Introduction
Why a new Payment standard is needed
Traditional (TradFi) payments have achieved a certain level of efficiency and performance, but often come at a cost. Systems can be opaque, complex, and expensive, with many intermediaries. The strongest players can abuse their power, and user trust can be violated by selling user data to the highest bidder.
These failures of TradFi payments coupled with the growing adoption of blockchain in recent years has set the foundation for the rise of blockchain based payment infrastructures. These blockchain payments solutions present great opportunities and address some of the main concerns with TradFi systems such as decentralisation of power & decision making, disintermediation (e.g. P2P systems) and democratisation of finance as a whole.
While blockchain mass adoption is still out of reach (today less than 5% of the population uses crypto / blockchain), blockchain-based payments systems struggle to outpace TradFi payment solutions in terms of performance and user experience.
Poor user experience & slow throughput is holding Web3 payment adoption back. Blockchain-based payments today are not designed to minimise user friction, and users have to "jump through hoops" to buy a product they like. Moreover, questionable performance and scalability are areas where blockchain-based payments fall behind TradFi payment systems. Our innovative Payment protocol was designed to provide improved scalability, safety, convenience, and financial rewards, found today in Web2 and TradFi.
Most Web3 payment systems use components such as bridges, DEXes or a third blockchain that introduce additional security risk and latency and make the user experience of PayLinks excruciatingly slow. The Real-time Optimistic Payments Protocol (RTOPP) was built from first principles to avoid these shortcomings.
Last modified 23d ago