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Taking Digital Payments A Step Further With Blockchain

Published 2019-06-07, 11:48 a/m
Updated 2023-07-09, 06:31 a/m

Online money transfer technologies have facilitated individuals with fast and efficient transfer of payments across the world. While the existing traditional systems are the easy and convenient option for most, they are also known to charge excessive fees and sometimes take multiple days for complete execution. Enter mobile transfer apps integrated with blockchain technology.

Simply put it is a way of paying through your phone without involving the hefty commissions involving banks. They are fast, borderless and secure. Not involving banks is the future of digital money transfer.

Founded in July 2017, one such solution that has been provided by Lighthouse Blockchain Technology is USDX Wallet. Featuring a stable cryptocurrency, USDX, it presents a wide range of crypto users enabling them to send and receive funds without any hassle and commissions. It is based on BitShares protocol allowing 100,000 transactions per second.

The following are some of the features that makes the USDX wallet a game-changer in blockchain industry:

1. Easy to use mobile app
The user-friendly interface of the mobile application allows even a new user to easily navigate through it. The account can be set up in under one minute. The app is available on GooglePlay and AppStore as well.

2. Multi-level security
The use of two authorization mechanisms guarantees the safety of user data and funds. The first being a digital signature mechanism based on private and public keys. The second is a two-factor authorization using the phone or push notifications.

3. Stable currency
USDX, being a stable token, is pegged to the U.S. dollar at a 1:1 ratio via a smart contract, which makes its value one dollar for one USDX. Each USDX token is collateralized with at least 200% worth of the core LHT cryptocurrency. LHT has a finite supply of 1 billion coins. The coin is based on the exclusive Lighthouse Blockchain.

4. Effortless peer-to-peer payment
The app allows smooth transfer of funds using a friend's name, mobile number or QR code. And it also synchronizes with user's contact list enabling them to find recipients by their familiar names.

5. No fees
There are no transaction fees involved in USDX whenever the payments are made.

6. Instant transactions
The wallet is capable of processing 100,000 transactions per second, which is the speed of Visa (NYSE:V) and MasterCard combined.

Securing a peer-to-peer future
With more than 60,000 users, USDX wallet has seen exponential growth in the past year. The recent monthly increase in user base was of 145 percent with the volume of transactions increasing 81 percent in the month of May. Under the guidance of CEO Andrey Peshkov, the company is backed by a well experienced team. It is all geared up to sail through the crypto market envisioning and help their users with the best possible money transfer system.

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