WiMi Announces That It Developed A Lightweight Software Architecture For Payment Systems On A Blockchain Multiplexing Platform

Author: Benzinga Newsdesk | March 25, 2024 10:35am

WiMi Hologram Cloud Inc. (NASDAQ:WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed a lightweight software architecture for payment systems on a blockchain multiplexing platform. Through multiplexing, and real-time exchange rate processing, it provides users and merchants with a more flexible, convenient and secure payment experience. This payment system is expected to revolutionize cross-cryptocurrency payments.

WiMi named it, MultiChainPay Hub. The system works with a number of crypto blockchain networks to support cross-cryptocurrency payments. Where the buyer can pay in one currency and the seller automatically receives another currency of his/her choice. This maximizes the convenience of the buyer and thus increases sales. With the built-in cryptocurrency exchange, cross-cryptocurrency payments can be processed using real-time exchange rates so that both the buyer and seller receive the cryptocurrency of their choice. To ensure that payments are fast, efficient and secure, MultiChainPay Hub's lightweight software architecture includes five key steps.

Payment initialization: The buyer initiates checkout on the shopping platform, which sends the offer to the MultiChainPay Hub on the merchant's cryptocurrency blockchain network. The Hub records the offer on a smart contract, which then generates a cross-chain transaction message to be sent to the cryptocurrency network of the buyer's choice.

Request messaging: Through internal messaging routers and bridges, messages are passed between different cryptocurrency networks to eventually reach the recipient.

Payment execution: Sub-component that handles payment creation and recording, and generates an invoice to send to the buyer on the corresponding smart contract. Payments are processed through MultiChainPay Hub's cryptocurrency exchange.

Response messaging: Similar to request messaging, response messages are passed through the paths of different cryptocurrency networks to ensure that they eventually reach the original network. Messages are deserialized and delivered for finalization.

Payment confirmation: By updating the relevant offer record on the smart contract, the MultiChainPay Hub sends a new message containing a copy of the relevant deposited funds and proof of purchase. This signals that the payment is complete and the merchant can withdraw the money.

WiMi's MultiChainPay Hub has a built-in cryptocurrency exchange that ensures accurate cross-cryptocurrency payments through real-time exchange rate processing. The cryptocurrency exchange deposits the converted net amount into the merchant's account, which is hosted on the native cryptocurrency blockchain network. The MultiChainPay Hub makes e-commerce payments easier by realizing the goal of buyers paying in one cryptocurrency and sellers having the option of another cryptocurrency.

MultiChainPay Hub solves the problem of cross-cryptocurrency payments during transactions through its unique lightweight software architecture and multiplexing.

Multiplexing: MultiChainPay Hub allows payments between different cryptocurrency networks through multiplexing. This allows buyers and sellers to choose cryptocurrencies respectively, simplifying payments to the greatest extent possible.

Real-time exchange rate processing: Built-in cryptocurrency exchanges and real-time exchange rate processing ensure accuracy when paying across cryptocurrencies. This mechanism provides buyers and sellers with real-time market prices, reducing the risk of exchange rate fluctuations.

Lightweight software architecture: MultiChainPay Hub utilizes a lightweight software architecture that makes it easy to integrate into a variety of e-commerce systems. This design reduces system complexity, increases platform flexibility, and reduces the overall system burden.

Automated payment process: MultiChainPay Hub eliminates the need for human intervention from payment initialization to final confirmation. This automated process increases payment efficiency.

Payment system integration: MultiChainPay Hub is designed to be easily compatible with different e-commerce platforms. Its ability to adapt to a variety of technical differences and protocols makes it easy for merchants to use the payment system for e-commerce.

WiMi's MultiChainPay Hub is expected to play an increasingly important role in the digital payment space. First, it will provide users and merchants with a more convenient, secure and efficient payment experience through continuous innovation and function expansion. And it will continue to optimize the platform to meet the evolving demand for digital payments, thereby gaining a larger share of the market. Secondly, MultiChainPay Hub is expected to become one of the preferred payment solutions for global e-commerce platforms. With the increasing demand for digital payments, multiplexing will enable merchants to accept multiple cryptocurrencies more flexibly, increasing the convenience and flexibility of global commerce. We will work with major e-commerce platforms to drive the promotion and adoption of MultiChainPay Hub globally. Finally, the successful application of MultiChainPay Hub will inject new vitality into the entire cryptocurrency ecosystem. By facilitating the widespread use of cryptocurrencies in e-commerce, it is expected to accelerate the adoption and promotion of digital currencies. We look forward to seeing MultiChainPay Hub contribute to driving the innovation and development of future digital payments, creating a more open, convenient and intelligent payment ecosystem for users and merchants.

MultiChainPay Hub marks an innovation in the field of e-commerce payment, bringing an unprecedented payment experience to users and merchants. Through multiplexing, real-time exchange rate processing and other advanced technologies, it successfully solves many challenges in cross-cryptocurrency payments and creates new possibilities for wider application of cryptocurrencies in e-commerce. In the future, WiMi will continue to dedicate itself to continuous technological innovation to meet the needs of users and merchants for more efficient and flexible digital payments, and MultiChainPay Hub will continue to lead digital payments, contributing to the construction of more convenient and secure payments.

Posted In: WIMI