The beginning of blockchain-based solutions made profound changes to the monetary sector. While centralized systems have rapidly gained terrain, owing to their first-mover advantage, Satoshi’ s original concept behind a peer-to-peer payment system has finally began to take off with the advent of decentralized finance (DeFi).
Today, the total value locked in DeFi has exceeded $50 billion, representing a significant shift away from centralized systems.
PhoenixDAO is one this kind of platform that is facilitating individualized decentralized transactions.
Overview of PhoenixDAO
PhoenixDAO is a community-led, decentralized platform that is reinventing digital identity across the world by implementing tailor-made solutions. The platform was developed to cater to the specific specifications of modern users while facilitating the Web 3. 0 app. It will operate through a Decentralized Autonomous Corporation (DAO) .
The ecosystem comprises protocols in the areas of identity and authentication. However , to sink into the world of DeFi, the team has built an exclusive payment system called PhoenixDAO Payments.
PhoenixDAO Payment System – Facilitating Quick Obligations
PhoenixDAO Obligations is a collection of open-source intelligent contracts deployed on the Ethereum blockchain. A combination of PhoenixDAO’s Identification management and payment protocol puts anyone implementing it naturally ahead.
An example of this is what Numio can be building leveraging PhoenixDAO protocols. The payment solution from Numio is intended to allow customers to utilize their debit cards (at a future point in time) for making payments in stores and currently facilitates quick and efficient peer-to-peer, peer-to-business, and business-to-business transactions.
PhoenixDAO Payments uses specialized Phoenix Authentication and Identity protocols to secure each payment occurring inside its network.
Numio: Phoenix’ s First Use Case
Numio is a non-custodial Ethereum-based cellular wallet/app that facilitates quick and inexpensive transfers inside ERC-20 tokens. The platform uses zkRollups for instant obligations P2P (peer-to-peer) and will support point of sale (PoS) payments.
Lately, the wallet has incorporated with PhoenixDAO to add assistance for PHNX tokens to the platform, both as a means of payment and utility. Using this integration, Numio users can transfer PHNX tokens to get eligible for cashback rewards. Additionally , customers paying with PHNX at supported stores will receive a fee discount.
Furthermore, as part of a long coming relationship, Numio has agreed to spend part of the revenue generated from KYC/AML in-app to buy PHNX tokens from the secondary markets, which will then be staked for a complete year. The instant rewards through staking the tokens is going to be donated to the Foundation to support growth.