To use Payment Porte app, the user first needs to set up an account on their mobile device. The fees to transfer funds on the app are much lesser than current rates. Transactions on Stellar are faster and have much lower transaction fees than Bitcoin or Ethereum. Certainly, the company itself may charge a transaction fee to gain a profit, but these costs collectively are much lower than what conventional money transfer services charge.
We use Stellar Blockchain since it provides faster and secure transactions. It acts as a bridge currency for crypto payments and would perform much better than other token systems such as Bitcoin or Ethereum. In addition, the system will also be prevented from some of the latency issues that infected many other Blockchain economic use cases.
Unsurprisingly, there are substantial risks involved in any cryptocurrency-based transactions such as securing private keys and managing crypto wallets. Every cryptocurrency-based platform should focus on users to make them learn that securing private keys should be crucially important.
Getting the Porte Tokens into the users’ hands and then converting them to and from fiat currency is quite a challenging task. We aim to make an ecosystem that will help users on both ends of the transaction that convert fiat to tokens and vice versa. This application will not be tricky to master since the use of mobile devices in the developing world is widespread.
Good UI/UX would help in building the trust of users on the Online Payment Platforms and also help them secure their funds in the system. We provide a simple and secure wallet on the application which will help users to easily store their funds and quickly exchange them for fiat currencies.
From a technical point of view, this is how the application will work:
First a user Issuer A requests some point of sale to exchange fiat currency with Porte Tokens.
When Issuer A accepts a local transaction, the request to the alleged Central Bank is sent which will set up the transaction to transfer tokens to the end user’s Receiver A wallet.
In the next step, Issuer A and Receiver B both receive a transaction status as a response from the Central Bank. At this time we could get two types of statuses: First- The backend system might be unsuccessful to spawn a Blockchain transaction. Second – the transaction is received and is in advancement. After the successful verification of the request from the central bank, it is ready to start the transaction on the Stellar platform.
The Central Bank will start to transfer coins from the Central Bank’s Wallet to Wallet 1. We have to keep in mind that the Central Bank can transfer coins from its wallet to other wallets in the ecosystem at any time. The same process is available for issuers and receivers. After the transaction is completed
both the receiver and the issuer receive information about status: either success or error.Our solution is appropriate for everyone in the ecosystem who has active wallets. We can transfer funds to others quickly and effortlessly. The entire the information regarding transactions is saved on the Stellar and is visible to the central bank. The status of transactions for each user can be viewed in the Payment Explorer UI.
Our projected mobile payments system consists of two key elements; a Blockchain layer and a backend. A vigorous backend handles all the non-Blockchain transaction such as:
In the meantime, the Stellar Blockchain layer facilitates quick and highly scalable mobile transactions which would handle an escalating pool of users. The key responsibilities of the Stellar Blockchain layer are:
Based on traditional IT architecture, our blockchain-enabled app allows us to achieve elevated scalability, data dispersion, and customer ownership to the accumulated good on your own portfolio.
The Stellar Blockchain in blend with Porte Payment gets rid of costly mediators from the transaction, enabling passing savings on to users and their families overseas.