Blockchain in technical terms refers to a distributed shared append only ledger. In layman’s terms, it is a public distributed record of all transactions and the records are immutable by nature. Now, what does ‘immutable by nature’ mean? Records are immutable in nature because they are verified on the basis of a consensus protocol. In case of any update, the transaction has to be first verified. If not verified, the transaction never becomes part of the public ledger i.e the Blockchain.
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Blockchain has many use cases and Bitcoin was the first commercial one. It was purely a finance use case and Bitcoin was a true cryptocurrencies. However, Blockchain offers possibilities for multiple use cases. Ethereum Blockchain is one such example which is based on smart contracts. Smart Contracts are not digital money like Bitcoin. They are a set of programmed set conditions for executing transactions. If these conditions are not met than transaction are not possible.
GLobal iPay makes use of the Ethereum Smart Contracts to deliver a blockchain based payment solution for major cryptocurrencies. The base currency on the GLobaliPay platform is the GIP token. GIP Token is an ERC20 standard token. One GIP Token is equal to $0.0500 or 0.000108 ETH. In this blog, we discuss some of the key details of the Globalipay Payment Platform.
Decentralised: Ethereum enables developers to build blockchain solutions on top of its environment. The GIP token which is the lifeline of the GIP payment solution integrates perfectly onto the Ethereum environment. All GIP Token transactions are part of a distributed ledger and a copy of the ledger is shared with all participants on the GIP Token Network. Hence GIP Token and its payment solutions are truly decentralized in nature.
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Transparent and Fast: The distributed and shared nature of the GIP ledger ensures transparency amidst participants at all cost. Moreover, the ethereum transactions out do Bitcoin rates by a huge margin. Hence GIP Tokens are equipped with fast transaction rates. This gives them adaptability and Scalability.
Security: When considering blockchain payment platforms, security can be double-sided sword. This means that the platform requires dual security modes both within and outside the network.
Within the GIP Network: The main concern with most tokens is the consensus problem. While in Bitcoin, consensus or the process of verifying transactions are limited to miners. In GIP though the consensus is reached using a Proof of Stake Concept. This eliminates the dominance of a mining oligarch.
Outside the network, any attempt to breach the decentralized network by altering record etc is extremely difficult and immediately red flagged by participating node.
The GIP Digital Payment Solution Ecosystem
The GIP Digital Payment solution includes the GIP Token and the GIP wallet integrated into the GIP decentralised app.
GLOBAL I’NET PAYMENT app is a blockchain driven platform for peer to peer and decentralized transactions as well as crypto-currency exchange.
GIP Wallet and Token
A secured digital wallet that acts as a gateway between the user device and the Ethereum Blockchain Network. It is crypto secured with by the set of private-public crypto keys/digital signatures that can be used for token transfers as well as crypto-exchange.
GIP Token which is of ERC20 standard support all transactional operations at ease. These include queries like the approving the transferring tokens, the balance of tokens for a particular address, and the total supply of tokens.