The history of the financial system was born out of the emerging needs of banking. Although we consider the use of currency as the first currency exchange rate for human trafficking, the introduction of the need for third-party financial institutions to transact actually creates an entire financial system in which governments, individuals and businesses can transact peacefully and legally.
At this time, some merchants or sellers accept cryptocurrencies as payment. But, the network is very small and there is little room to expand the network around the world. In addition, they do not use a common platform to conduct their transactions. For example, when you use a credit card for online shopping, you'll ask for the type of credit card (Visa / Master) and not the name of the bank that has given you the credit card. Because the payment gateway processes transactions for all Visa credit cards in the same way.
PumaPay offers a blockchain based payment mechanism that allows customers to consume services before processing is complete and when the amount is unpredictable / predetermined. The amount of processing is calculated on a retrospective basis, according to a level based on a generally accepted unit of consumption (eg rate of payments per minute).
One of the PumaPay payment protocol extensions overcomes this difficulty and can enable affiliate marketing with transparency, making it more accessible than ever.
This contract is based on the state channel protocol, which allows quick confirmation of the minutes consumed. The contract will ensure that a limited number of tokens will be secured prior to service consumption. While the service is provided, the Protocol will add an accumulated sum of any predetermined duration, and after actual usage, the total amount will be processed on the blockchain, and the rest will be returned automatically to the customer's wallet. If a customer chooses a combination of instant pay per usage and a reload plan, this will enable them to enjoy the service without having to disconnect once the payments they get in the contract run out.
To achieve this goal, the new billing protocol specifically for crypto called PumaPay is under development. It is an open source and open source protocol based on blockchain technology. Because it is open source, it is easier for businesses to integrate their payment solutions into the PumaPay protocol.
Through an extension, PumaPay Token transactions can be distributed to an unlimited number of recipients. This type of payment allows multiple parties to enjoy a trust-free, almost instantaneous share of the revenue while maintaining full independence and transparency regarding the date and amount of payments. This architecture also allows customers to see where their money goes.
Thus, technology comes after the institution instead of inspiring them and banking has always been an international business and not an isolated one or just across the country. The international economy demands constant accounting of transactions over time, measurement of resources traded and used, and taxes collected to keep the system running. Why it matters is that for the first time in human history, technology may have reduced the scales of old players who have gripped the financial system since the 14th century while opening up markets and usage.
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