The First Decentralized Instant Cryptocurrency Payment Solution
LITEX is a completely decentralized payment ecosystem for cryptocurrency. Built on the business model of YeePay’s star product (the non-bankcard payment solution) along with the BOLT protocol, the LTXN（LITEX Network) enables crypto-purchasers to pay fiat money to merchants on behalf of customers for products and services, and the customers repay cryptocurrency to the purchasers. The whole process is insured by smart contracts, no centralized organization is involved. There are two layers in LTXN’s architecture. The first layer is an upper-layer decision-making network that matches the payment requests and the fiat money requests. The second layer is a lower-layer lightning network that builds highly efficient and secure payment channels to transfer the cryptocurrency. The merchants receive fiat money payments from cryptocurrency purchasers through the acquirers. LTXN also implements an incentive strategy in the upper-layer decision-making network to reduce the potential centralization in the lower-layer lightning network.
- Decentralized ecosystem: With fiat money provided by crypto-purchasers, there is no capital pool for fiat money and official operator is not necessary at all, as a result, LITEX is not exposed to single point of failure risks.
- High performance, low costs: With the growth of nodes, LITEX can handle millions of payments per second which can meet the requirement of timeliness in every-day payment scenarios. Meanwhile
the mechanism of sharing the transaction fee by all participants in one transaction make it extremely low.
- Stabilized settlement: With deep payment industry experience by Litex Foundation and its partners, LITEX has the ability and social capital to sign up acquirers from all over the world via profit sharing so that the risks of cooperating with bankcard companies can be avoided.
- Merchant accessibility: With fiat money settlement, LITEX merchants do not need to make any changes in their current payment gateway. The process of using LITEX to collect money is exactly the same. There’s no risk in bearing the volatility of cryptocurrency price.
- Fund security: With payment channels built on smart contract of pre-defined strict rules, balances on LITEX are stored in the payment channel. No capital loss would occur even if it is attacked.
Even though fiat money is still the dominant form of payment in today’s economy, the age of cryptocurrency is on the horizon. With platforms such as Ethereum, people other than pure currency speculators have started to recognize the practical value of cryptocurrency and are willing to use cryptocurrencies like LITEX Tokens directly to purchase merchandises or services. In addition, the LITEX system has the potential to connect the vast population in the developing world (that are not able to participate in banking services or receive charity) to local merchants and international non-profit organizations.
LITEX provides a foundational payment structure for the future digital world.