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PhoenixDAO: Overview of the Payment System

[Featured Content] The inception of blockchain-based solutions has made profound changes to the financial sector. While centralized platforms have rapidly gained ground, owing to their first-mover advantage, Satoshi’s original idea behind a peer-to-peer payment system has finally started to take off with the advent of decentralized finance (DeFi). Today, the total value locked in DeFi…

[Featured Content]

The inception of blockchain-based alternatives has made deep changes to the fiscal sector. While centralized platforms have quickly gained ground, owing to their first-mover advantage, Satoshi’s unique idea behind a peer-to-peer payment method has finally started to take off with the advent of decentralized fund (DeFi).

Today, the entire value locked in DeFi has surpassed $50 billion, representing a significant shift away from centralized platforms.

PhoenixDAO is just one such platform that is easing individualized decentralized trades.

Overview of PhoenixDAO

PhoenixDAO is a community-led, decentralized platform that is reinventing digital identity across the planet by deploying tailor-made options. The platform was developed to cater to the particular requirements of modern users while easing the Web 3.0 program. It will function through a Decentralized Autonomous Organization (DAO).

The ecosystem includes protocols in the areas of identity and authentication. But to penetrate the world of DeFi, the group has built an exclusive payment system named PhoenixDAO Payments.

PhoenixDAO Payment System — Facilitating Quick Payments

PhoenixDAO Payments is a collection of open-source intelligent contracts deployed on the Ethereum blockchain. A combo of PhoenixDAO’s Identity payment and management protocol puts anybody implementing it obviously beforehand.

An instance of that is what Numio is constructing leveraging PhoenixDAO protocols.  The payment option from Numio is intended to allow consumers to use their debit card (in a future point in time) for making payments at shops and now facilitates quick and efficient peer reviewed, peer-to-business, and business-to-business transactions.

PhoenixDAO Payments utilizes technical Phoenix Authentication and Identity protocols to secure each payment happening inside its own network.

Numio: Phoenix’s First Use Case

Numio is a non-custodial Ethereum-based mobile wallet/app that facilitates quick and affordable transfers in ERC-20 tokens. The platform utilizes zkRollups for immediate payments P2P (peer-to-peer) and will support point of sale (PoS) payments.

Recently, the wallet has integrated with PhoenixDAO to add support for PHNX exemptions into the platform, both as a way of payment and usefulness. With this integration, Numio consumers will have the ability to transfer PHNX tokens to become eligible for cashback rewards. Additionally, customers paying PHNX at confirmed stores will receive a fee reduction.

Furthermore, within a long forthcoming connection, Numio has agreed to devote part of their revenue generated from KYC/AML in-app to buy PHNX tokens from the secondary markets, which will then be staked for a full calendar year. The immediate rewards from approving the tokens will be donated to the Foundation to support growth.

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