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Wirex Payment Network

Basic Product Info

Name

Wirex Payment Network

Type

Payments

Description

Secure and instant digital payments. A multi asset off-chain liquidity network powered by smart contract technology, enabling ultra-low cost instant payments on a global scale.

How Wirex Payment Network works:

Network participants establish a bidirectional payment channel by placing funds into a multisignature “channel” address. Once the channel is established, counterparties can start exchanging payments.

The current balance is stored as the most recent transaction signed by both parties. To make a payment, both parties sign a new exit transaction spending from the channel address.

The network does not require cooperation from the counterparty and both sides can exit the channel based on agreed rules of the system. Once the channel is closed, final balances are broadcast to the blockchain.

W-Pay enables new levels of transaction between parties that were previously impossible via financial systems vulnerable to monopolisation. Without the need for custodial trust and ownership, participation on the network can be dynamic and open for all.

Status

Full release

Date launch

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