for applications with high throughput.
Web3 Payments: A Scalable Solution
CrossFi’s Layer 1 Blockchain is built with Cosmos SDK, Tendermint and Ethereum Virtual Machine compatibility.
It is possible to easily connect Ethereum native assets with the CrossFi Network, making this a flexible platform for web3 companies looking to implement decentralized payment systems.
Its highly-scalable architecture supports up to 10,000 transaction per second. This makes it an ideal platform to use for high-volume businesses and e-commerce sites.
CrossFi also has achieved PCI DSS Certification, which is the standard for data security required by most major card payment networks. This further strengthens its ability to process global payments.
Features and Governance of Mainnet
CrossFi’s native coin, Mint Power MPX (MPX), is the engine of its decentralized ecosystem. MPX is used to pay network fees and for governance. These are estimated at around $0.02 each.
CrossFi’s low fees, coupled with its scalable network throughput, make it a viable solution for the growing market of crypto payments.
CrossFi is comprised of three core elements:
- The CrossFi chain is the layer 1 infrastructure that provides decentralized financial services like stablecoins with over-collateralized collateral and synthetic assets minting.
- CrossFi App: A platform that offers services like staking and lending as well as P2P payment, crypto-fiat trading, and even P2P payments. It aims to make decentralized finance more accessible to everyone.
- CrossFi xAPP : DeFi Platform for asset bridging, token swapping, mining of native tokens such as XFI, XUSD, and liquidity provision.
- Platforms for minting, trading and optimizing liquidity of real-world assets and staked tokens.
Financial systems: traditional and cryptocurrency
CrossFi is a new financial system that aims to combine traditional finance and cryptography by combining Visa-like transaction speeds with security standards exceeding those of traditional banks.
The ability of the system to process thousands of transactions per second and its non-centralized nature make it a popular choice for developers and businesses looking to build secure payment applications.
CrossFi’s mainnet is now available, and it will be a major player in blockchain payments, giving businesses the ability to tap into the web3 market.
The ICD published the following article: Crypto payment network CrossFi launches EVM compatible mainnet.
This site is for entertainment only. Click here to read more
