Payin is a cryptocurrency scaling solution. It creates a layer-2 transfer network to improve the performance and efficiency of blockchains. Payin consists of：PayinNetwork a high performance payment network；PayinCommerce an crypto payment integration system.
PayinNetwork is a layer 2 state channel transfer network. It is designed in a multi-hub structure to increase liquidity, availability and stability. Users’ assets are secured in smart contracts while transfers are offloaded to PayinNetwork.
In PayinNetwork’s lab environment, the one hub node transfer test reached 5K TPS. PayinNetwork’s performance can scale up to 100k TPS with 30 hub nodes。
PayinNetwork is a decentralized network. No one can take over the control. Nodes cannot initialize any transfer without the signature of senders.
PayinNetwork is a protocol network. It can run on any smart contract platforms.
PayinNetwork is a layer 2 state channel transfer network. It is designed in a multi-hub structure to increase liquidity, availability and stability. Users’ assets are secured in smart contracts while transfers are offloaded to PayinNetwork. PayinNetwork can increase the scalability of blockchains such as BTC, ETH and EOS by moving the payload to the off-chain network. Users’ on-chain transactions only happen in first time deposits and final settlements.
In order to accept crypto payments, merchants have to solve many technical problems, such as transaction monitoring, order and transaction matching etc. PayinCommerce is a enterprise ready crypto payment gateway.
The offchain transfer process of the payment channel mainly uses the asymmetric encryption signature technology to ensure that the payer actually authorizes the transaction. After multiple offchain transfers, the signature information can be verified and settled onchain. Take Ethereum for example, assuming that Alice and Bob have regular financial contacts. Alice is the bar operator and Bob is a frequent visitor to the bar. Alice and Bob will find it neither cost-effective nor convenient if every beer order requires a transfer at Ethereum. They can establish a payment channel through a smart contract, and Bob puts a little money inside (such as 2ETH). Bob only needs to use his wallet to make a transaction signature every time he orders beer. This operation is done instantly. Suppose the price of a beer is 0.01 ETH, and Bob consumed 30 glasses of beer in a month. At the end of the month, Alice only needs to submit the final signature information to the smart contract, and the 0.3 ETH can be taken out. The process is somewhat similar to signing, prepaying or check payments in real-life transactions. But the difference is that Alice is convinced that Bob has enough balance, and he must be able to take the 0.3 ETH out of the smart contract. Bob is also sure that his balance (1.7 ETH) can be taken out at any time. As a result, the confirmation time of the transaction is eliminated, and the Gas fee is only 1/10 of the original.
More and more companies and communities are trying to use token to systematically reinforce users’ target behavior. Token economy is believed to be a powerful tool to increase the network effect of in many areas. PayinNetwork will work with partners and help them to accerate the token economy building process. They can use PayinNetworks’s toolset to distribute their tokens in different marketing events such as airdrop and bounty programs, even in their products. e.g. payinbatch.com