(Photo by Bermix Studio on Unsplash, Thumbnail Image Source)
In the past decades, it is accepted as an absolute necessity to bring paper cash with you where you go. People never interrogate this because all of them did the same. But after time we see that the world is not limited to real cash. Immediately after it, the credit and debit cards appeared. WIth the cards, the need to have paper cash is reduced. But the important strike that causes paper cash to move away from our lives is the creation of electronic payment systems. E-payment means that you can order any kind of value by using the Internet and the payment is done at the time of ordering it.
Normally, if you order anything from the market the money is paid to the delivery guy or you pay the money first, then your cargo is set to be delivered as soon as possible. In such conditions, we must have enough money to meet the total amount of money. It’s not always possible such as when you order something that needs to be paid in over 100-150 banknotes. So the e-payment system is created to solve these kinds of problems. Thanks to the rapid growth and development of the Internet, e-payment methods are now a piece of our lives.
(Photo by ???? Claudio Schwarz | @purzlbaum on Unsplash)
Today, the rising smartphone usage and increasing adoption help e-payment systems to widen their use cases extensively. It is estimated that the total market share of e-payments is about 79.2 billion $. And according to the Markets and Markets report, the total market share of the e-payment ecosystem will reach 154.1 billion $, nearly doubles today’s numbers. In such a big market, it’s not always good. There are many problems to solve and today my topic is how to solve the e-payment system’s problems with the integration of blockchain technology. Read on to find the details.
What are the Current Problems of E-Payment Systems?
Before the e-payment age, all payments were made through a direct P2P way. So you need anyone to bring the buyer and the seller together to interact with themselves. But these kinds of systems require at least 1 intermediate party to establish a connection. If there’s a third party, it means problems as you know. Now, let’s see some of them.
Low Efficacy: There are 2 edges when we are dealing with efficacy. One is fee and the other one is speed. Assume that you live in Europe and want to order a simple 50$ worth of goods. It mostly costs you more than 50$ and the payment arrival time is around 7 to 10 days. So you must wait at least 1 more week for approval and the start of delivery.
Possible Data Leakages: All third party systems have a depot to store the information gathered from the customers and the sellers. In the time of the attack, all the info stored on discs of the e-payment protocol may be leaked and it can cause bigger issues.
The obstacle for Smaller Business Models: Most of the e-payment methods cost about 5-10% of the transaction amount. When we add the bank fees and the arrival time, the total value reduces to the low 20s when we are dealing with 50$ worth of goods. Paying more than 50% of the value as a commission is not suitable for newbies in any kind of service.
We can lengthen this list. But listing the problems and not going one step forward doesn’t help you to overcome the current situation. Now let’s come to the solution, GSTCOIN.
What is GSTCOIN, briefly?
GSTCOIN is a public chain payment developed to solve the current problems of payment systems worldwide. The team wants to bring the innovative features of blockchain technology to payment methods and revolutionize them! With the implementation of the blockchain ideas, it becomes completely decentralized that brings effectiveness and trust. On the other hand, there will be no need for third-party implementations while ordering any type of goods. It will also help you to save the commission costs and give you more trust in storing the information.
Blockchain technology is accepted as the fourth revolution after steam, electricity, and the Internet by the GST team. With these kinds of ideas, they aim to meet the existing payment methods and the creative solutions of a deallocated and decentralized ecosystem. To achieve that aim, the team has created a completely different chain to run GSTCOIN. Please check the video below to have brilliant knowledge of the basics and come back to see how it works.
How the GST Chain Works?
GSTCOIN doesn’t consume any other chains to run on. It has its own chain to operate. On the GST chain, users should specify a 12-word long name for their accounts, firstly. It seems kinda similar to the EOS chain. Besides this similarity, the GST chain uses 2 different consensus models to operate itself. One of them is DPoS, and the other one is TaPoS. You are familiar with DPoS/Delegated Proof of Stake. On the ecosystem, the most voted and trusted node is selected as the leader and it completes nearly all the transactions. But this is edited for the GST chain. 3 pre-elected nodes have the right to become the leader. If any of the 3 nodes can’t produce any blocks in 24 hours, it is devalidated from producing blocks anymore. So justice is established.
On the other, TaPoS is a new term for me and I believe, for most of us. It means ‘’Proof of Equity of Transactions’’ and is explained in the WhitePaper below.
GST requires every transaction to contain the hash value of the last block. This hash value has two purposes; one is to prevent transactions from excluding blocks from being replayed at the time of forks, and the second one is to notify users and their shares that the network is on a specific fork currently. As time goes on, all users confirm the blockchain directly. In this chain, it is difficult to fake the chain of counterfeiting. Because the fake chain can’t move the transaction from the legal chain.
The GST chain is running now with an increasing amount of block rewards. There are more than 17,000 accounts on the GST chain and it has 39 Super Nodes to run the chain perfectly. You can track all the transactions from the GSTChain.io website.
The Native Token, GST
As all chains and payment systems have their native currency/token to utilize, GSTCOIN has GST. GST has a total supply of 1,200,000,000 and the allocation plan says that more than half of the total supply is taken for the Foundation. 200,000,000 tokens are for the miner rewards and only 100,000,000 tokens will be sold to raise funds.
Intending to be the new direction of the payment industry, GST holders are one step ahead of the others. They are now in the era of high response, high throughput, and multilingual support. Because all payments are deployed on-chain, it’s open for everyone to track it. So it creates transparency and excludes all the user fears. On the other hand, the on-chain payments make it less expensive and create an area for newbies to become possible future whales.
GST chain is licensed from US MSB (Money Services Business). Money Services Business (MSB) is subordinate to FinCEN and abides by the registration permit system. Any institute engaged in the money service business must apply for this permit. Following Huobi, Binance, and OKEx, digital public chain project GST obtained American MSB certificate on August 6, 2019. Please refer to the website to check the details.
To become updated, don’t forget to follow the Official GSTCOIN Twitter account and join their Telegram group.
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