Pay Protocol participated in the Global Blockchain Summit, one of Asia’s largest blockchain events. The company has attracted much attention by offering an efficient value proposition to both users and merchants. Pay Protocol’s cryptocurrency payments project is based on three principles: redirect the economic benefits and values from intermediary processors to users, reduce the time it takes for such intermediaries to clear and settle payments, and share the right to make important decisions among the ecosystem’s participants. Pay Protocol’s solution is aimed at lowering service fees and allowing customers and stores to make purchases and sell using the cryptocurrency of their choice.
Pay Protocol’s blockchain-based platform provides solutions that enable simple payments in cryptocurrency, meeting the needs of both users and merchants. Using the platform’s tokens allows users to receive a variety of discounts and promotions, and the service fee merchants have to pay is much lower than the rate imposed by traditional payment service providers. Pay Protocol’s wallet application will allow the majority of cryptocurrencies in the market to be traded. Smart contracts and token economies will replace intermediary processors in the traditional payment model, saving costs considerably. The solution is expected to shift the focus to the actual participants in a payment process.
Wanxiang Blockchain Labs, established in 1969 by a China-based company dealing with auto parts, real estate, and financial services, held the largest blockchain event in Asia last month. From September 7 to 12, Pay Protocol attended the Global Blockchain Summit in Shanghai, China. Over the course of six days the summit hosted over 60 speakers and 2,000 participants, covering more than thirty topics on blockchain. The first of the series of summits, started by Wanxiang Group, was held in October, 2015 with more than 300 participants. The number of participants steadily rose to 700 and 1200 in 2016 and 2017, respectively. This year marked their fourth meeting, which still strongly captured the attention of crypto enthusiasts.
The 2018 summit received a great deal of attention with its spectacular guests. Vitalik Buterin, chief scientist of Wanxiang Blockchain Labs who is better known as the co-founder of Ethereum, and CEO Jihan Wu, co-founder of Bitmain, joined the stage. The summit was divided into three different sections, starting with the Wanxiang Blockchain Hackathon held from the 7th to the 9th where leading development teams from across the world gathered for in-depth discussions on blockchain. On Tech Open Day on the 10th, the founders and developers of major blockchain platforms demonstrated their latest work. Finally, September 11th to 12th was the grand Global Blockchain Summit, and various industry experts presented insights into solutions using blockchain technology.
The Global Blockchain Summit provided a great opportunity to introduce Pay Protocol’s project. The company already has strategic partnerships with global companies, presenting innovative ideas and resources that differentiate them from competitors of the like. Pay Protocol is continuously making arrangements to attend more blockchain conferences.
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