Cross-Chain Interoperable Payments Blockchain
What is Spendchain?
Spendchain is a cross-chain interoperable payments blockchain desigend to decentralize legacy payment networks. Users may use Spendchain to pay Merchants and others without a trusted middleman. Spendchain will power the ability for users to pay in any supported currency while enabling the Merchant to settle that currency all on-chain.
Key Benefits of Spendchain
Process transactions on Spendchain for a fraction of the cost in legacy payment systems such as Visa & Mastercard.
Spendchain aims to perform at 100,000 transactions per second (TPS) outperforming centralized systems
Enables trustless processing by removing a third party or middleman where all transactions occur directly on-chain.
Users have the ability to connect any supported asset they wish and use the interoperability feature of Cosmos SDK.
Spendchain will be designed to support features to run a full traditional payment system directly on the blockchain
Spendchain utilizes high throughput processing to match TPS performance like Visa directly on the Blockchain. Users will be able to perform transactions with merchants without a trusted middleman.
Old fashion payment systems are slow, susceptible to fraud, and have no scalability options. Legacy systems are expensive and require middleman and others creating numerous potential central points of failure.
There are three main ways that a user may operate on Spendchain
Users may set up Merchant Nodes to collect direct payments from customers on Spendchain and choose to settle them to their choice of settlement currency.
Users interested in running Financial Nodes are able to settle transactions for Merchant Nodes for a small fee on each transaction directly on-chain.
Help secure the network and operate Spendchain. Validators are directly responsbile or running Spendchain and all its future upgrades.