Layer 1 payments network CrossFi is announcing the launch of its EVM-compatible mainnet. The CrossFi blockchain is designed to power CrossFi’s decentralized ecosystem for web3 payments.
The launch of the CrossFi mainnet enables businesses to begin accessing its core products and to process payments for everyday transactions. CrossFi’s Layer 1 network provides a scalable foundation for crypto payments. It enables businesses, including e-commerce stores, to attract web3 users and increase revenue by harnessing a decentralized, non-custodial, and highly scalable framework.
The CrossFi mainnet follows a successful testnet program in collaboration with CoinList that saw over one million active wallets created. A number of launch partners are supporting the CrossFi mainnet including Alchemy and other leading validators to maximize decentralization while optimizing network performance.
CrossFi’s suitability for supporting global payments is attested to by PCI DSS certification. This data security standard is utilized by major payment cards to ensure that best practices are maintained in terms of data transmission and storage.
Built using the Cosmos SDK and Tendermint, CrossFi’s modular construction incorporates EVM compatibility. This enables Ethereum-native assets to be bridged to CrossFi and used within its growing payments ecosystem. The network’s scalable architecture supports up to 10,000 transactions per second, making it ideal for hosting high volume payment dapps.
Governance for CrossFi’s decentralized network is facilitated by the Mint Power (MPX) token, a unit of computing power required to generate new XFI coins. The MPX token is also used to pay network fees, which are expected to average around $0.02 per transaction.
The CrossFi ecosystem comprises six core components, with CrossFi Chain serving as the base layer. A Layer 1 blockchain designed for unlimited scalability, CrossFi Chain provides infrastructure for interoperable financial products and supports over-collateralized stablecoins and synthetic asset minting. It’s complemented by CrossFi App, designed to democratize access to finance. App features include staking, lending, P2P payments, crypto-fiat exchange, and virtual debit cards, providing a seamless experience for managing crypto and fiat assets.
The CrossFi ecosystem also includes CrossFi xAPP, a DeFi platform that enables users to engage in token swaps, bridge assets across various chains, mine CrossFi native tokens such as XFI and XUSD on top of collateralized stablecoins, and participate in liquidity provision. Completing the ecosystem are CrossFi Foundation – the nonprofit dedicated to ecosystem growth, XAssets – a decentralized platform designed for minting, trading, and swapping RWAs – and XStake which maximizes capital efficiency for users’ staked assets.
CrossFi’s Layer 1 aims to bridge the traditional and crypto financial worlds. Through providing Visa-level transaction throughput coupled with security that exceeds banking standards, it provides a layer that’s capable of hosting tens of thousands of payments per second. The launch of the CrossFi mainnet will enable businesses to create payment applications on a Layer 1 that utilizes the latest blockchain technology and for users to begin exploring CrossFi’s features and benefits.
About CrossFi
CrossFi is a next generation digital ecosystem offering cutting-edge payment solutions. Its proprietary technology combines the security and transparency of blockchain technology with the stability of traditional finance. CrossFi’s Layer 1 blockchain consists of two integral components: Cosmos and EVM. Each part is responsible for its specific functionality, with their work completely synchronized to form a universal layer for web3 payments.
Learn more: https://crossfi.org/
This post was last modified on Oct 14, 2024, 16:06 BST 16:06