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Pay
Simple, Safe, Secure.
Silk Pay is a privacy-preserving payment application built on Secret Network that introduces a new sender and receiver confirmation architecture. Using the send request and receive request architecture, Silk Pay ensures outbound capital both safely and consistently is sent to the correct location, enabling peace of mind and usability for everyday users.
The following is a list of Silk Pay features:
- Private transfers
- Private requests
- Reoccurring payments
- On-chain communication protocol between counter-parties to ensure the safety and consistency of transactions
- Funds are never held in escrow (except for recurring payments)
- Simple UI/UX
- SNIP-20 token support
- IBC compatible (long term)
Currently with blockchain transactions, users typically send a test transfer to an address. Once this amount has been asynchronously confirmed, the sender must still send another separate transaction. This two step process entails a significant amount of risk for both sender and receiver as their may be an address pasting error that occurs between the first & second transaction. With Silk Pay, the asynchronous communication protocol ensures that the receiver is able to send an on-chain verification that they are about to receive funds from the sender, removing the need to have two separate transactions as the target address is locked in from start to finish (with confirmations to ensure that the target address is correct).
Silk Pay will aim to eventually include a system of monikers and registered addresses to make the initiation of a send or receive request even easier. While vetted addresses can remove the need for the usage of a communication protocol for every transaction, there will always be the need for a payments communication protocol for first time transactions. With the incorporation of monikers and registered addresses, requests will become an even more seamless UI/UX experience.
Silk Pay will be an interchain application which other Cosmos based blockchain will be able to privately interact with each other through Silk Pay using multichain accounts powered by IBC and Secret Network - positioning Silk to become one of the powerhouse products of the Multichain paradigm.
Last modified 7mo ago