V Systems Releases xLumi: An Efficient and Scalable Payment Channel on V Systems
HONG KONG, Jan. 28, 2021 (GLOBE NEWSWIRE) — V Systems released xLumi this week, which is a new payment channel smart contract for blockchain systems. xLumi provides a second layer solution to the blockchain scalability issue, which enables efficient micropayments between parties at a very low cost. It guarantees the security of the payment channel’s funds using a simple set of mathematical rules that can be easily implemented on any blockchain with the necessary infrastructure.
Special features of xLumi:
– Security Advantages: xLumi ensures the correct state of the payment channel by using smart contracts and a set of mathematical rules. This helps reduce the complexity of payment channels, as well as the number of interactions and storage of keys required in each transaction, and hence, ensure the security of the funds in the payment channel.
– Scalable Transaction Fee Model: As the transactions could occur offline, repeated payments can be done without transaction fees. These payment channels allow users to send small amounts of payments or make high-frequency transactions without transaction fees.
– Easy to use: The expiration time for the recipient to be allowed to broadcast an update can be agreed upon by both parties before the opening of the payment channel. Recipients of funds from a xLumi channel can settle transactions to the chain before the channel closes.
The implementation of a layer-2 scaling platform not only enables fast and secure off-chain transactions but also generalized off-chain smart contracts. It enables V Systems to support large-scale and high-speed transactions on the blockchain, and advance into the age of DeFi.
Its flagship ecosystem project Tachyon Protocol will take the lead to deploy and adopt the xLumi Payment Protocol. Tachyon’s decentralized VPN app has over 2.3 million users worldwide. With xLumi, the Tachyon team can significantly accelerate the development of Tachyon Protocol and integrate the Bandwidth Marketplace into their ecosystem by providing users with a platform to sell their spare bandwidth resources.
The arrival of xLumi clearly shows V Systems’ dedication to delivering the best blockchain solutions for developers and users.
About V Systems
V Systems is a blockchain cloud and smart contract platform build for next-gen DeFi applications. Led by Chief Architect Sunny King, the creator of the Proof of Stake consensus algorithm, the V Systems blockchain aims to create a secure and scalable underlying infrastructure based on the Supernode Proof of Stake (SPoS) consensus algorithm.
Company: V SYSTEMS
Contact: David Jeffery, Public Relation
E-mail: [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44c494a2-c7bf-4ada-b54a-88e7687c5435