Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Minima And Minipay Pilot Blockchain-based Retail Payment System

Minima, the first cooperative, ultra-lean, blockchain network that enables anyone to run a complete node on a mobile or IoT device, has today announced it has completed a pilot with Minipay, one of the winners from its inaugural Minima Innovation Challenge to bring to market a contactless payment app which connects to Minima wallets and uses NFC and QR codes for everyday purchases.


Led by Michal Borowiecki, Minipay's payment app uses Near Field Communication (NFC) to make payment experiences more seamless and easy for people accustomed to paying for retail shopping by tapping their phone. Hitherto cryptocurrencies have been better at storing value than transacting in a traditional way, like retail payments; by using Minima’s protocol, Minipay will put the customer experience at the forefront of payments.

Michal Borowiecki said: “It's an enormous privilege to be a winner of the Minima Innovation Challenge. This success will enable me to devote more time to developing on Minima and bring not just one, but several early minidapp ideas to reality and grow my contribution to the Minima community.”

“What really excites and interests me about Minima is the focus on decentralization, which is the thing that matters most for blockchain technology, alongside the small footprint and scalability that it brings.”
Michal continued; “In principle Minipay could be implemented over any blockchain that supports L2 payment channels. Minima having L2 and p2p communication (Maxima) built-in from the start and being light enough to run entirely on the mobile phone makes developing and delivering a holistic seamless solution so much easier.”

The Minipay app will make the payment experience as easy and familiar as possible. This will be done by offering the standard on-chain transactions with payments requested, by presenting a QR code for the payer to scan or by emitting the request (address, amount, tokenid) over NFC technology for the payer to scan contactlessly - creating and transacting over and settling off-chain payment channels. Once a payment channel is established, payments can be made instantly and transactions can be made contactlessly even in the temporary absence of an internet connection.

Cryptocurrencies are currently used predominantly as a store of value and methods for market speculation, but their usage as an everyday payment mechanism has hitherto been limited. If a cryptocurrency, such as the Minima token, becomes an everyday medium of exchange, this will increase its security and price stability and enable more adoption among people and businesses who favour decentralization.

Minima’s Head of Partnerships, Adam Feiler, said: “Working with Minipay has proven how versatile Minima protocol is, and how it can have a huge impact in the financial sector. By using our decentralized blockchain, Minipay will disrupt the payment industry and be a strong innovator in bringing about greater global financial inclusion.”

About Minima
Minima was founded in London in 2018. It has created an ultra-lean blockchain protocol that fits on a mobile or IoT device, allowing every user to run a full constructing and validating node. By adopting this approach, Minima has created the possibility of operating a completely decentralized network that is scalable and inclusive, while remaining secure and resilient.
Hugo Feiler, CEO and Co-Founder of Minima is an entrepreneur with over two decades of experience. He was previously Co-Founder and CEO at Alpha Century, and a Mentor at Seedcamp.
For information on how to run a node on the Minima network and join the Incentive Program visit: https://www.minima.global/get-involved

------------------------------------------------------------------------

Disclaimer: The text above is a press release that was not written by Finyear.com.
The issuer is solely responsible for the content of this announcement.
Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.
L'émetteur est seul responsable du contenu de cette annonce.

Mercredi 26 Octobre 2022




OFFRES D'EMPLOI


OFFRES DE STAGES


NOMINATIONS


DERNIERES ACTUALITES


POPULAIRES