Thursday March 04, 2021
Bitcoin (BTC) $48,408.00   Ether (ETH) $1,549.80
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Featured

Blockchain VPN service Mysterium adding native payments function

Mysterium is introducing a lightweight solution for micropayments. With it, it aims to provide hundreds of thousands of transactions per second on its network...

Published by CryptoNinjas.net
11/12/2019
Blockchain VPN service Mysterium adding native payments function

Mysterium, a blockchain-powered VPN service, is currently working to implement a native micro-payments feature The Mysterium team is now experimenting with the solution on its testnet.

As the progression to maininet approaches, users will gradually see payment options show up on various interfaces and applications on the Mysterium platform (i.e. a ‘top-up’ button in a Mysterium app, new functionality in SDKs, etc.)

Native payments will guarantee that users can transact with one another autonomously, without a need for an intermediary.

The architecture of the new payments system is a fusion of research and experimentation with existing Layer-2 solutions. This research eventually led to Mysterium to build their own proprietary system.

Requirements of the micropayments system included:

  • Ability to handle frequent and small payments (eventually thousands per second)
  • Support for native MYST utility token,
  • Anonymity while also being secure, such as through the use of identity registration and reputation system
  • Great user experience, removing as much complexity as possible for the end-user.

The proposed solution combines the technology and methodologies used by other payment solutions, such as State Channels.

Mysterium Accountant

Mysterium will introduce a new function to its network called Mysterium Accountant. The Accountant will verify ‘payment promises’ made by consumers to nodes.

Instead of constantly paying nodes in high volumes, users can make ‘promises’ to providers, similar to IOUs. These promises are ‘verified’ by Mysterium Accountant.

The Accountant has a record of each user’s actual balance and funds, as well as a record of all of the promises made. When node runners decide they want to settle the account, the final tallied record is executed on the blockchain and sent as a single transaction.

Mysterium Accountant plays a similar role as a ‘hub’ between consumers and nodes. The only function is to verify the payment promises, it cannot use or freeze user funds. The introduction of the Mysterium Accountant also takes the Mysterium network a step closer toward becoming a trustless service.

As these micropayments are ‘promises’ rather than on-chain payments, Mysterium reduces the number of transactions sent to the blockchain. This allows the network to handle much larger volumes of users and transactions, making the network faster and more scalable.

Mainnet

“With the introduction of payments on mainnet, we aim to create an incentive for both consumers and nodes to meet on the Network on fair terms. Eventually, Node runners will begin to receive tokens as they rent their bandwidth, applying a pay-per-use model, moving away from monthly bounties. Future payment and charging models may be adapted as our network starts to operate in real-world market conditions. Nodes will be able to withdraw funds to their wallets. As the whole network will be open, it will open up the possibility for anyone to create better user-oriented apps, incorporate privacy into all sorts of services, create a better user experience for withdrawing earnings, add more use-cases for nodes, and more.”
– The Mysterium Team

If you are interested to read more details on the Mysterium micropayments system see the whitepaper.

14
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Decentralized VPN Mysterium now available on AVADO node device
Featured

Decentralized VPN Mysterium now available on AVADO node device

08/28/2019
Blockchain powered VPN project, Mysterium Network, launches app for Android
Featured

Blockchain powered VPN project, Mysterium Network, launches app for Android

12/19/2018
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
DEX aggregator 1inch integrates Bitquery's API-powered crypto trading data

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

03/02/2021
Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

03/04/2021
CasinoCoin to migrate to XRP Ledger amidst rebranding

CasinoCoin to migrate to XRP Ledger amidst rebranding

03/01/2021
Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

03/01/2021
SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

03/02/2021
Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

03/04/2021
Creators of crypto wallet Exodus files with SEC to allow purchase of its stock with bitcoin

Creators of crypto wallet Exodus file with SEC for $75M public offering

03/03/2021
Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

03/02/2021
DEX aggregator 1inch integrates Bitquery's API-powered crypto trading data

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

03/02/2021
Crypto exchange BiKi cooperates with Hacken on security test

Crypto exchange BiKi cooperates with Hacken on security test

03/02/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version